Wednesday, July 09, 2008

John McCain's Empty Promises

Josh Marshall details how John McCain promises to balanced the budget and victory in Iraq in his first term. McCain doesn't provide details on how he plans to do this. McCain's rhetoric reminds me of Richard Nixon's secret plan to get America out of Vietnam. We now know that Nixon didn't have a plan. That didn't stop Tricky Dick from pandering to voters.

The federal deficit is at $443 billion and McCain wants to continue the Bush tax cuts and most likely push for new cuts. Consumers are spending and making less. All indications point to McCain continuing troop presence in Iraq and increasing military spending. The deficit can not be brought down with an economic downturn, war and tax cuts. The Bush administration tried and it didn't work.

Senator McCain has been dishonest about Barack Obama's tax plan. Obama's website states, "THE FACTS: BARACK OBAMA IS ACTUALLY PROPOSING A MIDDLE CLASS TAX CUT." Obama will roll back the Bush tax cuts on people making $250,000 or more a-year. If Obama is serious about cutting the deficit than he, like the Clinton administration's first term, will have to renege on the middle class tax cut. Obama hasn't revealed a serious deficit reduction plan. My sense is Obama is willing to do as much economic pandering as McCain. Obama's flip flop on Social Security is a perfect example.

This election will decide if Robert Rubin or Phil Gramn becomes the next Sec. of Treasury. The former is one of the best economic minds in America's history. The latter is a crackpot.

Gramn favors tax cuts. Just not to the middle class.

"“The reality is (Clinton's) so-called tax cut is basically giving money to people who largely don't pay taxes, so that it's really spending rather than a tax cut..."

Gramn's view of poor people isn't kinder.

"Has anyone ever noticed that we live in the only country in the world where all the poor people are fat?"

Gramn is also a strong proponent of the flat tax. The Church of Scientology came up with the idea. This tells you what kind of economic thinking of Gramn.

Robert Rubin is one of the major architects behind Bill Clinton's deficit reduction plan. Rubin also served as Sec. of the Treasury and on the National Economic Council. No on-the-job training would be needed for Rubin. McCain's and Obama's choices for Sec. of Treasury candidates says much about their judgement.

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