Why John McCain is the Economy Candidate
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.
3 comments March 7th, 2008
