facebook
twitter
rss
account
search
search
 

Greenspan: Roll back all tax cuts

Aug. 7, 2010 at 4:47 PM   |   Comments

| License Photo
NEW YORK, Aug. 7 (UPI) -- Former U.S. Federal Reserve Chairman Alan Greenspan raised eyebrows by calling for complete repeal of tax cuts made by the Bush administration, observers say.

In contrast to the White House desire to keep tax rates steady for all but the country's wealthiest, Greenspan urges a rollback of the 2001 and 2003 tax cuts he implicitly backed at the time, The New York Times reported Saturday.

In doing so he has discounted the arguments of Republicans and even a few Democrats that such a move could threaten an already shaky economic recovery.

"I'm in favor of tax cuts, but not with borrowed money," Greenspan, 84, said. "Our choices right now are not between good and better; they're between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about."

Greenspan led the Federal Reserve for 18 years until he retired in 2006.

Critics were quick to come down on Greenspan's proposal.

"Such a large tax increase in the middle of a period of sluggish economic growth would be a very bad idea," R. Glenn Hubbard said.

Hubbard was chairman of the White House Council of Economic Advisers from 2001 to 2003 and was an architect of the tax cuts.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New Jersey man caught selling 'Ebola' heroin New Jersey man caught selling 'Ebola' heroin
2
Kimberly Guilfoyle: young women should be 'excused' from voting to go on Tinder Kimberly Guilfoyle: young women should be 'excused' from voting to go on Tinder
3
Female gym teacher busted for repeated sex with student Female gym teacher busted for repeated sex with student
4
American fighting with Kurds in Syria: Civilians burned in chemical attack American fighting with Kurds in Syria: Civilians burned in chemical attack
5
Groveport man confesses to murder of pregnant girlfriend Groveport man confesses to murder of pregnant girlfriend
Trending News
Around the Web
x
Feedback