All too true

Speaking of Greenspan...from the Chicago Tribune "Greenspan says GOP deserved to lose":

Alan Greenspan's new memoir is tough on Republicans and President Bush and it could be turned into a campaign manifesto for Democrats in certain respects.

According to the Wall Street Journal, the former Federal Reserve chairman writes that the GOP deserved to lose power in Congress last fall because it abandoned its small-government principles and let the budget get out of control.

Congressional Republicans "swapped principle for power," he wrote. "They ended up with neither. They deserved to lose." And though he urged Bush to veto bills to exercise fiscal discipline, the president did not follow through, and that was a "major mistake."

Yes, the deficit is much lower than predicted, but certainly not due to any kind of drop in spending. In fact, President Bush made the government's institutionalized liabilities much worse by pushing for the Prescription Drug Benefit on top of the pile of entitlement spending. The big bill will be coming due soon and all of Washington glances away, whistles, and hopes somebody will reach for the check.