Alan Greenspan Says America Can’t Afford McCain’s Tax Cut

It’s pretty bad when the author of the book you’re reading to learn about economic policy tells you that your economic policy is dumb. Someone should tell John McCain America can’t afford to buy Paris Hilton a new Mansion:

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.

$3.3 trillion dollars? Nice. Rather than spend the money on our crumbling infrastructure, the millions of Americans without adequate health care, or the collapsing American school system, lets give everyone enough money to buy a PlayStation 3. Except for Paris Hilton, who would get enough money to buy a new mansion, with enough left over to privately finance a new season of “The Simple Life.”

Oh but wait. It gets better. How does McCain plan on “paying” for fucking over America his tax plan?

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, unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security.

This would be like me saying I’m going to pay for my new Ferrari with the money I got from the Tooth Fairy and winning the lottery. Except I haven’t lost a tooth or bought a lottery ticket yet.

I would hope that a person running on their many years of experience would remember the many years that presidential candidates have proposed expensive policies and promised to pay for them by reducing spending.

More importantly, I’m wondering how John McCain as president would cut spending on anything considering that his party is in the minority in Congress?

Thank you John McCain for once again proving that if your economic policy is a tax cut, then you don’t have an economic policy.

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