Former US Federal Reserve Chairman Alan Greenspan in a memoir to be released today criticized President George W. Bush and congressional Republicans for abandoning fiscal discipline and for putting politics ahead of sound economics.
In his book, The Age of Turbulence: Adventures in a New World, Greenspan said he was surprised Bush was unwilling to temper his campaign promises with fiscal reality once elected in 2000, as previous Republican administrations had done.
"Little value was placed on rigorous economic policy debate or the weighing of long-term consequences," he said.
"Much to my disappointment, economic policymaking in the Bush administration remained firmly in the hands of White House staff," he said.
Greenspan, now 81, was the second longest-serving chairman in the Fed's 93-year history when he stepped down in January 2006.
Greenspan said Bush's combination of tax cuts and spending on the military and prescription drug benefits, while not "unrealistic" in 2000 after several years of federal budget surpluses, was not appropriate with growing deficits that returned in 2002.
The former Fed chair said he urged Bush to veto a string of "out-of-control" spending bills, but to no avail. He was told the president wanted to avoid antagonizing Republican political leadership.
"To my mind, Bush's collaborate-don't-confront approach was a major mistake - it cost the nation a check-and-balance mechanism essential to fiscal discipline," Greenspan said.
White House spokesman Tony Fratto said on Saturday the administration conducted "rigorous" analysis and that tax cuts sped up the US economic recovery after the 2001 recession.
"Because Congress worked with us, vetoes weren't necessary. We're not going to apologize for increasing spending to protect our national security," Fratto said.
(China Daily 09/17/2007 page 6)
Questions:
1. How old is Alan Greenspan?
2. What was the title of Alan Greenspan’s position?
3. The title of Greenspan’s new book is what?
Answers:
1. 81.
2. Chairman of the US Federal Reserve Board.
3. The Age of Turbulence: Adventures in a New World.
（英語點津 Linda 編輯）
About the broadcaster:
Jonathan Stewart is a media and journalism expert from the United States with four years of experience as a writer and instructor. He accepted a foreign expert position with chinadaily.com.cn in June 2007 following the completion of his Master of Arts degree in International Relations and Comparative Politics.
