RSS
Using PayPal
Holtz-Eakin: Honest CBO Director a "Thorn in the Side of the Bush Administration"
Share / Recommend - Comment - Print - Tuesday, Nov 15 2005, 8:22AM
The New York Times has its piece out this morning on the end-of-year departure of CBO Director Douglas Holtz-Eakin. (Mine from yesterday is here.)
Holtz-Eakin spoke truth about fiscal matters and often irritated weak-minded Congressional leaders who wanted political rather than empirical responses from the CBO Director and his team.
From the Times:
Within weeks of his appointment by Republican leaders in early 2003, Mr. Holtz-Eakin declared, to their dismay, that Mr. Bush's tax and spending plans would do little or nothing to stimulate long-term economic growth.Subsequently, the budget office released a report that found that Mr. Bush's tax cuts were heavily skewed in favor of the wealthiest Americans.
Mr. Holtz-Eakin rejected Republican demands that budget forecasts take account of strengthened economic activity from tax cuts without analyzing the drag caused by increased spending.
Under his direction, the budget office often took issue with the political goals of Republicans. It raised doubts about proposals to partly privatize the Social Security system, concluded that abolishing estate taxes would reduce charitable contributions and calculated that allowing same-sex marriages would slightly increase federal revenues.
I admit that I had not read the CBO report that permitting same-sex marriages would increase the treasury. But good for Holtz-Eakin for telling things as they are.
For a bit more on how "terrified" Holtz-Eakin and other economists on the right and left are about America's economic portfolio, this will wake you up. this article
-- Steve Clemons
« Previous Article - CBO Chief Douglas Holtz-Eakin Says "Enough"» Next Article - Lawrence Wilkerson Has More to Say on White House National Security Decision Making Quagmire
Once again Steve's a day ahead of the major media.
For Holtz-Eakin, I guess it's too hard being in the reality-based community amidst an unreal political atmosphere.
Man, that article on the economic hurricane to come is pretty scary, and I'm not optimistic about my kids' economic future, thanks to the fiscal irresponsibility in office. Seems to me that the ascendency of the corporate over the citizen is part of this. Any good news this morning out there Steve?
It is great that you celebrate such citizens on your blog. Good to know who the good guys are.
God, any thorn in Busholini's buns is a friend of mine! This one's a beauty.
Being 50 years old, I have heard a financial "the sky is falling" during every administration since LBJ. The sky, to my knowdledge, is still up.
A huge, permanent spike in energy costs is another matter. I don't mean an energy shortage along the lines of the 70's OPEC boycott, I mean energy out of the economic reach of regular consumers. To me, shortages of basic commodities (food, heating oil, transportation) is the stuff revolutions are made of.
Gee, I don't know what the hell you all are so worried about. A bare dinner table is the least of our worries. With Bush and his God leading the charge here, we oughta be worrying about whether or not the damned thing is going to end up glowing in the dark.
steve,
with starbuck's coffee in hand, I've anxiously awaited your posting, today. am so glad you're back in country to keep us advised of the issues. it's been too quiet with you gone. keep the posts coming.
news junkie
By "shortage" in the last sentence of my comment I man if you can't afford it, it's a shortgae to you.
Man=mean. Somebody get me coffee.
Does anyone else know more about the Reserve no longer reporting M3 and Euro reserves? There's been a lot of speculation about the reserve pumping in cash to prop up the economy during election, but of course the long run consequences would be hyper-inflation.
The USA Today article sounds like more of a warning.
And we're losing anyone that might put the brakes on such a misguided policy.
Would these financial realists consider forming some type of Concord Coaliton to educate and then propose actions that make sense in the financial world, separate from politics?
With these financial types acting as a reality-oriented think tank politicians and those elected to govern would have a non-partisan source of financial analysis and proposals.
Once again, this case demonstrates neocons' continued war on professional expertise. The good news is that there is no evidence of a push out--unusual for administration opponents or, more to the point, those that the administration perceives as opponents. Don't be surprised if he gets a parting shot and if the search process will be guided by avoidance of similarly qualified candidates.
> Does anyone else know more about the Reserve no longer reporting M3 and Euro reserves?
Check this out...
The Fed Announces it Will Hide M-3 To Keep You From Knowing What
So, I'm still not clear. Is Holtz-Eakin truly leaving voluntarily for his once-in-a-lifetime gig or is he being given a cover and shoved out.
Because if he's being given a cover and shoved, and he's taking it, then he's no hero in my book. Republicans and Democrats need to dig down and remember the commitments they made when they entered government -- and the commitments made and kept by all those in the passed who paved their way. We need more folks who stand up and shout and keep on shouting; not people who "give it their best shot" and then slink away.
Who knows what his motivation is. With these scumbags in the White House there is no telling what "incentive" they gave him to entice him to step aside. A past extramarital affair??? A youthful transgression??? A past questionable business dealing?? I am not saying such blackmail has occured. I am saying that when dealing with people you KNOW are capable of such sleaze, then all bets are off, and trying to judge Eakin's character or motivation becomes an exercise in futility. At least he was willing to try to temper the Bush policies while he held his post, and was willing to speak out. For that, he deserves our respect. Our government is being gutted of all integrity and competence, and it is truly terrifying. Meanwhile Chalabi has met with Rummie and Scummie Dick, and we can expect the next act in this "War on Terror" charade in Iraq. Read Arrianna's account of her dinner with the slimey lizard if you want immediate flu symptoms. He goes so far as to try to separate himself from "Curveball". I really think this is all somewhat moot anyway. Bush's handlers will soon hand us another "trifecta" that will spell the death knell for our democracy, and will cement their hold on unlimited and un-ending power. You aren't going to wrest the reins from these bastards by historically conventional means. They INTEND for you to be hungry. If you are digging for carrots in Podunk Ohio you won't be rioting in Washington DC.
Sounds like he's being given an offer he can't refuse. But I would imagine it can be awful tiring having to battle the idealogs.
Thanks standa, I've been looking for more detail on the after affects. Now if I just knew who was behind the Caribbean banks that are becoming the largest purchaser of US notes.
The CBO has a long history of independence going back to its formation in the early days of the Reagan administration. Congress was not happy with the numbers they were getting from David Stockman at OMB so they set up their own independent shop. The CBO has always been independent and CBO budget projections operate under a strict set of rules. Members of Congress can and do request budget studies from CBO all the time to guage the impact of legislation on the budget. I am sure the gay marriage document was at the request of a Congressman. The job of CBO is to do the best possible analysis and let the chips fall where they may.
As for OMB director being pushed out? I don't think so. Of course ANY CBO director can be ousted by a 50% no-confidence vote of either chamber of Congress. I have not heard of any Democrats that are upset over CBO analysis and most Republicans consider him competent and capable. I suspect he had a chance to cash out into a better position with less stress, so why not. I cannot imagine that Congress will not find a replacement that is also competent and independent. A CBO director who was not independent would be under constant attack and dysfunctional. Enough Senators and Congressmen recognize the importance of independent non-partisan budget numbers to the well being of our nation.
I wonder where the "thorn in the side" comment comes from? The Bush OMB has been a source of misleading information from the get go. CBO reports are information that the WH will have to spin politically which they have done successfully in spite of the CBO. With the Republican controlled echo chamber so willing to print WH lies about its fiscal policy, a truthful independent CBO report is barely a whisper above the mightly Wurlitzer. CBO is hardly a "thorn in the side".
Reader Comments (19) - post a comment