Monday, July 7, 2008

Reich Rips McCain's Budget Plan

Robert Reich is drinking Obama Kool Aid so you have to be real careful with any analysis he puts out. However, Reich has done a superb job of uncovering the problem with John McCain's budget plan. The plan was released today.

As Reich points out, there's a lot of tax cutting. Tax cutting in our book is always a good thing. It is not for Reich. According to Reich, McCain promises $650 billion in tax cuts per year, over the next four years.Great. But the big problem in McCain's plan, and Reich nails it, is that unless there are huge spending cuts, the deficit is going to explode.

McCain says he wants the budget balanced by the end of a McCain first term. It's not going to happen. McCain will not make the necessary spending cuts. Therefore, tax cuts will turn out to be less than McCain is promising and the budget will be nowhere near balanced.

Reich's analysis is here.

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