MRC on the Media Spin of Greenspans Testimony

MRC on the Media Spin of Greenspans Testimony

Greenspan Urges Budget Cuts, But NBC
Distorts & Blames Tax Cuts

Federal Reserve Chairman Alan Greenspan told the House Committee on the Budget on Wednesday that the soon-to-be soaring number of retiring baby boomers and long-term deficit will require that Social Security costs be reduced by slowing cost of living hikes and/or by raising the retirement age, but though Greenspan specifically said he favors making the Bush tax cuts permanent and strongly urged budget cuts over tax hikes to reduce the deficit, the NBC Nightly News distorted Greenspan’s testimony and targeted the Bush tax cuts, which they bizarrely labeled “Bush’s spending,” for blame.

Greenspan's Testimony - Transcript

Testimony of Chairman Alan Greenspan

Mr. Chairman and members of the committee, I am pleased to be here today and to offer my views on the outlook for the economy and current fiscal issues. I want to emphasize that I speak for myself and not necessarily for the Federal Reserve.