New Information Quotes
Although this quotation has been cited by many scholars, none has yet given a primary citation. As a result a few researchers question the attribution to Keynes and argue that the first primary source of this notion was the Nobel Laureate in Economics Paul Samuelson -- Quote {645739}. However, even Samuelson attributed this quotation to Keynes although he did not do so at this particualr interview.
He was too ill to read the speech himself and it was read by James Wilson for him.
In 2001, the nation had a huge budget surplus from the Clinton administration and there was much political debate over economic policy. President Bush wanted to have a very large tax cut. Greenspan had testified that given the very large surplus, the nation could afford a tax cut and not resume a deficit. However, the tax cut did not have the stimulus effect that the President had hoped, and the surplus was used up and exceeded. To make matters worse, September 11 began the War on Terror which required extensive additional government spending. The nation went from the largest surplus in American history to the largest deficit in American History in the next 4 years. Greenspan did something that is very rare in Washington. He publicly admitted error.
