Seems, I am not alone in my fiscal policy disappointment. In his new memoir Alan Greenspan criticizes the Bush administration on deficits and spending. Greenspan, former Federal Reserve Chairman (for what, 70 years?) and devotee to Ayn Rand's ideas on the glories of capitalism, has a bit of credibility when it comes to economic policies. According to the review in the NY Times,
Mr. Greenspan describes the Bush administration as so captive to its own political operation that it paid little attention to fiscal discipline, and he described Mr. Bush’s first two Treasury secretaries, Paul H. O’Neill and John W. Snow, as essentially powerless.The bulk of the bulk is devoted to his views on markets, globalization and the American economy. I will be excited to read it.
Mr. Bush, he writes, was never willing to contain spending or veto bills that drove the country into deeper and deeper deficits, as Congress abandoned rules that required that the cost of tax cuts be offset by savings elsewhere. “The Republicans in Congress lost their way,” writes Mr. Greenspan, a self-described “libertarian Republican.”
*In fact, one could (and many, including me, do) argue that the abandonment of the limited government and fiscally responsible principles that Republicans still pay lip service to (sometimes) is what led to the dominance of the religious right within the party--a classic example of selling out.