Mr. Speaker, the former Fed Chairman, Alan Greenspan, has recently released his memoir for the years of his time in public service. And it comes as a surprise to many that President Bush and the Republicans in Congress do not fair…
Mr. Speaker, the former Fed Chairman, Alan Greenspan, has recently released his memoir for the years of his time in public service. And it comes as a surprise to many that President Bush and the Republicans in Congress do not fair particularly well.
Reuters said the Fed chairman, Mr. Greenspan, in his book, ``sharply criticizes the President, President Bush's administration and Republican congressional leaders for putting political imperatives ahead of sound economic policies.'' The New York Times said of Mr. Greenspan's book: ``The Bush administration was so captive to its own political operation that it paid little attention to fiscal discipline.''
And the irony here is that when President Bush took office and the Republicans had control of the House and the Senate, they were left with $5 trillion in surplus. And in a short period of time, they've added $3 trillion to the Nation's debt; $3 trillion, the fastest accumulation of debt and greatest amount of debt in the shortest period of time in American history.
Now, this is what he goes on to say about this administration, which I find almost intriguing, and also about the Republicans. He looked forward, he says, to working with this administration because at least he worked, as he said, with some of the best and brightest of this administration. And he shared memorable experiences with Dick Cheney, Don Rumsfeld, among others. And on a personal basis, that is how it worked. But on policy matters, I was soon to see my old friends veer off in unexpected directions.
He was disappointed, he says, from the start. Mr. Greenspan notes that ``little value was placed on rigorous economic policy debate or weighing the long-term consequences.'' He says that in George W. Bush's White House, the political operation was far more dominant.
Now, I will mention, since it's only fair, that he is quite complimentary of what President Clinton and the Democrats did in the 1990s of basically a pay-as-you-go process, weighing long-term economic consequences to their decisions, and always putting America's long-term economic consequences before political considerations. And he praises what was then the fiscal discipline that was adopted in the 1990s that led to unprecedented economic growth.
Now, Mr. Greenspan does not put all the burden of the $3 trillion of debt on President Bush. He puts that burden also on the Republicans in Congress for what they did in conjunction with this President. And, again, let me read from his book. Greenspan says that ``for many of the Republican Party leaders, altering the electoral process to create permanent Republican-led government became a major goal. House Speaker Hastert and House Majority Leader Tom Delay seemed readily inclined to loosen the Federal purse strings any time it might help add a few more seats to the Republican majority.''
Alan Greenspan notes that the Republicans led an earmark explosion and says Congress was too busy feeding at the trough. In the end, Mr. Greenspan says again, ``The Republican Congress lost their way. They swapped principle for power. They ended up with neither.'' Mr. Greenspan praises the pay-as-you-go spending rules and the fiscal disciplines of the 1990s that resulted in the surplus I just mentioned.
That is exactly what this new Congress has done is adopt the pay-as- you-go rules, the fiscal discipline that put us on a path to again putting our fiscal house in order and in balance with our priorities as we go.
But Mr. Greenspan's book, I don't think any time soon will be on the best seller list or talked about in Republican clubs or Republican book circles, lays bare what a number of us have been saying about this administration and the Republican Congress, that they, or as John McCain quotes, ``spend like a bunch of drunken sailors.'' And they have now left America stranded with mountains of debt.
The one thing that we can say about President Bush and the Republican Congress when it comes to the economy and the fiscal mess that they've left is that we will forever be in their debt. That is one thing that you can always say. But I find it most intriguing that Greenspan, who is a life-long Republican and served and worked with President Reagan, President Bush, President Clinton, President Bush, and President Ford, saw that this administration and this Republican Congress and cohorts, when they worked together for 6 years, left this country in a worse fiscal shape than the one they inherited. And all of us will be judged in our public life for the country we inherited and the country we left behind. And what we got left behind is nothing but a fiscal mess that those of us who have taken the tough votes and the tough decisions put America's long-term economic interests at the center of our economic policy.