Greenspan: We can't afford McCain's tax cuts

This is an interesting bit of information. Greenspan is a very smart guy and this does not look good for McCain. He has not stated how he will pay for these tax cuts. He has to cut spending or raise taxes. We cant keep living on debt forever. The deficit in this country has got to be cut or we are going to be in bigger trouble than we already are.

Greenspan

Actually McCain can promise anything he wants but by the time any of the two presidential candidates makes it to the white house is obvious that the deficit and the economy woes will hinder any plans they have to finance or support any promises they may have.

That includes cutting taxes.

I am afraid that McCain if wining will have no other choice but to increase taxes if he wants to at least slow down the economic meltdown we are facing.

As for Obama he already has been talking about taxes because he knows the reality and magnitude of our problems.

reply to post by marg6043


I think you are right. The magnitude of the economic problems in this country are getting to a critical point and I think that either candidate will be in a position where they have to do whatever it takes to keep the economy afloat. Most likely that will result in raising taxes and cutting spending. Its just really sad that we have gotten to this point. The President and congress sit on their hands for the last 4 or 5 years when the beginnings of these problems started to show and now look where we are at. You can only keep telling people everthing is fine and not do anything for so long and eventually it catches up.

On the micro scale its just like someone with large amounts of credit card debt. You can only pay the minimum payment for so long before yor are drowning in debt and have to resort to drastic measures. The US has essentially been racking up credit card bills for the last 8 years only paying the minimum payment. Who the hell would want to be the president inheriting this load of debt.

Good luck to whoever is elected president, its going to be a long 4 years.

Originally posted by iamcamouflage
This is an interesting bit of information. Greenspan is a very smart guy and this does not look good for McCain. He has not stated how he will pay for these tax cuts. He has to cut spending or raise taxes. We cant keep living on debt forever. The deficit in this country has got to be cut or we are going to be in bigger trouble than we already are.

Greenspan

WOW... and this is Mr $$$$$$$$$$$ himself saying it for all to hear-

I always thought making a corporation pay 25% while a MAN pays 30%+ was a backwards and fanciful idea.

On the other hand this should not sway most pro voters in terms of personal gain. There is ZERO in his platform for non business owners anyways.

We already facing a deficit budget for the next fiscal year, with all the government bail outs at the expenses of the tax payer to financial institutions and now with private industries also on the bandwagon, the tax payer in this nation is going to be very hard to convince that we need more taxes.

But either McCain as a president will have to freeze the tax cuts or he will have not choice but to increase them.

There's the difference. Obama will relieve the stress on the bottom 90% while making the top 10% pay more.

And hopefully he'll do away with the HUNDREDS OF BILLIONS OF OUR TAX MONEY GOING TO BILLIONAIRES!

I'll never understand the whole "You're only worth 42 billion dollars? here's another 10 billion!" that Republicans have done. If they're a billionaire why are you giving them tax money to be richer?

reply to post by iamcamouflage


Greenspan said that McCain tax cuts must be accompanied with spending cuts, nice try though.

news.yahoo.com...

WASHINGTON - Without offering a recommendation, former Federal Reserve Chairman Alan Greenspan said Sunday the government faces tough choices as it tries to help arrange a rescue of Lehman Brothers without using public money

Just more wisdom from Greenspan.

reply to post by mabus325


Nice try? What do you mean? You are exactly right in order to cut taxes the way he wants, he is going to have to cut spending. I mentioned that in a post down the page. But the problem is that McCain has not said where these cuts will come from.
Obama is going to raise the taxes for the top 5% which is why his tax cuts for the bottom 95% will work to help cut the budget without needing to cut spending.(Which I think we should cut spending anyway, I disagree with obama on this)

If McCain does not find a way to cut spending, his tax cuts will result in a larger deficit. Obama realized this and decided to raise taxes for the top 5% to cover the decrease for the bottom 95%. His tax plan results in shrinking the deficit.

reply to post by Krieger


How does the old saying go, you can never be too rich or too thin. Unless you are the Olsen twins, I think they might be both.

reply to post by iamcamouflage


I know workers of the world unite!!!

reply to post by mabus325


I'm not sure if your sarcasm is coming through in text the way you would like but if you would like to elaborate on your statements it would be helpful.

I wouldnt refer to this tax plan as socialism quite the same way you do but we all have our own beliefs on what the better direction for this country should be.

What does HE know? Greenspan who? I'm not worried about John McCain now that he has Gov. Palin at the helm. She knows what she's doing and if she says tax cuts will fix the economy then so be it. She's the new Princess Diana. She saved the state of Alaska from economic collapse and wide-spread corruption. Palin is likely the savior of modern politics. She knows ALOT more than Greenspan. From what I've heard she can actually SEE the main offices of the First National Bank of Alaska from her house.

reply to post by jtma508

Whatever happened to denying ignorance? Do you know who Allen Greenspan is?

reply to post by Frankidealist35

Relax. He was being sarcastic. At least I sincerely hope he (or she) was.

reply to post by Krieger


Well there you have it. McCain would save me money in taxes.

I was going to post this question anyway.

If we can't afford McCain's tax cuts, can we afford Obama's tax increases either?

Also, the poster needs to define what the 90% - 10% actually refers to. The numbers can be spun just about any way you need to spin them to make them seem to agree with your point of view.



[edit on 9/16/2008 by centurion1211]