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Wednesday, August 22, 2012

Why Would Anyone Let These People Govern Again?

From a story on Mr. Paul O'Neill, former Secretary of the Treasury under George W. Bush:

The president had promised to cut taxes, and he did. Within six months of taking office, he pushed a trillion dollars worth of tax cuts through Congress.
But O'Neill thought it should have been the end. After 9/11 and the war in Afghanistan, the budget deficit was growing. So at a meeting with the vice president after the mid-term elections in 2002, Suskind writes that O'Neill argued against a second round of tax cuts.

"Cheney, at this moment, shows his hand," says Suskind. "He says, 'You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due.' … O'Neill is speechless."

"It was not just about not wanting the tax cut. It was about how to use the nation's resources to improve the condition of our society," says O'Neill. "And I thought the weight of working on Social Security and fundamental tax reform was a lot more important than a tax reduction."

Did he think it was irresponsible? "Well, it's for sure not what I would have done," says O'Neill.

The former treasury secretary accuses Vice President Dick Cheney of not being an honest broker, but, with a handful of others, part of "a praetorian guard that encircled the president" to block out contrary views. "This is the way Dick likes it," says O'Neill.

1 comment:

Tom Schott said...

Wouldn't it be great if everybody knew about this? In fact, it is common knowledge to those who are informed, but it makes no difference to those who have made up their minds. I am not watching the convention, but I can hear the idiots from the TV from where I am (my wife loves this crap, don't ask me why), and they are all railing against the deficit. As if their damn president was not responsible for almost all of it.