Posts with the tag 'tax cuts'
For anyone who has balanced a checkbook there is one element of the economy that is easy to relate to. If spending increases, income has to increase. This is the root of economics in its simplest form, and it holds for the government just as it holds for you or me. The big difference being the government’s income is our taxes. Senator McCain has a record of fighting earmarks and wasteful spending. Senator Obama recently supported the pork-laiden farm bill and has more plans for increased spending. Senator McCain addresses health care by taking on the massive inflation assosiated with health care costs as well as proposing tort reform. Senator Obama’s plans for nationalized health care will require massive spending by the government. Increased taxes whether on the middle class or the wealthy simply hurts the economy, particulary when the economy is struggling. Government give aways may win votes, but it doesn’t help the economy as the math doesn’t add up.
Tags: congressional spending, Earmarks, government spending, increased spending, math, pork barrell, pork laiden, tax cuts
June 8th, 2008
Senator McCain opened the blogger call talking about his recent tour of areas of the south that have been left behind economically. This included a stop made in Inez, Kentucky where FDR first announced the War on Poverty. Senator McCain stated the lesson learned is that the local government is far more capable of effecting positive economic change than large federal bureaucracies. He went on to say that he still believes in Reagan’s economic principals of keeping taxes low and cutting spending to increase economic growth; also stating that anyone willing to raise taxes when the economy is struggling doesn’t understand fundamental economic principals. When questioned later about taxes, Senator McCain explained that Senator Obama’s plan to lift the cap on Social Security would affect people making $102,000 and that his plan to increase the capital gains tax would affect 100 million Americans. He repeated his plan to give Americans a summer gas tax holiday, and to temporarily suspend putting oil in the strategic oil reserves in order to provide temporary economic relief. He went on to explain that long-term breaking America’s dependence on foreign oil is the priority.
Several of the blogger’s questions were about Senator Obama and his ties to Bill Ayers and Reverend Wright. The first from Hugh Hewitt asked about Senator Obama comparing Bill Ayers to Senator Coburn. Senator McCain found the comparison offensive as he described Ayers as an unrepentant terrorist and Senator Coburn as well respected doctor who still has an active practice delivering babies. He was also questioned about why he wanted to see the anti-Obama ad featuring Reverend Wright in North Carolina pulled from the air. He explained that it is not the tenor that he wants his campaign to take, and that he voices his opinion as the nominee of the party and sees the ad as offensive to some.
On foreign policy Jennifer Rubin questioned Hamas’ apparent endorsement/desire to see Senator Obama elected president. Senator McCain agreed that he would be Hamas’ worst nightmare and knows that he is not who they want to become president. Also, he was questioned about Iraq and President Maliki’s move into Bazra. He was encouraged to see that the Iraqi army was starting to act independently. He admitted there were some problems with desertions, but was pleased overall with the progress of the army and the signs of success in that region.
Tags: ayers, beaucracy, blogger call, economic growth, fdr, foreign oil, gas prices, Hamas, inez ky, iraq, Obama, reagan, social security, spending cuts, tax cuts, war on poverty, wright
April 25th, 2008
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.
Tags: bush tax cuts, economics, economy, John McCain, media, spin, tax cuts
March 7th, 2008
