Paul Krugman on John McCain's "Fiscal Double-Talk"

28 April 2008

You can read it here. This point is particularly important for people to understand:

. . . the McCain tax plan would leave the federal government with far too little revenue to cover its expenses, leading to huge budget deficits unless there were deep cuts in spending.

And Mr. McCain has said nothing realistic about how he would close the giant budget gap his tax cuts would produce — a gap so large that eliminating it would require cutting Social Security benefits by three-quarters, eliminating Medicare, or something equivalently drastic. Talking, as Mr. Holtz-Eakin does, about fighting waste and reforming procurement doesn’t cut it.

One of the things that drives me crazy is how McCain brushes off this crucial criticism, time and again, by simply waving his hands and saying something about "pork-barrel spending."

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