Greenspan Criticizes McCain Tax Cut Proposal
Alan Greenspan, nobody's idea of a wild-eyed liberal, tells us that the country can't afford John McCain's proposed tax cuts. At least not without significantly slashing federal spending. That's not likely to happen in a McCain administration, given McCain's devotion to an expensive war in Iraq and the need to ramp up military spending even more to cover the other military ventures McCain is likely to authorize.
McCain has said he would balance the cost of most of his tax cuts with budget reductions, while providing few details beyond eliminating earmarks and other pork-barrel spending, which have totaled about $171 billion since 2001.
How those cuts will cover his proposed $3.3 trillion reduction in tax revenues, McCain hasn't explained. Nor is he willing to say which earmarks he'll cut, or what he'll do about the nation's crumbling infrastructure if he intends to slash domestic spending.The answer is obvious: higher deficits, a continuation of the Republican legacy. McCain = more of the same.
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