Monday, September 15, 2008


Greenspan is Right

Financing $3.3 trillion in new tax cuts with borrowed money is insane. That is McCains tax proposal. Add that to a continued status quo in Iraq costing about $10 billion a month which McCain is also proposing to do.

Now McCain says he will pay for this new spending by killing earmarks/pork barrel spending but how much money is he really going to find in earmark spending? A lot of those earmarks are for things like traffic lights, infrastructure projects in small towns, basically things that the average citizen and local governments actually need. McCain's not going to veto every single on of these bills. He will probably veto bills for scientific research deemed unnecessary by his administration or maybe his own discretion and he promises to "make them famous." His whole platform of reform is supposed to cut money from all kinds of departments, agencies and programmes to find the money to finance his massive spending proposals but the reality is, there isn't enough wasteful spending to cut to finance a massive tax cut and a continued War. As well as any other spending McCain plans to do.

I applaud McCain for trying to make transparency important in government so that earmarks are carefully reviewed and known of by the public. It's good that he sees the problem here. McCain says he's going to do it on his own with his famous pen. Barack Obama has a proposal called "Google for Government" which is going to make a lot of things transparent and open and he's been talking about this idea for two years now.

But the problem still exists for McCain. He's going to be financing his tax cuts with debt. Greenspan says its crazy and I agree.
Sent from my BlackBerry device on the Rogers Wireless Network
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