Greenspan: No McCain tax cuts without reduction

[babsbunny]

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

By GLEN JOHNSON, Associated Press Writer
1 hour, 22 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.



"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."

[blue_onyx]

1. I'm not an economic expert

and even I know we can't just keep cutting taxes while not dramatically cutting spending too. We have to pay for things, not just keep going into more debt. But hey...just because this economic theory hasn't worked for the last 8 years doesn't mean it won't work for the next four, lol.

[DeepBlueC]

2. but they will find "economies"

SP is on it!!! :sarcasm:

[OHdem10]

3. Greenspan lost his credibility when hestarted approving Taxcuts

and implying Deficits do not matter during this Bush Administration.