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.This is not news. John McCain has been advocating and insisting on smaller Government and a need to cut Government Spending. Therefore, the article's headline is just an attention grabber. It is not a complete or accurate statement of John McCain's position. In fact if you continue reading, the article's fourth paragraph states the need to cut spending.
McCain has said that he would offset his proposed cuts — including reducing the corporate tax rate and eliminating the Alternative Minimum Tax that has plagued middle-class families — by ending congressional pork-barrel spending [Earmarks], unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security.John McCain has been widely quoted as willing to veto any bill which Congress passes that also contains Earmarks when he is Elected President. Mr. McCain has pledged to reduce spending along with a reduction in the size of Government. As a side note, Alan Greenspan endorsed John McCain for President as far back as April 2008.
The Democrats have also tried to make the case that John McCain opposed the Bush tax cuts. (How does that fit with the attempt by Democrats to portray McCain as Bush III?) But also from this article we learn the reason Mr. McCain opposed the Bush Tax Cuts.
"John McCain opposed President Bush's tax cuts in 2003, because they didn't include the necessary spending controls. Sen. McCain's proposed job-growing tax cuts are modest in comparison to his plans to slow the exploding growth of federal expenditures — meaning that contrary to Chairman Greenspan's assertions, this relief isn't proposed on borrowed money," said McCain spokesman Tucker Bounds. [Emphasis mine]There is a point that almost everyone overlooks from the Saddleback Civil Forum with Pastor Rich Warren Interview. In his answer to the definition of Rich, almost everyone remembers John McCain's Five Million Dollar answer. What few have focused on, is the more important point John McCain made next.
And my friend, it was not taxes that mattered in America in the last several years. It was spending. Spending got completely out of control. We spent money — (applause) — in a way that mortgaged our kids’ future. [Emphasis mine]As Mr. McCain also said '...he wants everyone to be rich'. It is the spending of the last eight years that must be reduced along with taxes to strengthen our economy, keep our jobs here and decrease our debt. John McCain's Tax Policy is much more responsible than Barack Obama's Tax Policy. (Obama's change could cost big bucks)