I hadn't remembered that Greenspan was part of the 1983 Social Security commission that raised payroll taxes. (It's one of several Ronald Reagan tax increases that his fans conveniently forget about when they're extolling the virtues of supply side economics.) Here's the Greenspan timeline:
1983: Recommended raising payroll taxes far above the amount required to fund Social Security. Since payroll taxes are capped (at $87,000 currently), this was, by definition, an increase that primarily hit the poor and middle class.
2001: Enthusiastically endorsed a tax cut aimed primarily at people who earn over $200,000.
2003: Ditto.
2004: Told Congress that due to persistent deficits Social Security benefits need to be cut.
So: raise payroll taxes on the middle class to create a surplus, then cut taxes on the rich to wipe out the surplus and create a deficit, and then sorrowfully announce that the resulting deficits mean that the Social Security benefits already paid for by the middle class need to be cut.
Posted by P6 at March 1, 2004 02:28 PM
Trackback URL: http://www.niggerati.net/mt/mt-tb.cgi/637
Comments
There is a new saying for this among the borrow and spend bush league- "Robbing Peter to rob Paul..."
Bush plan is to send everyone in the next generation to college- for a degree from I.O.U.