Alan Greenspan does not disappoint

In 1983 Alan Greenspan led a commission that led to the raising of payroll taxes to fund Social Security into the 21st Century. As Ronald Reagan, who signed it into law, said,

"This Bill demonstrates for all time our nation's ironclad commitment to Social Security. It assures the elderly that America will always keep the promises made in troubled times a half a century ago. It assures those who are still working that they, too, have a pact with the future. From this day forward, they have our pledge that they will get their fair share of benefits when they retire."

Even then, though, Greenspan was double-dealing. He had no problem with raising taxes on America's working poor and middle class while at the same time advocating private accounts. Today, he repeated that advocacy and gave Bush the sound-bites he was looking for. No one will play back his recommendation to "go slow." Only that he "supports the president's 'plan.'"

He also calls for "fiscal restraint," yet no sign that he wants to roll back the tax cuts for the rich -- another one of the president's plans he supported.

It is astonishing to me that a devotee of Ayn Rand has developed a reputation of fiscal policy brilliance. If it weren't for Clinton's tax increases, a hostile relationship between Clinton and Congress that led to a stalemate when it came to government spending, and a technology bubble, Greenspan would be known for little more than being Mr. Andrea Mitchell.

Thanks to Josh Marshall for the link to the Reagan quote.