Federal Reserve Chairman Alan Greenspan has given President Bush's tax proposal boost. Let's see the Congress move forward on Bush's across-the-board tax cut.
Greenspan says the economy is slowed to probably no growth at all. He believes that his board's ability to lower interest rates will offer short-term aid to the nation's businesses and a tax cut will not because it will take too long to enact. But even with a slowing economy, the federal government has more money than it knows what to do with. The estimated budget surplus may be $5 trillion during the next 10 years. After the federal debt is paid off, an increasing possibility in 10 years, what will the government do with all that extra money?
It will do mischief, we fear. Greenspan thinks the government ought to start pulling money out of the system gradually, and that is why he now favors a tax cut. So do we.
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