Saturday, August 7, 2010

Why Believe Him Now?

In the NY Times today they state that the good former head of the FED, who was a key figure in getting into this mess, now wants to reintroduce higher taxes all around.

Specifically:

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

Given the gentleman's track record I would probably not get a wine he suggested no less economic advice. Not that I have an opinion here or not, other than feeling we should eliminate corporate taxes period, and have no inheritance taxes, yet we should increase the Medicare insurance rate but that is an insurance premium and not a tax. I guess we engineers just think differently.