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McCain-Endorser Greenspan Does Not Endorse His Tax Cuts
September 13, 2008 6:16 PM
Former Fed chairman Alan Greenspan in April endorsed Sen. John McCain, R-Ariz., saying, "I'm Republican and I support John McCain, who I know very well and who I respect a lot."
But Greenspan today told Bloomberg's Al Hunt that he cannot get behind McCain's proposed $3.3 billion in tax cuts, saying "unless we cut spending" the nation cannot afford cuts that big.
"Unless it's paid for on the so-called pay-go, I'm not in favor of it," Greenspan said. "I'm not in favor of financing tax cuts with borrowed money.''
McCain, it should be noted, is such a fan of Greenspan's, he joked he'd want him to help him revise the tax code even from beyond the grave.
"What we need to do is get ol' Alan Greenspan -- whether he's alive or dead," McCain said last October on the campaign trail. "You know, if he's dead, we'll put dark glasses on him and prop him up like they did at 'Weekend at Bernie's.'"
Jason Furman, the Obama campaign's economic policy director, today issued a memo criticizing McCain based on Greenspan's comments, noting that McCain told reporters last December that "the issue of economics is not something I've understood as well as I should. I've got Greenspan's book."
Wrote Furman, "We hope that John McCain will study Chairman Greenspan’s advice once again, and either come up with a credible specific plan for how to pay for his tax cuts, or scrap his regressive, expensive tax plan altogether."
- jpt
September 13, 2008 | Permalink | Share | User Comments (196)
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DragonFly writes, "Obama on taxes. This is a quote from a young man of 21. "Obama wants to punish the successful and reward the failures."
=====================================
I've heard this "catchy" line used before by Conservatives. Granted, they failed to mention how approximately 10% of Americans earn $100K per year. Imagine what percentage earns $250K or more.
So here is this 21 year old, who is about as close to being "successful" as the Earth is to Pluto worrying about something he has YET to become.
Funny isn't it. Instead of worrying about the jobs that will be available in the future, whether he/she will be able to buy a home, etc...He's worried about eliminating tax cuts for small percentage of Americans. He beleives it's okay to borrow money from other countries to FINANCE the tax cuts for the affluent.
Posted by: Dems | Sep 14, 2008 9:59:18 AM
...an Obama victory in November would lead to faster economic growth with less inequality, while a McCain victory would lead to slower economic growth with more inequality. Which part of the Obama menu don’t you like?
Posted by: McCain = BUSH | Sep 14, 2008 9:57:43 AM
Read New York Times.
read it daily:
McCains sense -
Palin
Posted by: Linda,Fl | Sep 14, 2008 9:00:18 AM
Greenspan is telling us McCain should do this or that. He's the one that sold our soul to the devil! He destroyed our country with the help of both parties. It's called money from thin air!
Posted by: Kennedy | Sep 14, 2008 8:31:33 AM
Obama on taxes. This is a quote from a young man of 21. "Obama wants to punish the successful and reward the failures."
-----------------------------------
Hard to argue with those credentials.
Almost as good as Palins
Posted by: Leonard Peltier | Sep 14, 2008 8:13:54 AM
Jason Furman, the Obama campaign's economic policy director, today issued a memo criticizing McCain based on Greenspan's comments, noting that McCain told reporters last December that "the issue of economics is not something I've understood as well as I should. I've got Greenspan's book."
Wrote Furman, "We hope that John McCain will study Chairman Greenspan’s advice once again, and either come up with a credible specific plan for how to pay for his tax cuts, or scrap his regressive, expensive tax plan altogether."
Posted by: Leonard Peltier | Sep 14, 2008 8:04:55 AM
I took a Democrat to clean up the economic mess and deficits left by twelve years of "conservative" Republicans in 1992. It's going to take another Democrat to clean up the mess that "conservative" Bush will have left us by 2009.
Borrowing from China to pay for tax cuts makes about as much sense as charging your 6% mortgage payment to your 29% credit card. We need to stop the economic insanity.
Posted by: Brooklyn Democrat | Sep 14, 2008 8:00:08 AM
Obama on taxes. This is a quote from a young man of 21. "Obama wants to punish the successful and reward the failures."
