McCain's Tax Plan Meets Real World

September 13, 9:51 PMCongress ExaminerIgor Derysh

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Photo Courtesy of MSNBC

Apparently when the last administration has two wars going on, has raised government spending astronomically, has brought the economy to the brink of collapse and has already cut taxes, you can't cut $3.3 trillion more in taxes!

And that's just Alan Greenspan's opinion.

Here are some excerpts from Bloomberg News article on lifelong Republican Alan Greenspan's views on the economy:

"Former Federal Reserve Chairman Alan Greenspan said the country can't afford $3.3 trillion of tax cuts proposed by Republican presidential nominee John McCain without corresponding spending reductions."

"McCain has said he would balance the cost of most of his tax cuts with budget reductions, while providing few details beyond eliminating earmarks and other pork-barrel spending, which have totaled about $171 billion since 2001."

"Greenspan has said there's at least a 50 percent chance the U.S. economy will slide into a recession.

``There is no infinite piggy bank here,'' Greenspan said today. It's ``far more important'' to use federal resources, if necessary, to shore up the financial system and end the credit crisis, as Treasury Secretary Henry Paulson did in taking over mortgage-finance companies Fannie Mae and Freddie Mac, averting a possible run on the system, Greenspan said."

How can you offer a $3.3 trillion dollar tax cut with a half-billion dollar deficit and a national debt that is closing in on $10 trillion? Here's a clip John McCain should watch a few hundred times over: