rayboyusmc
Senior Member
WASHINGTON - 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.
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"Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked about 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,(He will never be able to do this when his own VP does it.) unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security. Notice it will be the poor and middle class that get screwed with these two programs
Why not eliminate the healthcare for Senators and other politicians. They can afford their own coverage.
Greenspan: No McCain tax cuts without reduction - Yahoo! News