Richard Tafoya
Sep 14th, 2008, 04:06 PM
Think Progress:
http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/
On Bloomberg Television this weekend, former Federal Reserve Chairman Alan Greenspan told host Al Hunt that the country can’t afford (http://www.bloomberg.com/apps/news?pid=20601070&sid=aKZG._gG2NVI&refer=politics) John McCain’s massive $3.3 trillion tax cuts (http://www.talkleft.com/story/2008/9/13/171428/718) without corresponding spending reductions (http://www.swamppolitics.com/news/politics/blog/2008/09/greenspan_mccain_tax_cuts_illp_2.html):
HUNT: John McCain’s proposed $3.3 trillion of tax cuts in two terms. Can the nation afford tax cuts of that magnitude?
GREENSPAN: Unless we cut spending, no. … I’m not in favor of financing tax cuts with borrowed money.
After endorsing (http://money.cnn.com/2001/01/25/economy/greenspan/) Bush’s massive tax cuts for the wealthy which turned Clinton-era record surpluses (http://archives.cnn.com/2000/ALLPOLITICS/stories/09/27/clinton.surplus/) into record deficits (http://thinkprogress.org/wonkroom/2008/09/09/bush-mccain-deficit/), Greenspan has much to atone for (http://select.nytimes.com/2007/09/17/opinion/17krugman.html?_r=1&oref=slogin). Telling the truth about McCain’s agenda is a good start.
As the Wonk Room has noted, McCain’s tax cuts would produce the highest federal deficit (http://thinkprogress.org/wonkroom/2008/05/15/mccain-deficit/) in 25 years. After inheriting Bush’s $407 billion deficit, yearly deficits under McCain would increase sharply, beginning with at least $505 billion in FY2009.
McCain has not specified (http://thinkprogress.org/wonkroom/2008/04/23/mccain-deficit-dhe/) how he would pay for his tax cuts, though he claims he will balance the budget in his first term (http://thinkprogress.org/2008/07/08/mccain-deficit/). Recognizing that McCain’s math doesn’t add up, McCain’s top economic adviser Douglas Holtz-Eakin has said, “I would like the next president not to talk about deficit reduction (http://thinkprogress.org/2008/04/14/mccain-deficits/).”
McCain has acknowledged the economy is not something he understands (http://thinkprogress.org/2008/01/18/mccain-economy/), but he has reassured the public, “I’ve got Greenspan’s book (http://www.boston.com/news/politics/politicalintelligence/2007/12/mccain_its_abou.html).” He should start listening to him too.
http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/
On Bloomberg Television this weekend, former Federal Reserve Chairman Alan Greenspan told host Al Hunt that the country can’t afford (http://www.bloomberg.com/apps/news?pid=20601070&sid=aKZG._gG2NVI&refer=politics) John McCain’s massive $3.3 trillion tax cuts (http://www.talkleft.com/story/2008/9/13/171428/718) without corresponding spending reductions (http://www.swamppolitics.com/news/politics/blog/2008/09/greenspan_mccain_tax_cuts_illp_2.html):
HUNT: John McCain’s proposed $3.3 trillion of tax cuts in two terms. Can the nation afford tax cuts of that magnitude?
GREENSPAN: Unless we cut spending, no. … I’m not in favor of financing tax cuts with borrowed money.
After endorsing (http://money.cnn.com/2001/01/25/economy/greenspan/) Bush’s massive tax cuts for the wealthy which turned Clinton-era record surpluses (http://archives.cnn.com/2000/ALLPOLITICS/stories/09/27/clinton.surplus/) into record deficits (http://thinkprogress.org/wonkroom/2008/09/09/bush-mccain-deficit/), Greenspan has much to atone for (http://select.nytimes.com/2007/09/17/opinion/17krugman.html?_r=1&oref=slogin). Telling the truth about McCain’s agenda is a good start.
As the Wonk Room has noted, McCain’s tax cuts would produce the highest federal deficit (http://thinkprogress.org/wonkroom/2008/05/15/mccain-deficit/) in 25 years. After inheriting Bush’s $407 billion deficit, yearly deficits under McCain would increase sharply, beginning with at least $505 billion in FY2009.
McCain has not specified (http://thinkprogress.org/wonkroom/2008/04/23/mccain-deficit-dhe/) how he would pay for his tax cuts, though he claims he will balance the budget in his first term (http://thinkprogress.org/2008/07/08/mccain-deficit/). Recognizing that McCain’s math doesn’t add up, McCain’s top economic adviser Douglas Holtz-Eakin has said, “I would like the next president not to talk about deficit reduction (http://thinkprogress.org/2008/04/14/mccain-deficits/).”
McCain has acknowledged the economy is not something he understands (http://thinkprogress.org/2008/01/18/mccain-economy/), but he has reassured the public, “I’ve got Greenspan’s book (http://www.boston.com/news/politics/politicalintelligence/2007/12/mccain_its_abou.html).” He should start listening to him too.