“Off the Mark” ? You gotta love it !
Greenspan, Clinton Clash on Forecasts
Business - AP
By JEANNINE AVERSA, AP Economics Writer
WASHINGTON - Alan Greenspan (news - web sites) and Sen. Hillary Rodham Clinton (news - web sites) clashed briefly Tuesday over rosy surplus forecasts the Federal Reserve (news - web sites) Chairman relied on to support President President Bush (news - web sites)'s 2001 tax cuts, estimates that turned out to be considerably off the mark.
"It turns out that we were all wrong," Greenspan conceded at a Senate hearing.
"Just for the record, we were not all wrong, but many people were wrong," Clinton, D-N.Y., quickly shot back.
Greenspan lent critical support for Bush's first-term tax cuts, saying they would stimulate the then-ailing economy. Clinton and many Democrats voted against the tax cuts, arguing that they would mainly benefit the wealthy and that federal deficits would balloon.
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