Greenspan: Country Can’t Afford John McCain’s Massive Tax Cuts For The Rich
Greenspan: Country Can’t Afford John McCain’s Massive Tax Cuts For The Rich
On Bloomberg Television this weekend, former Federal Reserve Chairman Alan Greenspan told host Al Hunt that the country can’t afford John McCain’s massive $3.3 trillion tax cuts without corresponding spending reductions:
HUNT: John McCain’s proposed $3.3 trillion of tax cuts in two terms. Can the nation afford tax cuts of that magnitude?
GREENSPAN: Unless we cut spending, no. … I’m not in favor of financing tax cuts with borrowed money.
Watch it:
After endorsing Bush’s massive tax cuts for the wealthy which turned Clinton-era record surpluses into record deficits, Greenspan has much to atone for. Telling the truth about McCain’s agenda is a good start.
As the Wonk Room has noted, McCain’s tax cuts would produce the highest federal deficit 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.
McCain has not specified how he would pay for his tax cuts, though he claims he will balance the budget in his first term. 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 not to talk about deficit reduction.”
McCain has acknowledged the economy is not something he understands, but he has reassured the public, “I’ve got Greenspan’s book.” He should start listening to him too.
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Blow it out your ass, Greenspan.
September 13th, 2008 at 8:06 pmThe country could NEVER afford financing tax cuts for the rich. How else to explain the debt from $3trill to $13trill? The war was paid for by borrowing.
September 13th, 2008 at 8:11 pmIt took this long for Mr. Greenspan to have an epiphany.
Here’s an idea. Could a real leader come up and ask us all to bite the bullet in the interest of fixing the frickin’ mess we have made so as to not be so immoral as to pass our mistakes on to those undifferentiated cells they adore so. Raise taxes, ask people to pay them. Consume less and share more. Stop being babies and pony up some responsibility so as to be able to leave a tip when we leave the table. For god sake don’t preach that greatest nation shit if you are nothing more than a grifter…
September 13th, 2008 at 8:12 pmGreenspan was either lying then or he’s lying now. He’s got little credibility.
September 13th, 2008 at 8:24 pmtrollsbwild Says:
It took this long for Mr. Greenspan to have an epiphany.
___________
Al must be… ***cough…*** worried about his, uh, “legacy”…
Saaaaaay… speaking of “legacies”, notice just HOW COMPLETELY the righties have tried to distance themselves from Busch of late?
Why, ya practically never even hear them mention the li’l dickens anymore…
Unless, they’re tryin’… ***snork… gasp…*** ta pretend he’s some sort of Lib’rul/Dem… BWAHAHAHAHAHAHAHAHAHAHAHAHA….
Sorry… GOOPers… nice try, but he’s yours, bought ‘n paid for.
Waterboarding as “enhanced interrogation”
Katrina… heck of a job, Brownie!!!
Crushing deficits…
Abu Ghraib sex torture photos, circulating on the Internet, for all Eternity…
Politicized DoJ…
“Just because a law has been broken, it doesn’t mean a crime has been committed…”
Possibly a MILLION dead Iraqis…
4,700 plus dead and multiple tens of thousands wounded, maimed, crippled, disfigured American soldiers…
Endless wiretapping…
Gutted Constitution…
Unchecked pollution…
Millions of jobs gone from the country…
No Child Left Behind…
Clear Skies Initiative…
Healthy Forests Initiative…
A new arms race…
Re-ignited Cold War…
And all in just eight years…
Drill Here!!! Drill Now!!!
Folks, I think we REALLY, REALLY need to make sure the GOOP doesn’t slither away in the night and manage to distance themselves from the mess they’ve made here.
September 13th, 2008 at 8:26 pmI think we need to get them by the scruff of their necks, drag them over, and rub their noses in it, like a dog.
Bad GOOP!!! Bad GOOP!!!
September 13th, 2008 at 8:27 pm.
What Greenspan forgot was the caveat of…
… unless the cuts are off set with interest rate reductions to stimulate the economy.
Now, how did that work out?
.
