This is a prediction tailored to a predetermined policy action. Or, rather, inaction. Mr. Greenspan, and not for the first time, has a very bad case of the slows. Perspective President Bush and his team have, at least, stated the problem correctly. The economy has slowed sharply.
Prudent policy requires increases in total spending.
Action to make this happen needs to come quickly. It needs to be retroactive. It should be substantial. But the president's fiscal program will achieve none of these objectives. The immediate boost to spending from his tax cut is trivial.