Greenspan: Country can't afford McCain's tax cuts

Source: Associated Press via Yahoo! News

Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain — at least not without a corresponding reduction in government spending.

"Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion.

"I'm not in favor of financing tax cuts with borrowed money," Greenspan said during an interview with Bloomberg Television. "I always have tied tax cuts to spending."

McCain has said that he would offset his proposed cuts — including reducing the corporate tax rate and eliminating the Alternative Minimum Tax that has plagued middle-class families — by ending congressional pork-barrel spending, unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security

Read more: http://news.yahoo.com/s/ap/20080913/ap_on_el_pr/mccain

10 points behind?

That's my prediction.

I cannot believe there are that many STUPID people!

I hope I'm wrong but suspect that the sort of voter who supports McCain isn't very cerebral, responding more to fear of terrorists, fear of immigrants, fear that the government will take away their firearms, etc.

"4. anyone else having trouble recommending the yahoo story"

I was first.

I remember McShame saying that he'd 'Clone Greenspan' a while ago..maybe two years.

I'll bet he's rueing that statement..If he understands the gravity of Saint Alan's pronouncement.

:shrug:

Not to the same degree as Carville/Matalin, though. I've always wondered how they get along so well. Am guessing they don't discuss politics at home.

" overhauling entitlement programs such as Medicare and Social Security" that's the McInsane plan to offset the tax cuts for the wealthy...off the backs of parents, and to make sure we live on sidewalk curbs. AARP should be given this information!

I mean, what is pork barrel spending? Money for pet projects? Everyone expects their Congress person and Senators to bring home the bacon. What some call pork, others say are vital to an area and help create jobs.

....McSame is scaring him.

What does HE know...:sarcasm:

Where was he 8 years ago? (You don't want to know, trust me!)

Ever tried an anagram of "Alan"? my dsylexic fingers typed it out, and I had to erase it immediately!

He must have most of the info that Cheney and Gang have. He must be Covering His Ass. If so, too late, the damage is done you capitalist pig.:tinfoilhat: (just in case)

WE, the people he screwn over and over, sure will.

but wasn't it a relatively unknown Alan Greenspan who vetted Cindy's dad's buddy Charles Keating for a certain group of senators (including McCain) back in the 1980s?

with borrowed money.

$4,841,000 by 19 senators for wood utilization research in Alaska, Idaho, Louisiana, Maine, Michigan, Minnesota, Mississippi, North Carolina, Oregon, Tennessee, and West Virginia. This research has cost taxpayers $95.6 million since 1985.

$1,117,000 by Senate Agriculture Appropriations Subcommittee Ranking Member Robert Bennett (R-Utah) for Mormon crickets.

$300,000 by Senate Appropriations Committee Ranking Member Thad Cochran (R-Miss.) and Sen. Roger Wicker (R-Miss.) for shrimp aquaculture. Since 1985, $69 million has been appropriated for this research.

$270,000 by Sens. Max Baucus (D-Mont.) and Jon Tester (D-Mont.) for the Montana Sheep Institute. This organization has received $3.1 million in pork since 2002.

$259,000 by Senate Appropriations Committee member Daniel Inouye (D-Hawaii) and Sen. Daniel Akaka (D-Hawaii) for floriculture. According to a September 13, 2007, Star Bulletin article Hawaii’s floriculture and nursery products grossed $100.7 million in 2006. Since 1995, CAGW has identified $4.1 million in pork for this research.

$237,000 by Senate Appropriations Committee member Patty Murray (D-Wash.) and Sen. Maria Cantwell (D-Wash.) for the Wine Grape Foundation Block at Washington State University. Wine in the state is a $3 billion industry.

$184,000 by Sens. Susan Collins (R-Maine) and Olympia Snowe (R-Maine) for Lowbush Wild Blueberry research. Since 1995, CAGW has identified $3.2 million in pork for this research.

$4.2 million for seven projects by House Interior Subcommittee Chairman Norm Dicks (D-Wash.), including: $500,000 for the city of University Place for sewer infrastructure; $270,000 for a Hood Canal Dissolved Oxygen Study; and $200,000 for Mason County Courthouse restoration.

$1 million by House Interior Subcommittee member Tom Udall (D-N.M.) and Rep. Stephanie Herseth Sandlin (D-S.D.) for the Inter-Tribal Bison Cooperative. According to the National Bison Association, there are an estimated 20,000 bison remaining on public lands in the U.S. and Canada.

$500,000 by House Interior Subcommittee member Jo Ann Emerson (R-Mo.) for methamphetamine prevention in the Mark Twain National Forest.

$350,000 by Rep. John Dingell (D-Mich.), for the River Raisin Revolutionary War Battlefield. This battle took place in 1813, long after the Revolutionary War ended.

