Obama should have made Greenspan a Czar so he could keep him quiet!
Former Federal Reserve Chairman and Obama Supporter Alan Greenspan said Monday October 5, that tighter credit and higher taxes are the only ways to fix our still struggling and debt-ridden economy. He went on to say, “the presumption that we're going to be able to resolve this without significant increases in taxes is unrealistic!
In addition to Greenspan’s prediction regarding a general tax increase he added that he foresees Congress enacting some form of consumption tax to help reduce the deficit. They already have Al.! Effective April 1, 2009 tax on Cigarettes was increased from $3.90 per carton to $10.66 percarton; That’s a 273% increase. Also, a government commission has called for a 50 percent increase in gasoline and diesel fuel taxes, which could mean an extra 10 cents per gallon for drivers; on top of the already 18.4 cents per gallon we now pay plus varying state imposed taxes! Let us not forget about Alcohol. A Senate Finance Committee proposed a tax increase that would increase the tax on a six-pack by 48 cents; wine taxes would go up to 49 cents per bottle; and taxes on hard liquor would rise by 40 cents per fifth up from the current $2.14! Hang on you non drinkers you’re not getting off that easy. Barrack Mmmm-Mmm-Mm and the boys are proposing a penney per ounce tax increase on soft drinks.
So there you have it from a Renowned economist and former Obama supporter, forget about that I Will not Raise Taxes Garbage! Along the lines of the famous Jimmy Carter Stagflation era Greenspan warned that higher taxes coupled with tightening credit, will result in the Fed removing money from the financial system creating inflation. Remember Jimmy Carter’s 18% Misery Index; well Hope and Changers, you ain’t seen nothing yet!
Greenspan forecast an anemic economic growth rate in the coming two quarters followed by a further slowing of the economy in 2010 going on to say the enormous size of the Fed's balance sheet "is not sustainable! Yet President Alfred E. Neumann and his Mad Magazine crowd, Pelosi, Reid, Frank, Kerry, Durbin and the rest continue to push ahead attempting to spend money we don’t have like “Drunken Sailors”!
While Liberals like Greenspan push for higher taxes, Conservative economists Robert J. Barro and Charles J. Redlick, writing recently in The Wall Street Journal, cite evidence that tax cuts encourage economic growth. But why on earth would Socialist like Obama and his fellow Oligarchs’ ever consider letting people keep more of their own money. After all “From Each According to His Ability, to Each According to His Need, is this administration’s Credo!
All Obama had to do to keep Greenspan quiet was to appoint one more Czar. Since taking office, the Obama administration has appointed 33 of the so-called czars who have more control over their respective areas of expertise than the Cabinet secretaries! It can’t be the six figure salaries of all these Czars that has kept Obama from appointing yet one more. These Czars budgets are buried within Cabinet or executive branch budgets so one more example of the Transparency promised by this President!