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 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."
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Greenspan is correct
by Kaveh Nouraee on Mon Sep 15, 2008 10:15 AM PDTMaking cuts makes sense, as taxes are entirely out of control.
But in order for this to be effective, these tax cuts must be in conjunction with even deeper cuts in spending.
There are too many non-vital, underperforming or non-performing programs and services that need to be eliminated, or at least greatly reduced. Government payrolls are eintirely out of control, espcecially for the results the public gets.
Taxpayers need to keep more of the money they earn in their pockets in order to keep more cash flowing in the general economy.