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Greenspan Vs. McCain

By Matthew Yglesias on September 14, 2008 at 12:22 pm

"Greenspan Vs. McCain"

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John McCain:

“The issue of economics is not something I’ve understood as well as I should,” McCain said. “I’ve got Greenspan’s book.”

Unfortunately, he doesn’t seem to have read it all that closely:

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.”

Needless to say, given that we’re already running a substantial budget deficit, there’s no realistic way to add enormous new tax cuts without borrowing money to cover the cost.

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