By Juliet Eilperin
SUMTER, S.C.--Sen. John McCain (R-Ariz.) unveiled a new economic strategy in
South Carolina today with a truly revolutionary aspect: Alan Greenspan, dead or
alive.
After decrying the length and complexity of the U.S. tax code, McCain vowed to
establish a bipartisan commission that would capitalize on the gravitas of
former Federal Reserve chairman Alan Greenspan, no matter how he is faring by
the time this committee finally materializes.
"I want to set up a committee headed by Alan Greenspan, whether he's alive or
dead, it doesn't matter," he said, prompting laughter from the crowd. "If he's
dead, we'll prop him up and put dark glasses on him, like in 'Weekend at
Bernie's.'"
Then, according to his plan, the committee would submit its recommendations for
simplifying the tax code to Congress, which would have 60 days to approve or
reject the proposal. McCain did not elaborate on whether Greenspan would wear
dark glasses when delivering congressional testimony in the future.
My take on this is Greenspan will give the same advice he gave President Bush,
until he retired a year ago. Use the Veto to stop or slow spending.
He typically recommends increased taxes and decreased spending to stop the
bleeding of the economy with borrowing.
If the Federal government borrows to steal credit by raising interest rate it
discourages investors in the means of production and the economy is strangled.
If the Federal government raises taxes it prevents investors from investing in
the means of production and the economy is strangled.
If Greenspan recommends any tax cuts at all, it would have to be to encourage a
basic industry, like research and development in the energy industry.
On the Iraq War, Greenspan said,""I am saddened that it is politically
inconvenient to acknowledge what everyone knows: the Iraq war is largely about
oil." Later he said,"I was not saying that that's the administration's motive.
I'm just saying that if somebody asked me, 'Are we fortunate in taking out
Saddam?' I would say it was essential."
My personal interpretation of that is Greenspan considered Saddam Hussein a
threat, not just to world peace, but a free market economy. I do not think he
would tell John McCain to make cuts in the military.
The inherent vice of capitalism is the unequal sharing of blessings; the
inherent virtue of socialism is the equal sharing of miseries. -- Winston
Churchill
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