September 13th, 2008 at 8:31 pmPerhaps McCain should read “Greenspan’s Fraud” as well.
September 13th, 2008 at 8:41 pmThanks you ancient sack of sh*t for admitting what you should have admitted seven years ago when Chimpy borrowed a boatload of cash to make his rich friends richer and bankrupt the country. Do us a favor Greenie and drown under a wingnut ballon barrage like your worthless spouse.
September 13th, 2008 at 8:58 pmIf McCain’s own economic advisers are telling us his plan is unrealistic, do we really need to hear it from Greenspan himself.
The problems is McCain takes no questions, rather offers no answers to the questions regarding his fiscally irrational priorities.
September 13th, 2008 at 9:09 pmFunny… it’s beginning to appear that even right-wing *ss clowns like Greenspan and Charles Gibson are scared of what a McCalin/Pain presidency might end up doing to the country.
September 13th, 2008 at 9:09 pmThere may be hope yet! My Brother-in-law of some fifty plus years, a dedicated Republican for that time, and with whom I have shared the term BRO for all those years has finally seen the light. He has decided, in deference to my superior age and intelligence, to not vote the Republican ticket and vote instead for his BRObama.
September 13th, 2008 at 9:24 pmdbadass Says: #3
Couldn’t have said it better. Great post.
September 13th, 2008 at 9:28 pmi found this the other day – pass it on…
Corporate socialists demanding handouts
By Jay Bookman | Wednesday, September 10, 2008, 08:39 AM
The Atlanta Journal-Constitution
For years — no, for decades — Detroit automakers blocked efforts to mandate improved gas mileage by whining and complaining about government intervention in the marketplace. Even though such policies were manifestly in the best interest of the country, making us less reliant on foreign oil, reducing air pollution, slowing the flow of dollars overseas — gas mileage regulations remained essentially what they were in the ’70s.
As a result, Detroit kept building new dinosaurs that ran on old dinosaurs, and now that the inevitable has happened, those former free-market purists are demanding $50 billion in taxpayer-guaranteed loans — $50 billion!!! — to finance conversion to the fuel-efficient technologies they refused to invest in earlier.
Likewise for years — no, for decades — Wall Street financiers likewise blocked efforts to tighten regulation of financial markets by whining and complaining about government intervention in the marketplace. The market will regulate itself, we were told, and if the market “produced” salaries of $100 million a year for certain masters of the universe, then who we lowly peons to complain?
[...]
http://www.ajc.com/blogs/content/shared-blogs/ajc/bookman/entries/2008/09/10/corporate_socialists_demanding.html#
September 13th, 2008 at 9:29 pmJoe Biden RULES the CFR
http://www.youtube.com/watch?v=LBMwaTxiBJM
September 13th, 2008 at 9:34 pmdbadass Says:
Here’s an idea. Could a real leader come up and ask us all to bite the bullet in the interest of fixing the frickin’ mess we have made …
sounds like you may have missed 2 great OBAMA interviews this past week:
Candidates’ Forum on National Service
and David Letterman
he got as close to it as he could, at this time…
September 13th, 2008 at 9:44 pmno question about being a leader…
The Republic of Stupidity Says:
I think we need to get them by the scruff of their necks, drag them over, and rub their noses in it, like a dog.
Bad GOOP!!! Bad GOOP!!!
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Abso-friggin-lutely that is EXACTLY what we need to do
September 13th, 2008 at 9:46 pmkaty Says: #14
What if just one CEO of the big 3 had stepped up when higher MPG standards were suggested and said ‘we accept the challenge.’ What if they offered 3 hot little cars that had seating for 6, 4, 2 respectively. MPG in the range of 45/35. That auto manufacturer’s stock would be soaring today. That CEO would hailed as a visionary genious. But all we have are 3 short-sighted failures that keep, for some reason, offering mega-horsepower bloodsuckers that serve no practical purpose. You can still have style and performance with the waste of power that most people don’t even need. Most driving is in short trips anyway. I don’t really need a car that will go from 0-60 in 4 or 5 seconds. On top of that they blew millions on lobbyists to keep fuel efficiency standards low. Now its biting them and soon us in the ass. Karma.
