What Is McCain's Economic Agenda?
The man who famously admitted that economics is not his strong suit wants to fundamentally alter the government's role in the economy by deeply cutting non-defense spending, from discretionary programs to entitlements.
Jared Bernstein | March 17, 2008 | web only
Next time you catch a John McCain interview, watch for what at least to my ears and eyes, is a fascinating, albeit subtle, shift. When he's talking about almost anything other than the economy -- foreign policy, the war, Congress, immigration -- he exudes the typical confidence of a veteran Washington player. He deftly shifts the question to his turf, he ardently hits his message points ... just about what you'd expect, actually.
But when the topic turns to the economy, his whole demeanor changes. His body language becomes uncomfortable; he almost seems to shrink a little. His edgy smile becomes forced, his words a bit -- sometimes more than a bit -- hesitant. Putting aside your views on his positions and evaluating his performance on form only, when he's on the other topics, he's a basketball player driving the lane. On the economy, he's looking to pass ASAP.
In economic discussions, he makes mistakes, both small and not so small. He famously admitted that economics is not his strong suit, though he assured us that he owns Greenspan's book. I've heard him speak of the "alternate" minimum tax (it's 'alternative' -- can you imagine Hillary getting that wrong?). In a recent interview in the Wall Street Journal, he was unaware that his website endorsed a different plan regarding Social Security than the one he was touting to the interviewer. It's hard to imagine a discrepancy like that regarding the war.
He missed the current downturn -- though he's far from alone on that count -- by a long shot, stressing the strengths of the economy's "fundamentals" as recently as January (now he apparently believes we're in or headed for a recession but still can't resist the "strong fundamentals" nonsense).
McCain's answers to questions regarding the policy responses to the current downturn are way off base, far worse than you'd get from say, Secretary Paulson or even Bush. In a recent Wall Street Journal interview, when asked what measures would best deal with the current downturn, he touted making the Bush tax cuts permanent in 2010 and cutting corporate tax rates. Other than Larry Kudlow and the Wall Street Journal's editorial page, I can't imagine many folks would be inspired by that plan.
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http://www.prospect.org/cs/articles?article=what_is_mccains_economic_agenda
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