$150,000 by House appropriator Michael Simpson (R-Idaho) for the Rexburg Historic Westwood Theater. The theater’s website notes it was “Opened in 1917 as the Rex Theater and through the years had various owners and operators.” Additionally, “Although it is not on the National Register of Historic places, it is near the Madison County Courthouse which is on the Register.”

$150,000 by Rep. Bill Shuster (R-Pa.) for the Historic Mishler Theatre in Altoona, where the Holy Smoke Blues will be playing on August 15. Their performance will be preceded by a group of taxpayers singing the blues over the proliferation of pork in Washington.


Nearly $5 million for research on wood use? Or Wild Blueberry research? Or a Revolutionary War Battlefield AFTER the war? And Mormon crickets. Note that both major parties are represented.

I imagine that soon someone will put a crucifix in a jar of pee and have the taxpayers foot the bill for that. Oh wait - that’s already been done.

And these are a very small portion of the earmark/pork list.

More details needed on the following:

$300,000 by Senate Appropriations Committee Ranking Member Thad Cochran (R-Miss.) and Sen. Roger Wicker (R-Miss.) for shrimp aquaculture. Since 1985, $69 million has been appropriated for this research.

$500,000 for the city of University Place for sewer infrastructure; $270,000 for a Hood Canal Dissolved Oxygen Study; and $200,000 for Mason County Courthouse restoration.

$1 million by House Interior Subcommittee member Tom Udall (D-N.M.) and Rep. Stephanie Herseth Sandlin (D-S.D.) for the Inter-Tribal Bison Cooperative. According to the National Bison Association, there are an estimated 20,000 bison remaining on public lands in the U.S. and Canada.

$259,000 by Senate Appropriations Committee member Daniel Inouye (D-Hawaii) and Sen. Daniel Akaka (D-Hawaii) for floriculture. According to a September 13, 2007, Star Bulletin article Hawaii’s floriculture and nursery products grossed $100.7 million in 2006. Since 1995, CAGW has identified $4.1 million in pork for this research.

list, for example, had 112 items for a couple of hundred million dollars. Both major parties are well represented.

This is not an earmark, but it is an example of how the elected officials waste their time and our money:

<snip>
Congress left for its traditional August recess after accomplishing nothing. Of the 106 bills enacted since January, 94, or 89 percent were to name government buildings or lands, extend or make technical corrections to existing laws, or passed either by unanimous consent or with less than 10 dissenting votes. The accomplishments included “Frank Sinatra Day,” National Plumbing Industry Week,” and “National Day of the Cowboy.”
<more at link>
http://www.cagw.org/site/PageServer?pagename=news_porkerofthemonth

We read reports of approval ratings for congress being extremely low, we complain about what they are or are not doing, and yet ever even-ended year in November we send 90% of them back to do it some more. We the people never learn and they the legislators know we don't and so they just don't care about approval ratings. Their jobs are secure until THEY decide to curtail their career. Their first successful election is an appointment to a lifetime position, with subsequent elections a mere formality.

and tell Andrea to act more like a media person.
She starts telling the truth sometimes but fades to the background when the others start McCain cheeleading.

Dontcha just hate it when the truth comes out Johnnie?

I'd rather have a beer with McCain!!!!!!!!!!!!









:sarcasm:

"I'm not in favor of financing tax cuts with borrowed money,"

....mr greenspin, didn't you support mr bushco's tax cuts? Haven't we been running deficits ever since?

....on a more personal note mr greenspin, have you found a job yet?....not to be nosey, but have you been looking?....or have you retired?....after you've made Andreas' lunch in the morning, is it true that she gets pissed when you jump back into bed after Oprah?

Cutting "unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security"

That's the real crux of the message.

Too bad it's apparently unpatriotic to suggest a cut in defense spending. Wonder why it's not unpatriotic to suggest cutting off the programs that millions of Americans depend on?

McCain Wants Greenspan, Dead Or Alive

PAWLEYS ISLAND, S.C. , Oct. 4, 2007

Republican John McCain said Thursday that as president he would appoint Alan Greenspan to lead a review of the nation's tax code - even if the former Federal Reserve chairman was dead.

"If he's alive or dead it doesn't matter. If he's dead, just prop him up and put some dark glasses on him like, like 'Weekend at Bernie's,'" McCain joked. "Let's get the best minds in America together and fix this tax code."

The 81-year-old Greenspan served as chairman of the Fed for 18½ years.

Campaigning in early-voting South Carolina, McCain was asked about his support for a flat tax.

"If the fair tax crossed my desk, I'd sign it. If a flat tax did, I'd sign it," McCain said while noting criticism of the concept. "What we all agree: It has to be made simpler and fairer."

http://www.cbsnews.com/stories/2007/10/05/politics/main3333938.shtml