January 13, 2004
Alan Greenspan Says That the 2001 Tax Cut Was a Mistake
People like me who have enormous respect for the intelligence and judgment of Alan Greenspan have long been puzzled at his approval of the Bush administration's 2001 tax cut. It never fit our picture of who the man was and what he thought. Now, thanks to Paul O'Neill's reports of his discussions with Greenspan, we have a satisfactory answer:
Alan Greenspan said at the time that the 2001 tax cut was a mistake:
p. 162: May 22 [2001]... Greenspan arrived at the Treasury for breakfast with O'Neill. Their secret trigger pact had come up one vote short.... "We did what we could on conditionality," O'Neill said with momentary resignation.... "The first big battle is over, really. I think we fought well, we made our points vigorously." Greenspan said that wasn't enough. "Without the triggers, that tax cut is irreponsible fiscal policy," he said in his deepest funereal tone. "Eventually, I think that will be the consensus view."
* (2003), The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O'Neill (New York: Simon and Schuster: 0743255453).
Posted by DeLong at January 13, 2004 06:50 PM | TrackBack
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