John McCain has often admitted that he is very weak in economics. He said he was reading Alan Greenspan's book, "Age of Turbulence," to get educated about how our economy actually works.
Meanwhile, this story is breaking today from AP:
WASHINGTON - 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 about McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion.
As the readers of my first five parts of this long series will recall, I committed to analyze the intersection of economics, energy and the environment in order to provide some balance to the inflated rhetoric that always seems to dominate Presidential campaigns.
My analysis is that of a fiscally conservative small businessman, and I believe the first five parts validate that self-image. As longer term readers of this blog know, I read Greenspan's book when it came out. It was perhaps the 100th book on economics I've read over my career -- not my first.
It is quite easy to tell whether a candidate understands economic principles, let alone the math that measures economic performance, simply by listening to him. McCain almost never talks about the economy, even though that is by far the most serious issue facing the nation this fall.
When he does, he spouts Republican orthodoxy -- tax cuts for all. This always plays well with voters, and this year is no exception. But under present circumstances, it is irresponsible to present tax cuts as the type of reform that will yank our economy pull out of its stagnant state.
It's also a lie. If elected, McCain will not be able to cut taxes -- as Greenspan's comments confirm. Let's remember that this is a not some liberal Democrat but the most conservative of Republicans saying that McCain's tax policy is nonsense.
Does anybody care? Is anybody paying attention? Or are enough voters choosing to remain ignorant of the facts and just vote their emotions?
I know for many Americans, Sarah Palin is a refreshing candidate for Vice-President. That is partly because they identify with the way she presents herself -- as if she is closer to how they are than big politicians usually seem to be.
But, as one who has covered politics for 42 years now, let me issue a word of warning: Beware. Don't fall for the cover, study the book. Palin is a very dangerous individual, much like Democrat Huey Long -- if you don't know his story, please open up your history books.
From the perspective of an economic conservative, I simply cannot vote for McCain and Palin. They represent pork-barrel politics, the same old, simply Bush.3. I'll assess Obama's economic packages in future columns.
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