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ThoughtsOnline

Saturday, March 05, 2005


The demonization of Greenspan campaign has moved from the Lost Kos to supposedly mainstream Democrats...

Today's WaPo article, written by the oh-so-fair Dana Milbank, portrays Greenspan as having gone over to the dark side for having supported Bush's 1991 tax cuts and private retirement accounts. Such luminaries of the Democrat Party such as Chris Lehane and Rahm Emmanuel have jumped on, as the article puts it, the "newly vulnerable" Greenspan, with Emmanuel in particular blaming Greenspan for taking the 'moat' down from around the Fed that keeps them from getting involved in political discussions.

Funny how they weren't complaining back in the early days of the Clinton Administration when Greenspan's support was critical to passing Clinton's tax hikes. Funny how they didn't complain when Greenspan on numerous occasions has criticized the deficits being incurred during the Bush Administration. Funny how they didn't complain when in 1998 he helped block tax cuts being pushed by the GOP. And funny how they didn't complain when in 1992 he kept interest rates higher, contributing in large part to Clinton's victory.

One has to wonder what their strategy is. They've gotten nowhere attacking Bush; can they really think they're going to win the next election by trashing Greenspan?

Or, thinking a bit further... is their attacking Greenspan an indication that they feel Bush is actually getting traction with his Social Security proposals? The Democrats can't afford to lose Social Security as an election wedge issue. Going after Greenspan, who up to now has pretty much been off limits to attack, could be a sign of the typical Democrats screw-em-all approach to anything and anyone remotely seen as supportive of a Bush program.

Or maybe it's just a sign that the Democrats are in fact as crazy as their detractors have claimed.