Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being "disastrous" for the economy.
Fareed Zakaria stated that the Bush tax cut is the single largest chunk of the budget deficit as illustrated on the chart.
David Stockman was President Ronald Reagan’s supply side OMB director in 1980s. He wrote the impressive article in the New York Times that everyone including those in the media should read carefully. For him to make these statements now shows the fear he has that we may return to the irresponsible supply-side policies of the Republicans over the last 30 years. I hope you read the 4 tenets to our demise he expands on in the article. This is nothing new as Nobel Peace Prize economist and many others have been stating this for over a decade. They were dismissed as liberals elites (you know Right Wingers think anything educational is elitist). For David Stockman to pretty much come out and state the failure of Milton Friedman which those of us from Latin America are well cognizant of the destruction he caused in our economies down there, is prescient.
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