Sunday | February 16, 2003
Greenspan's future in doubt
Fed Chief Alan Greenspan, a lifelong Republican, is under fire for pointing out that Bush's "stimulus plan" is nothing short of ridiculous. As a result, GOPers are grumbling about replacing Greenspan when his term expires mid-next year.
Given Greenspan's reputation for cryptic Oracle-like pronouncements, his pointed criticism of Bush's budget came through loud and clear:
What was surprising about Greenspan's congressional testimony last week was not so much the warnings against further tax cuts, now that budget deficits have returned, but rather the extent of his criticism of the Bush program.Some speculate that Greenspan was trying to regain some of the credibility he lost when he endorsed Bush's first round of tax cuts. Others suggest he has tired of the job and doesn't care about being reappointed (hence the uncharaceristic bluntness and lack of diplomacy).
In any case, Greenspan's testimony all but doomed Bush's push for new tax cuts. It doesn't make up for his irresponsible endorsement of Bush's first round of tax cuts (which led in large part to the current dismal fiscal outlook), but it does help repair some of his tattered image, and should give him hope to retire with some sort of legacy still intact.Posted February 16, 2003 01:40 PM | Comments (27)