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February 25, 2004
Greenspan Off His Medication
He decided to make a pronouncement - Nader style - that benefits in Social Security should be cut in the near future for the far future.
The man is an unparelled genius on general economic issues and mangement. I don't know this but enough people say it that I'm willing to believe it.
But the secret of genius is being willing to admit when you make a mistake. Ergo you also make mistakes.
Greenspan has made a mistake of judgment and of ommission. With all at his disposal, the only thing he could come up with was to cut sometihng that won't effect him or any of his friends or anyone in the current Administration or anyone in Congress - a cut in Society Security benefits.
That's insulting. And scary. And without explaining that other areas could also be cut equally - corporation tax cuts, write offs for companies based overseas and, yes cuts in defense (again this is not even anthema to Secretary Rumsfeld) - it's without reason.