Why John McCain is the Economy Candidate
March 7th, 2008 at 05:58pm KMorrison
The media has latched on to a inaccurate narrative for Senator McCain. Due to one comment he made about being stronger in matters of foreign policy than economics, and one comment that was intended as a joke; Senator McCain is being portrayed as weak on the economy. The most common jab taken is a criticism about his position on the Bush Tax Cuts. The media may have a field day with this issue when taken out of context. However, if his position is looked at in detail it is consistent and logical. The initial opposition to the tax cuts came from a desire to include spending restains, and his concern about how the tax cuts would be distributed across different economic brackets. Also, he had his own tax cut package that he was pushing at the time that he obviously prefered to the Bush Tax Cuts. Now that he supports making the tax cuts permanent he is being criticized for changing his position. However, circumstances are different, and rolling back tax cuts that have been in place for years acts as a tax increase. Increasing taxes when the economy is sluggish is simply poor economics. Tax increases slow the economy, and while the Bush Tax Cuts may not have been structured exactly how Senator McCain would have liked, basic economic principles show this to be a wise decision.
Also, his initial concern with the bill’s lack of spending restraints clearly was justified. Senator McCain has railed against pork barrel projects for years, and consistently votes against these bills. He also stronly opposes bills that create an unfunded liability that will burden generations to come. Finally, Senator McCain has been a consistent and strong advocate of free trade, even to the point of opposing ethanol subsidies in Iowa which many thought it was political suicide.
On the other hand, Democrat candidates are telling people what they want to hear, but not offerring sound economic solutions. Railing against free trade agreements and arguing for tax increases on ‘the rich’ is not sound economics. Deregulation and low taxes help stimulate an economy, and arguing strongly for significant increases in regulations and taxes may win votes, but won’t help the country’s economy.
Entry Filed under: John McCain, Media Bias
3 Comments
1. Matt DiBari (Mattpat11) | March 7th, 2008 at 6:43 pm
This whole narrative that the two time chairman of the Senate Commerce Committee doesn’t know economics was absurd.
2. Geoff | March 7th, 2008 at 10:08 pm
Sen. McCain generally has the right instincts and principles regarding the economy. As President, it will be his job to cement those principles and instincts as objectives and policies of his administration, and then appoint the correct people to implement them.
He has already done this within his campaign moreover, with former Sen. Phil Gramm and other noted economic minds crafting specific economic policies that coincide with Sen. McCain’s principles. All the campaign needs to do is emphasize those policies constantly.
3. Sarah | March 9th, 2008 at 3:55 am
John McCain is the ONLY fiscal conservative in this Presidential race. His Senate voting record shows it. His leadership on the Senate Commerce Committee show it, too.