Greenspan: Things are Worse Than We Think

Alan Greenspan explains that the deficit is worse than we think, because numbers are crunched on a rosier picture of economic activity than we're now getting. 

Notice Austan Goolsbee grimacing at Greenspan's remarks like he's a failing child when he says that IMF studies show tax increases significantly hinder economic activity. Funny. Greenspan also says he doesn't see a double dip coming.