Greenspan: Now He Thinks Deficits are Bad

In YahooNews!:

Good short-term prospects for the U.S. economy should not distract from huge looming fiscal strains that pose "significant" economic risks, Federal Reserve Chairman Alan Greenspan said on Friday in a renewed warning on budget deficits.

The departing U.S. central bank chief said while U.S. spending on defense and homeland security will not stay at the current pace forever, "our budget position will substantially worsen in the coming years unless major deficit-reducing actions are taken."

Why is this guy considered to be such a paragon of fiscal wisdom? Greenspan endorsed Bush's huge taxcuts for the wealthy, which are directly responsible for our continuing budget shortfalls.

Don't just take my word that Greenspan is a thug, here's someone else making the same point in Dollars and Sense.