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Federal Reserve Chairman Alan Greenspan backed George W. Bush tax cuts in 2001. He based this on a continued budget surplus. Man, was he wrong. Now, we have a huge deficit brought about in part because of the tax cuts together with increased spending. Now, Greenspan is backing Bush's Social Security privatization and Democrats are openly criticizing him. Ironically, Bush's father appointed Greenspan and later said he was disappointed by his choice which he is said to have made reluctantly.

It's hard not think of economists as very bright specialists given their arcane language and weighty subject matter. But, their forecasts make them appear to have the accuracy of weathermen. Moreover, if you ask two economists about a forecast, each will give you a different one. Thus, I have Greenspan here using a crystal ball for his economic forecast.