GREENSPAN: I should say [Congress] should follow the law and let [the Bush tax cuts] lapse.
Q: Meaning what happens?
GREENSPAN: Taxes go up. The problem is, unless we start to come to grips with this long-term outlook, we are going to have major problems. I think we misunderstand the momentum of this deficit going forward.
Bush tax cuts put America in a very weak economic state while allowing the ultra rich to retain more of their income at the expense of the rest of the country.
The "fiscal responsibility" and "deficit hawk" myths of Republicans is matched by "trickle down economics". These are all complete fabrications. They don't work, never existed and it completely amazes me that Conservatives walk around like they do.
Bush cut taxes, increased spending and borrowing and blew up the US deficit to massive, massive, massive levels and yet Republicans think they are hawks on this subject. You're complete failures.
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