Posted on 03/03/2005 10:47:00 PM PST by Coastal
In an era when Washington policymakers have been splurging on Social Security surpluses while increasingly resorting to blue smoke and mirrors in their budget accounting, Federal Reserve Chairman Alan Greenspan offered a brief lesson in reality-based arithmetic when he testified Wednesday before the House Budget Committee.
Mr. Greenspan was asked to enumerate the consequences for interest rates and the economy if the deficit-generating budget impasse that has characterized policymaking for the past three or four years were allowed to continue.
(Excerpt) Read more at washingtontimes.com ...
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