Posted by: dragonfly777 | Sep 14, 2008 7:40:00 AM
What does Greenspan says about Obama HUGE tax cuts and HUGE loans to the auto industry, HUGE welfare programs, HUGE 1 Billion dollars stimulus package?
The Democrats HUGE pork bills? LOL!
Posted by: dragonfly777 | Sep 14, 2008 7:25:24 AM
Interesting that Democrats managed to clean up the financial mess left by the last Republican financial genius.
Admittedly with the help of Bushes father who ended his presidential career by doing what had to be done.
These clowns have taken Trickle Down to a whole new level of insanity and added deregulation of the Multi Nationals as icing on the cake.
The Republican financial smugness that I've been reading here is just a bit misplaced. The word Conservative is now just another Ministry of Truth buzzword.
Posted by: Leonard Peltier | Sep 14, 2008 7:05:04 AM
No way for McCain in the fall election.Bush has destroyed tthe country and his colleague would like to continue the destruction.
Mccain = Bush 8 years
Posted by: I.A.T smith | Sep 14, 2008 6:38:08 AM
I forgot, who did Obama pick as VP?
Posted by: Hank | Sep 14, 2008 6:37:52 AM
Obamanomics just don't add up. You can't increase welfare like he proposes and still balance the budget.
Is this something else McCain said?
Vote Goldwater 08!
Posted by: Leonard Peltier | Sep 14, 2008 6:16:51 AM
Greenspan is and always was a Republican who admitted, as head of the Fed, he fell for GWB's 'voodoo economics'. His actions is what has led to our current economic disaster.
He knows McCain's tax cuts for the rich and corporations are just extensions of Bush's failed policies.
At least he has shown courage in warning us and denouncing McCain's.
He has NOT denounced Obama's as one of your writers wrote.
For those who are not paid bloggers for McCain, you could check your facts.
Posted by: susan | Sep 14, 2008 6:10:31 AM
The "Straight Talk Express" has detoured into doublespeak
Obama/Biden '08
Posted by: McCain = BUSH | Sep 14, 2008 5:55:04 AM
McCain Camp Last Week: Palin Went To Iraq... Yesterday: Palin Never Went To Iraq
Obama/Biden '08
Posted by: McCain = BUSH | Sep 14, 2008 5:46:25 AM
marylou...
you obviously don't have the facts. Obama has been talking about green jobs since back in 2007. He has a plan and he wants to create new jobs. McCain wants to ship jobs overseas and continue the failed policies of GWB.
Bush has destroyed our country. McCain wants to continue the destruction.
Obama/Biden '08
Posted by: McCain = BUSH | Sep 14, 2008 5:44:04 AM
Hillary in primary: "Create 5 million new green collar jobs"
Obama in general: "Create 5 million new green jobs"
Obama doesn't have an original thought in his head. From his campaign platitudes to his re-distribution of wealth, we've heard it all before - from Hillary Clinton to Deval Patrick to Karl Marx. No wonder he picked Joe The Plagiarist; birds of a feather flock together!
Posted by: marylou | Sep 14, 2008 5:23:51 AM
Emm
you probably can't explain socialism because you're passing the buck on informing us. Come to think of it, most Americans can't explain socialism because all we ever grow up knowing was that capitalism is the best system in the world. There's a real baseless fear about socialism in this country.
Posted by: MarylandDemocrat | Sep 14, 2008 5:22:00 AM
Why would any woman vote for McCain???
Here are some of the issues for the female voters out there:
-- McCain opposes equal pay for women
-- McCain wants to overturn Roe vs. Wade
-- McCain is against sex education
-- McCain opposes insurance coverage for birth control
-- McCain voted against funding teen‐pregnancy‐prevention programs
-- McCain opposed $214 Million for Breast Cancer
research
-- McCain is one of only a few senators to earn a ZERO percent lifetime rating from Planned Parenthood's Action Fund
-- McCain has made numerous ugly jokes against women (including Chelsea Clinton)
Obama/Biden '08
Posted by: McCain = BUSH | Sep 14, 2008 5:16:45 AM
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