September 13th, 2008 at 9:52 pmCall me an economic neophyte, but I will never consider the budget “balanced” any year that the national debt increases.
There is substantial interest on our national debt. The debt hit $1 trillion for the first time under Reagan. When Clinton entered office, the debt was up to $4 trillion, and when he left office, the debt stood at $5 trillion despite Clinton having paid $1.5 trillion in interest during his 8 year tenure.
Our national debt will exceed $10 trillion after the Bush Disaster, with many economists now claiming that the debt is closer to $12 trillion right now. With the decline in our dollar’s value, I can only imagine that the annual interest on said debt will be near $1 trillion. Yes, that’s $1 trillion per year in interest.
So, call me a pragmatist, but I refuse to see deficit reduction as anything close to a sound fiscal policy.
We must pay down the debt, and the only way to do that is to have a substantial budget surplus each year that goes towards that debt reduction.
PEACE
September 13th, 2008 at 9:54 pmThis country can’t afford anything but a complete repudiation of all things GOP. And we sure as heck can’t afford a pair of ignorant, lying, partisans like McSpin and Palin. The damage these two could cause, or allow, is mind-boggling. On the few occasions either give a “informed opinion” they display an amazing knack for adopting the worst possible stance. Just like Chimpy.
September 13th, 2008 at 10:49 pmWhen Greenspan’s party was coming into office, tax cuts were wonderful — too much money in the treasury was a bad thing. Now that the Dems are likely to get in, a tax increase is inevitable. How convenient for Alan.
His party has sh!t all over the floor, and the Dems have to clean it up and pay for it.
Douglas Holtz-Eakin, a former Director of the Congressional Budget Office and current chief McCain economic advisor tells Fortune columnist Matt Miller in a forthcoming book, The Tyranny of Dead Ideas, that the next President is simply going to have to raise taxes.
Neither one is telling us the next step — which is that McCain’s tax cuts are simply a campaign slogan, which he constantly repeats and people believe, and would require draconian cuts in programs.
September 13th, 2008 at 11:06 pmObama’s tax cuts actually do help the under $250K, in the next bracket, taxes go up $12/year, and in the highest bracket ($630K), they go up significantly.
Like Charles Barkley (former NBA great) said, “So what if rich people have to pay more in taxes, they’re still going to be rich.” And he’s very rich.
September 13th, 2008 at 11:17 pmWhy is this a close race? McBush III is an idiot.
September 13th, 2008 at 11:17 pmbtruthful Says: #23
I think its only because he created somewhat of a stir when he selected a woman to be his VP. Too bad he selected Sarah Palin.
September 13th, 2008 at 11:21 pmbtruthful Says:
Why is this a close race? McBush III is an idiot.
September 13th, 2008 at 11:17 pm
_______
So are a great many voters. Why else would Bush have won the last two elections? (Not counting voter caging and hacked electronic machines and Supreme Court gifts, of course).
September 13th, 2008 at 11:22 pmdbadass, @ #3, you bring tears to my eyes with your words of giving.
For the first time in my 50 years of life, I’m making stupid money. It’s short term, but more than we need and I’m more than willing to pay my share to help those in need. I can cover the bills, pay the anticipated winter oil heating bill, and save some and still have extra. I do give to organizations, but feel I can do more.
If only we can instill this spirit in all… there’s always something we can give…
T
September 14th, 2008 at 12:01 amBailout Hide and Seek
New York Times – 2 hours ago
On Friday, less than a week after the government took control of Fannie Mae and Freddie Mac, the White House announced that there is no reason at this time to account for the companies in the federal budget.
White House rejects Fannie switch Financial Times
Fannie, Freddie to Be Kept Off Federal Budget Washington Post
no reason… no reason at all…
…
SNL opening was a hoot!
Palin and Hillary together! very funny!
September 14th, 2008 at 12:12 amHe has no plan.
All good progammers know that null plus or minus or multiplied by anything is alco null.
