Uncle Alan Greenspan, AKA Mr. Bubbles, recommends eliminating ALL the Bush tax cuts because he's worried about the bond market despite the fact that the rate for long-term shows no sign of the dreaded inflation:
In a March 26 Bloomberg TV interview, he said an increase in long-term interest rates was a “canary in the mine.”
Yields on 10-year Treasury notes have since fallen from 3.85 percent to 2.98 percent at 2:31 p.m. in New York.
The interesting tidbit here is that amount of revenue lost because of the cuts for the pigs:
The cost of continuing the tax cuts for the most prosperous Americans would be about $55 billion for one year.
UPDATE: Over 10 years, the pigs tax cut cost almost $700 Billion over 10 years:
'Bush-ama' tax cuts: The $2.2 trillion decision
By Jeanne Sahadi, senior writer
May 4, 2010: 12:10 PM ET
NEW YORK (CNNMoney.com) -- In a nod to deficit reduction, Obama did propose that lawmakers let the tax cuts expire for high-income households, couples making more than $250,000. Doing so would reduce the deficit by $678 billion from where it would be if the cuts were extended for everyone.
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