3/04/2005

Give 'em hell, Harry

From the Washington Post:
Federal Reserve Chairman Alan Greenspan generally gets accolades for his public pronouncements. Yesterday he got a brickbat from Senate Minority Leader Harry M. Reid (D-Nev.), who blasted Greenspan as "one of the biggest political hacks we have here in Washington." Reid ripped Greenspan during an interview on CNN's "Inside Politics." He said the Fed chairman has given President Bush a pass on deficits that have built up in the past four years and should be challenging Republicans on their fiscal policies, rather than promoting Bush's plan to introduce personal accounts into Social Security.
Reid said that when Bill Clinton was president, Democrats had confronted the deficit problem by enacting a tax increase in 1993, which helped bring about a balanced budget and strong economic growth later in the decade. "Why doesn't he respond to the Republicans and tell them the big problem here is the debt that this administration [has] created?" he said. "We had a $7 trillion-dollar surplus when Bush took office. Now we have a $3 or $4 trillion-dollar deficit. That's, in fact, what Greenspan should be telling people."
...Reid's personal attack reflected Democrats' frustration over Greenspan's support for the key element of Bush's Social Security plan -- voluntary personal saving accounts for younger workers funded by diverting a portion of payroll taxes. Reid has led the Democrats in their united opposition to Bush's plan, and Reid spokesman Jim Manley said Greenspan's congressional testimony on Wednesday amounted to "shilling for the president with proposals that would put us deeper in debt."

Now that's what I call reframing.

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