Greenspan's Social-security Quackery
If Alan Greenspan were a medical doctor he would be considered a dangerous quack, and had his license to practice yanked long ago.
Instead, he's an economist, the un-elected head of America's monetary system, and his quackery is not only tolerated, but lauded by the Powers That Be, who've been using him to bilk the Middle Class.
Greenspan's trail of quackery begins back in 1983, when he chaired a commission that persuaded congress to raise the Social Security taxes of working folks. This radical surgery was necessary, Alan said, to create a surplus to assure that future retirees would get the benefits they're due. Quaaaack.
But instead of locking these surpluses away for future retirees, Greenspan left them open to raids by any president needing a quick pile of cash for a pet political project. The latest to make the raid is George W, who dove head-first into our Social Security surplus to pull out the billions he needed to pay for his tax giveaways to the rich. Greenspan himself told congress that such tax cuts were necessary to -- believe it or not -- prevent the buildup of government surpluses. Even though the bulk of the tax giveaways went to people making $300,000 or more a year, Greenspan promised that this would not harm working families counting on their Social Security benefits for their retirement. Quack-Quaaaaacck.
Just recently, the quack was back, urgently telling congress that, because of out-of-control budget deficits, congress now must slash Social Security payouts "as soon as possible." He urged that every retiree's benefits be cut and that the retirement age be raised. Quack-quack-quaaaacck.
In his 20 years of practicing economic voodoo, here's what the mad doctor has achieved: Working people had their Social Security taxes raised so rich people could have their income taxes slashed, which, he now says, means that working people must have their Social Security payments cut.
This quack has done enough harm -- it's time to yank his license.
Jim Hightower is the best-selling author of 'Thieves In High Places: They've Stolen Our Country And It's Time To Take It Back,' on sale now from Viking Press.