Greenspan: American Can't Afford McCain's Tax Plan

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.

Read the whole story: Bloomberg

Comments

[skyglider]

NOW RUSH LIMBAUGH IS COMPARING SARAH PALIN TO RONALD REAGAN !!!
HE SAYS THAT HILLARY CLINTON RUN FROM SARAH PALIN AND THAT WE DEMS ARE WILLING TO RUN AWAY !!!

LIMBAUGH SAYS : I DONT CARE WHAT I HAVE TO TELL PEOPLE ABOUT WHAT THEY ARE !!!

THEN HE SAID DEMS WE ARE LOSING GROUND !!!!!

PLEASE LET US FIGHT BACH OR WE ARE GOING TO HONOR WHAT LIMBAUGH PORTRAY AS TO BE : UNPATRIOPTIC LIERS !!!

AMERICA, WAKE UP, FIGHT BACK !!!

[skyglider]

IN "FOX NEWS" THEY ARE RIPPING US DEMOCRATS APART TELLING HUGE LIES !!!!
RUSH LIMBAUGH IS PORTRAYING US DEMOCRATS AS UNPATRIOTIC, LIERS, TRAITORS AND COWARDS !!!

WE HAVE TO DO EVERYTHING IN OUR POWER TO DEBUNK THESE LIES OR THEY ARE GOING TO STEAL THE ELECTIONS !!!

AMERICA, WAKE UP !!!!
LET US FIGHT BACK !!!

[skyglider]

NOW IN "FOX NEWS" THEY ARE COMMENTING HOW MCCAIN IS SO WISE IN THE ECONOMY AND HOW SO WRONG IS SENATOR OBAMA.....­..
THEY ARE SAYING THAt DRILLING WILL SOLVE MOST OF OUR ENERGY PROBLEMS !!!

NEWT GRINGRICH WAS SAYING THE REPS ARE THE ONLY SOLUTION TO OUR ENERGY PROBLEMS AND BLAMING THE DEMS FOR THE CATASTROPHIC ECONOMIC DEBACLE !!!
WAKE UP, FIGHT BACK OR WE ARE ALL SOON GOING TO BE DOOMED !!!
REPS PORTRAY US AS COWARDS !!!

WE CANNOT ACCEPT THIS GARBAGE...­!!!!!

WE HAVE TO FIGHT BACK AND CALL FOX NEWS, SPECIALLY SEAN HANNITTY DECEIVING SHOW AS WHAT IT IS :

FOX NEWS = SH*T / SH*T = FOX NEWS !!!!!!

WAKE UP AMERICA...­.FIGHT BACK !!!!

WE CANNOT ACCEPT OUR ELECTIONS TO BE STOLEN WITH PLAIN LIES !!!!!!

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[marc1antony]

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act,... WHAT A BUNCH OF WHINERS...­.

anyone remember the great depression??? anyone??? thank the Republicans for your wonderful lives.

[anastasiabeaverhousen]

Any words beyond "america can't afford mcsame" was a waste of electricity.

[pmag88]

"Greenspan said the widening income disparity among Americans is a ``very serious'' issue, and requires both raising the pay of lower-income workers and reducing higher incomes. ``The best way of doing that is to remove what is essentially protectionism for those skilled workers in the United States who are helped by keeping out their competition,'' he said, referring to the issue of ``skilled immigratio­n.''

So, if there is one well educated highly skilled earner fortunate enough to earn a good
income, their income should be lowered, while the less skilled and less fortunate persons income
should be raised. Hmmm.. obviously Mr Greenspan has given us his recipe for lowering the income of higher income earners, but nothing in regards to raising the income of lower wage earners.

In the same post he is quoted as saying that some of his previous testimony was politically careless and that his words were misinterpreted.

[thinkb4uleapII]

Alan Greenspan, along with his wife Andrea Kramer, are Republican shills and tools for the power brokers that run this country.

[obamanation31]

Breaking:
Obama Calls on the Bush Administration to Guarantee Taxpayers Do Not Pay Fannie Mae and Freddie Mac CEO Severance Packages

WASHINGTON, D.C. - U.S. Senator Barack Obama today sent the following letter to Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart, calling on them to address news reports that Fannie Mae and Freddie Mac CEOs will receive millions of dollars in severance packages even as they are removed from their posts. When Congress originally approved the authority for the Treasury Department to step in and rescue these companies this summer, it explicitly included a provision that gave the new regulator the authority to block golden parachute payments to CEOs. As the Bush Administration now takes unprecedented steps to rescue these companies with taxpayer dollars, it would be highly inappropriate and a violation of the public trust to allow windfall CEO severance pay packages.

http://obama.senate.gov/

[mamacat]

Makes sense. What are the chances that a Republican presidency will push for removing the golden parachutes of its supporters?

[Chbronze]

The leaders of Fannie and Freddie were appointented by democrats and are lifelong democrats, nice try though.

[ApolloSpeaks]

GREENSPAN IS A MCCAIN MAN

Greenspan will be voting for McCain and his JFK/Reagan/Bush type tax cuts because McCain and Palin are super deficIt hawks. As Greenspan infers: without spending cuts McCain's plan would be a disaster.

[aristippe]

Palin a deficit hawk, LOL

[renatam]

Greenspan on w/George S. on ABCNews this morning -- finally telling the truth. Now we are going to mortgage our great-gran­dchildren'­s futures to save deregulated financial institutions, etc.

