Greenspan: It's Clinton's Bad Economy

Yes, it

And that economic "genius" Bill Clinton must be held responsible for this downturn in the economy.

Yesterday the Federal Reserve Board met and while refusing to lower interest rates, it did finally signal its belief that its previous hyper-focus on inflationary fears was misplaced.

What is clearly in order is a reduction in the Federal Funds Rate, which is then, in due course, reflected in lower interest rates to consumers and businesses.

During times when the economy is "moderating" – to borrow the Fed’s characterization – lower interest rates provide incentives to spur growth.

At the same time, this news from the Fed will likely provide a greater impetus for passage of reductions in marginal tax rates, as proposed by President-elect Bush, early in the 107th Congress.

Altogether, this confluence of events in both monetary and fiscal policies could inure to the benefit of the economy and the initial stature of George W. Bush at the beginning of his tenure as the 43rd president.

First impressions are said to be lasting impressions, and if such a scenario should play out in this manner, a positive tone could well be set for his entire first term.

So, let it be clearly understood that Bill Clinton left a declining economy as yet another part of his sorry legacy.

This is the

In January, President George W. Bush will have the opportunity to clean up this Clinton economic mess as well as to restore honor and dignity to the presidency, which has been lacking for the past eight years.

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Dan Frisa represented New York in the United States Congress and served four terms in the New York State Assembly.

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• Dec. 26, 8:05 a.m. – KSLR radio in San Antonio, Tex.