September 14th, 2008 at 12:13 amalco = also…damnnnn…
September 14th, 2008 at 12:13 amWhen asked Greenspan is still voting for Mccain. Perhaps this is because wealth redistribution is less attractive to him. Greenspan is not worried about tax cuts alone, he’s worried about spending as well, and he is not about to support Obama, so there you have it. Listen to Greenspan, vote Mccain/Palin.
September 14th, 2008 at 1:31 amThe ultimate problem is that the dollar is “toast”. Fannie/Freddie bailout meant to forestall disaster until after the election.
September 14th, 2008 at 2:05 amCopano_Texian Says:
When asked Greenspan is still voting for Mccain. Perhaps this is because wealth redistribution is less attractive to him. Greenspan is not worried about tax cuts alone, he’s worried about spending as well, and he is not about to support Obama, so there you have it. Listen to Greenspan, vote Mccain/Palin.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
You are completely FULL OF IT AS USUAL. How much did Bush cut spending again? Oh thats right Republicans TALK about cutting spending while the grow government ALONG with redistribution of wealth UPWARDS they way you conservatives like it. Just because Greenspan is a Republican doesnt mean he isnt right about the irresponsibility of more tax cuts for the rich. Your posts are always so delusional and pathetic.
September 14th, 2008 at 2:41 amWho Lied Today? Says:
dbadass, @ #3, you bring tears to my eyes with your words of giving.
For the first time in my 50 years of life, I’m making stupid money. It’s short term, but more than we need and I’m more than willing to pay my share to help those in need. I can cover the bills, pay the anticipated winter oil heating bill, and save some and still have extra. I do give to organizations, but feel I can do more.
If only we can instill this spirit in all… there’s always something we can give…
T
WLT? I agree with you, one should pay their fair share. I’m glad you’re rich and you give. How about you spottin me some doe?
I don’t know what rich people are crying about. They consume the most, therefore they should pay the most, their fair share.
Corps aren’t any different than rich people; corporations will pass any tax onto consumers. My economic instructor said that not how it works.
But it’s how it works.
BTW — Why doesn’t mr.-jiggle-peoples’-lives STFU.
his up and down bond/interest bs help with this recession.
Do you want my email WLT??
September 14th, 2008 at 2:48 am>When asked Greenspan is still voting for Mccain.
Sure. Even though he disagrees with Mccain in the only area in which his knowledge is relevant. He came as close to endorsing obama as a republican public figure possibly could without being lynched these day. You think if he really beleived in what MCcain is saying he’d be doing more than just voting for him?
September 14th, 2008 at 4:17 amThe federal budget won’t be balanced with Obama’s tax cuts either…it’s really a mess.
September 14th, 2008 at 6:25 amI’m not in favor of financing tax cuts with borrowed money.
the idea that republicans have, and continue to promote borrowing money to give to the rich is a simple notion that democrats should have run with long ago.
September 14th, 2008 at 6:36 amthis is one of the true sicknesses of today’s republicans, their continuing always choice of party over country; its a reagan legacy that has been fundamental in the republican destruction of the country.
September 14th, 2008 at 6:41 amDetroit is in Free Fall….So is Lehman Bros…. Main Street collapsing from Customers with plenty of Debt and not much Cash….
BUT there is ONE Bright Spot in the American Economy.
From Todays NY Times:
From tanks, helicopters and fighter jets to missiles, remotely piloted aircraft and even warships, the Department of Defense has agreed so far this fiscal year to sell or transfer more than $32 billion in weapons and other military equipment to foreign governments, compared with $12 billion in 2005.
The trend, which started in 2006, is most pronounced in the Middle East, but it reaches into northern Africa, Asia, Latin America, Europe and even Canada.
Of course , 32 Billion is less than a Months Spending/Borrowing in Iraq.
September 14th, 2008 at 7:04 amComrades Bush, Paulson and Bernanke Welcome You to the USSRA (United Socialist State Republic of America)
http://www.rgemonitor.com/roubini-monitor/253529/comrades-bush-paulson-and-bernanke-welcome-you-to-the-ussra-united-socialist-state-republic-of-america/
Socialism is indeed alive and well in America; but this is socialism for the rich, the well connected and Wall Street. A socialism where profits are privatized and losses are socialized with the US tax-payer being charged the bill of $300 billion ( and growing even more ).