[CAPTAINSKIPPY]

Apparently, Greenspin has figured out that soon his money will be worthless too, just like that of other Americans. Took you long enough, Alan!

[NYC80]

Unless you own gold, you don't have nothing whether you are rich green$$$pan or any CEO out there. Soon the dollar will be worthless paper and it will be replaced with the AMero.

[papagazul]

It would be curious if Greenspan, a lifelong Republican and longtime friend of McCain, endorsed Obama for President.

[frappe]

If Obama was smart, he'd run an ad with the Greenspan quote or, better yet, with Greenspan actually saying, "America cannot afford McCain's tax plan."

[dho3]

For you liberals who tend to read the title of the article and the short segments that suit their fancy and skip the disclaimers, those are the poinst that that mean the most. McCain's tax policies seem the same as Bush, but he is not a spender, i.e. not a liberal like Bush. Go http://www.johnmccain.com/m/Informing/News/PressReleases/c90681b9-5dfe-4de4-8057-ceedb30c228d.htm and see the number of major economists who support the McCain plan. I would not exactly call these people dummies.

[pmag88]

Dummies no. Bought and paid for, yes.

[Yohomegirl]

Hey dho3, see if you can find these people on your list supporting McCain's tax plan independantly of McCain's site. Buffet and Greenspan say no. Does that not make you wonder? And furthermore have you looked at where he cuts taxes most aggressively? At the top. Obama 08!

[frappe]

dho3 said:
"...but he (McCain) is not a spender, i.e. not a liberal like Bush."

---------

Are you serious?! Let me get this straight. We're supposed to ignore the fact that it was your REPUBLICAN PARTY that held control of Congress for ten of the past twelve years and COMPLETE CONTROL of all of government for all but two of the last eight years, and we're supposed to believe that it was just a "liberal" Bush who was responsible and that that responsibility was not shared by your rubber-stamping, incompetent, corrupt, greedy and myopic Republican congress?

First of all, I object to your use of the word "liberal" in such a manner, and particularly when used to describe Bush. A more appropriate adjective to use in the context in which you meant it would have been STUPID...o­r perhaps, INEPT, ...or perhaps just plain DUMB.

It was YOUR REPUBLICAN GOVERNMENT that has brought us the highest deficits in history -- both budgetary and trade -- and have brought about an economic decline that is beginning to look and feel like the Great Depression of the late 20's and 30's (which, by the way, was also caused by Republican ignorance and greed).

The only thing that the Republican Party deserves in November is a SURGE of PINK SLIPS.

[Paul]

Turns out liberals like Bill Clinton had the budget deficit situation under control. It is the Conservatives who spend too much. Look at Reagan and Bush.

Thing is, Conservatives want to wreck the government by running up the deficit. This is a mistake of historical proportions.

The most successful societies all have bigger governments and higher tax rates than does the US. Look at western Europe - they have more government and higher taxes. But they have a better healthcare system, better educational system, a better transportation system, a better environment, a 35 hour work week and six weks of vacation. Meanwhile, the US is turning into Brazil.

Turns out that more government and higher taxes lead to a better quality of life.

[dho3]

These countries have the weakest armed forces. Health care reigns supreme in this country no matter what you believe. We have the best trained doctors, best hospitals and do 90 percent of the world's medical research applicable to patient care that is published in peer reviewed journals. Patients constantly cross the border from Canada to have procedures done in a timely manner in the US that they have to wait for months to years there. I know, I have many personal friends that live there that also work in the health care field. So do not dump that crock on me. European health care in general is so far behind ours from a technical stand point and do not even mention the eastern European nations. Educationally, we carry a burden that few industrialized nations carry and that is a huge welfare state, that we must not only pay for, but try to educate. They do not want to work, thanks to liberal policies and rarely want to participate in education and therefore sway statistics from health care to education. Vacation is up to your employer, not to big brother. Our country is not suppose to be a Socialist of Communistic state, if thats the way you want it, move to Spain since it is so great there. Pay their gas prices

[seedyrum]

The World is watching

What is Patriotism?

Is Patriotism mortgaging this country, USA's future to foreign investors for the top 1% to have the cream of the crop of this country?

Is Patriotism borrowing from foreign investors until this country is indentured servants to foreign countries?

Is Patriotism wearing a FLAG PIN ON YOUR LAPEL as you vote our economic sovereignty away to foreign investors so the rich can be lord and master over us poor folks?

What is Loyalty?

Is loyalty to the rich, to do their bidding at a whim in the best interest of for the other 99% of the USA?

Is loyalty to the Bush and his administration means working against your best interest or for that matter the country's best interest??

Is loyalty to the well connected, the rich, the affluent means they can advocate for more wars but themselves or their children NEVER fight in any of the advocated wars?

What is accountability?

Is accountability letting crooks off the hook for lying, stealing, mischaracterizing the truth, leading the country in to a unnecessary war?

Is accountability play switcheroo, say one thing but do another, rewrite the rules to favor the rich and powerful?

What is free trade?

Is free trade have 5 sets of books or balance sheets and present either one when the circumstances dictate?

Is free trade to have privatized profits and socialized losses?

The World is watching

[stargazer13]

oh How I would love for congress to pass a law that would require our Country to be run in the black instead of the red

[juzcuz]

excellent seedyrum..­. very thought-provoking; of course the Repubs won't read and digest because it's too complicated for them to grasp! For some strange reason red-blind-sheep don't want to see, hear or know the truth about McSame & Company? ignorance is bliss but gosh...