Greenspan: US can't afford McCain economy


	Greenspan: US can't afford McCain economy

masbury

9-14-2008 3:53 PM

621 views

tags:

economy, mccain, taxes

masbury says:

Tax cuts for the rich too costly. Would sharply increase deficit, require spending borrowed money.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/32a9d79a-d782-465c-a257-6f2eebc4b67f/FA4A1CA7-1051-4D50-86D4-8430EFC291CA/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/" href="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/" style="font-size: 11px;">thinkprogress.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/"><H2 class="title"><A title="Permanent link to 'Greenspan: Country Can’t Afford John McCain’s Massive Tax Cuts For The Rich'" rel="bookmark" href="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/">Greenspan: Country Can’t Afford John McCain’s Massive Tax Cuts For The Rich</A><SPAN class="storyexpander"><A id="exlink1-19090" class="storyexpander">»</A></SPAN></H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/"><P>On Bloomberg Television this weekend, former Federal Reserve Chairman Alan Greenspan told host Al Hunt that the <A href="http://www.bloomberg.com/apps/news?pid=20601070&sid=aKZG._gG2NVI&refer=politics">country can’t afford</A> John McCain’s massive <A href="http://www.talkleft.com/story/2008/9/13/171428/718">$3.3 trillion tax cuts</A> without corresponding <A href="http://www.swamppolitics.com/news/politics/blog/2008/09/greenspan_mccain_tax_cuts_illp_2.html">spending reductions</A>:</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/"><P>As the Wonk Room has noted, McCain’s tax cuts would produce the <A href="http://thinkprogress.org/wonkroom/2008/05/15/mccain-deficit/">highest federal deficit</A> 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.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thinkprogress.org/2008/09/13/greenspan-mccain-taxcuts/"><P>McCain has <A href="http://thinkprogress.org/wonkroom/2008/04/23/mccain-deficit-dhe/">not specified</A> how he would pay for his tax cuts, though he claims he will balance the budget <A href="http://thinkprogress.org/2008/07/08/mccain-deficit/">in his first term</A>. 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 <A href="http://thinkprogress.org/2008/04/14/mccain-deficits/">not to talk about deficit reduction</A>.”</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/FA4A1CA7-1051-4D50-86D4-8430EFC291CA/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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