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

Discussion in 'Political Zone' started by WoodysGirl, Sep 13, 2008.

  1. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

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    By GLEN JOHNSON, Associated Press Writer
    5 minutes ago



    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, unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security.

    Democrats pounced on Greenspan's comments, in part because McCain professed last year that he was weaker on economics than foreign affairs and was reading Greenspan's memoir, "The Age of Turbulence," to educate himself.

    "Obviously he needs to go back to that book and study it some more," Sen. Claire McCaskill, D-Mo., said during a conference call arranged by the campaign of Democratic nominee Barack Obama.

    McCaskill said eliminating congressional earmark spending — estimated at $17 billion annually — cannot offset McCain's proposed tax cuts.

    "That's a huge amount of money, but it's not even a drop in the bucket to pay for $3.5 trillion in tax cuts," she said. "So, every time he throws up earmarks and he's asked how he's going to pay for it, he knows he's being disingenuous, he knows he's not being forthcoming."

    McCain campaign officials dispute the $3.3 trillion figure, saying it assumes eliminating 2003 tax cuts made by the Bush administration and then cutting from that higher level. They say McCain is proposing tax cuts worth $600 billion from current levels.

    "John McCain opposed President Bush's tax cuts in 2003, because they didn't include the necessary spending controls. Sen. McCain's proposed job-growing tax cuts are modest in comparison to his plans to slow the exploding growth of federal expenditures — meaning that contrary to Chairman Greenspan's assertions, this relief isn't proposed on borrowed money," said McCain spokesman Tucker Bounds.

    While McCain opposed the 2003 cuts and previous Bush administration tax cuts from 2001, he now says he would leave them intact. Obama has said he would repeal Bush tax cuts benefiting families making over $250,000 annually to pay for programs and provide middle-tax class relief.

    Meanwhile, organizers of a conservative summit in Washington said McCain and his running mate, Alaska Gov. Sarah Palin, missed an opportunity by not addressing the gathering. Some 2,100 activists from 44 states, plus another 10,000 people who signed up to watch online, participated in the three-day Values Voter Summit.

    On Saturday, McCain was less than 10 miles away, working in at his campaign headquarters in Arlington, Va. Palin was leaving Alaska and traveling to a rally in Reno, Nev. Last year, McCain and seven other GOP presidential candidates spoke at the summit.

    "I think there is some disappointment that he's not here. I think there's greater disappointment that Palin is not here," said Tony Perkins, president of the Family Research Council, a key sponsor of the summit. "I think people would have liked to have heard from her."

    Activists attending the summit were unanimous in their enthusiasm for Palin, including several who said their support for McCain was lukewarm before he selected her.

    Gary Ward, pastor of the Rocky Point Church in Stephenville, Texas, said he supported former Arkansas Gov. Mike Huckabee for the GOP nomination but that his enthusiasm for McCain has been increased by his choice of Palin and his recent statement that he believes life begins at conception.

    "That was absolutely the right answer," Ward said.

    Elizabeth Kish, an administrative assistant from Gainesville, Fla., said she was put off by McCain's record on immigration and was considering voting for Libertarian Party candidate Bob Barr until Palin's selection.

    "Once he chose Palin that was it for me," said Kish, who was wearing a "Pro-Life Pro-Palin" button and another button featuring pictures of Chief Justice John Roberts and Supreme Court Justice Samuel Alito under the slogan, "The Kind of Change I Believe In."

    ___

    Associated Press writer Joan Lowy contributed to this report.

    http://news.yahoo.com/s/ap/20080913/ap_on_el_pr/mccain
  2. VietCowboy

    VietCowboy Be Realistic. Demand the Impossible.

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    I think Obama's tax cuts would result pretty much the same.
  3. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

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    If you read up on them, there isn't much difference in what they're proposing. It's just a matter of where they're drawing the funds.
  4. MetalHead

    MetalHead Benched

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    This country can't afford Obama under any circumstances,period.
  5. theogt

    theogt Surrealist Zone Supporter

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    Unfortunately, the country can afford both plans.
  6. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    Theo is taking on Alan Greenspan.

    Getting ambitious, Theo?:D
  7. theogt

    theogt Surrealist Zone Supporter

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    Well, if you notice, he never even said we can't afford them. He just said he "prefers" not to.
  8. Aikbach

    Aikbach Well-Known Member

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    You'll note that he stipulated that the cuts would not be beneficial unless spending was cut, sounds like spending needs to be curved and one of the best ways to do it is by cutting off some of the funding that comes through taxation.
  9. peplaw06

    peplaw06 That Guy

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    +1...

    Well, cut spending then. Problem solved. Wonder who's more apt to do that?
  10. VietCowboy

    VietCowboy Be Realistic. Demand the Impossible.

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    someone who's will to go to war for 100 years Iraq if need be....
  11. peplaw06

    peplaw06 That Guy

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    Or someone who wants to redistribute wealth through socialization and government programs....
  12. ZB9

    ZB9 Active Member

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    ..."if we dont cut government spending"

    they conveniently left that part of his comment out of the headline
  13. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    http://www.cnn.com/2008/POLITICS/02/14/mccain.king/

    WASHINGTON (CNN)- Republican presidential front-runner Sen. John McCain on Thursday defended his statement that U.S. troops could spend "maybe 100" years in Iraq -- saying he was referring to a military presence similar to what the nation already has in places like Japan, Germany and South Korea.

    "Maybe 100," McCain replied. "As long as Americans are not being injured or harmed or wounded or killed, it's fine with me and I hope it would be fine with you if we maintain a presence in a very volatile part of the world where al Qaeda is training, recruiting, equipping and motivating people every single day."
  14. ZB9

    ZB9 Active Member

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    isnt the main reason for going there in the first place to establish somewhat of a base in the middle of the region

    why would the U.S. not keep a presence there? That is probably the main point for going there
  15. VietCowboy

    VietCowboy Be Realistic. Demand the Impossible.

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    chill, I was being facetious. I know that's not what he meant.
  16. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    Chill?

    I was merely posting additional information...as you're prone to do.
  17. REDVOLUTION

    REDVOLUTION Return to Dominance

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    Isnt that Palin's stance?... to get rid of "inefficiencies"... cut spending. Plan will work.
  18. burmafrd

    burmafrd Well-Known Member

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    Considering Greenspan was the one most responsible for the current financial crisis, since he was the one that convinced the last 2 administrations that easy credit was the way to go, I really do not think listening to him anymore is a good idea.
  19. jrumann59

    jrumann59 Well-Known Member

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    Funny how he jumped ship right before it hit the iceberg, isn't.
  20. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    A ship hit ice?

    Is he okay?:D

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