US Is “More Communist than China”: Jim Rogers
http://www.cnbc.com/id/26603489/
“This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I’m not quite sure why I or anybody else should be paying for this,” Rogers told “Squawk Box Europe.”
This is a severe body blow to the fast diminishing Middle Class America. They might not know it yet but they will in near future !
Vote McSame if you want to turn America into the USSRA banana republic.
Vote Obama if you want the United States of America.
September 14th, 2008 at 8:05 amDoh! We couldn’t afford Bush’s either!
September 14th, 2008 at 8:57 amGreenspan today on ABC:
This is the Worst Economic Situation he’s seen in a Lifetime.
Chances of a Recession, almost inevitable.
This Won’t END until Housing Prices Hit BOTTOM.
September 14th, 2008 at 9:26 amHow come none of the local tax whiners and trickle downers haven’t shown up yet?
September 14th, 2008 at 10:46 amPalin is programed LIES and ALL what do you expect from a PARROT????
September 14th, 2008 at 4:50 pmWHY McCain is dangerous
1. HE Has a cancer close to the brain which could come back at any time (notice how swollen his face is on the LEFT SIDE.
2. HIS Campaign IS run by lobbyists who’s interests are getting paid ONLY
3. HE Has to LIE about OBAMA while not giving any answers to ANY ISSUES
4. Judgement OFF THE CHART INSANE = SARAH PALIN
5. HE IS COMPUTER ILLITERATE at a time when the Russians and OTHERS are feeling under threat by BUSH/mccain/PALIN. It takes time to learn the COMPUTERISED ENCRYPTED CODES to launch ANY NUCLEAR WEAPON in the USA arsenal against ANYBODY. BTW, Sarah PALIN CAN’T EVEN SAY NUCLEAR…her pronunciation is JUST LIKE G Bush’s. The RUSSIANS must be smiling and hoping that the DUMB VOTE will once again put IDIOTS into the WHITE HOUSE.
6. mccain would rather lose his integrity to win the White House
7. maccain would risk the security of America by putting a HOCKEY MOM “one heartbeat away” from the White House just to get his cancer ridden SELF there. A hockey mom WHO LOOKED CRAZY even before she ever opened her mouth and gave us the first taste of that UGLY SHRILL LIARS VOICE, a hockey mom with a dark vengeful past who would use her own Down Syndrome baby (who should have been in bed) at a LOUD convention, late at night. That poor kid was passed from one family member to the next like a HOCKEY PUCK to try to get the DUMB SYMPATHY VOTE. A hockey mom who still LIES about IRAQ having something to do with 9/11 and who LIED TO troops including her OWN SON about this 2 days ago. Even the WORST NEOCONS are not still saying this….HELLO.
8. SARAH PALIN WAS EXPOSED in that interview with Charles Gibson…EXPOSED as CRAZY (look at the eyes and listen to her voice), UNKNOWING, down right IGNORANT in foreign affairs IN A DANGEROUS WORLD and READY TO GO TO WAR AND TO SUPPORT ANY WAR OUT THERE.
Mccain/PALIN = the destruction of AMERICA in more ways than ONE.
September 14th, 2008 at 4:51 pmHere’s an idea. How about a “FAIR TAX”. Leave everyone their ENTIRE paycheck, and them a tax just like the europeans VAT tax. That way there are no tax shelters, criminals would pay THEIR taxes when they spent their ill gotten cash, etc etc. The more money you spend, the more in taxes you pay. The rich buy more, they pay more.
If you dont like this idea, TOO BAD, it’s the only FAIR idea there is.
September 14th, 2008 at 8:10 pmOh, and Gregan, Obama IS a cancer. His socialist plans would be a communist institution whose effect on our economy and our pockets would never end.
September 14th, 2008 at 8:13 pmGO TO you kl
September 15th, 2008 at 10:48 amgo to io moi
September 15th, 2008 at 10:49 am