Saturday, September 13, 2008

Greenspan On McCain's Tax Plan

Via Huffington Post, here's Alan Greenspan saying exactly what I have in earlier posts:

"Greenspan Says McCain Tax Plan Needs Corresponding Budget Cuts

By Scott Lanman

Sept. 12 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the country can't afford $3.3 trillion of tax cuts proposed by Republican presidential nominee John McCain without corresponding spending reductions.

Greenspan, a lifelong Republican and longtime friend of McCain, said today on Bloomberg Television's ``Political Capital With Al Hunt'' that ``I'm not in favor of financing tax cuts with borrowed money.''

McCain has said he would balance the cost of most of his tax cuts with budget reductions, while providing few details beyond eliminating earmarks and other pork-barrel spending, which have totaled about $171 billion since 2001. Democratic nominee Barack Obama is proposing fewer tax cuts and more ambitious spending programs."

The idea that McCain is going to drastically cut spending defies belief.


No comments: