Friday, May 07, 2004

House of Cards...

Greenspan's World Is On Its Ear

NEW YORK - Federal Reserve Chairman Alan Greenspan yesterday, speaking via satellite to bankers in Chicago, warned that America's soaring federal budget deficits were a threat to long-term U.S. economic stability even though interest rates remain at historic lows.

At the same time....

WASHINGTON (MNS) - The House of Representatives voted to extend a cut to the alternative minimum tax Wednesday in a 333-89 vote, then voted against a measure to offset tax cuts with cuts in spending.

To summarize:
1) Record deficit
2) Cut taxes
3) Don't cut spending

For the life of me I can't figure out why we even have a problem in the first place....