Trickle-Down McCain

So one John McCain gave a speech yesterday outlining his economic agenda should he be elected this fall. Much of what he said will add nicely to this McCain Flip Flop List.

Check out this nonsense. It’s all well and good to blame “speculators” and “those who act irresponsibly,” but shouldn’t you take part of the blame when you were in a position to help pass regulations prohibiting these sorts of things and instead you did nothing?

Here’s the list in case the Think Progress link eventually expires:

  • McCain voted against discouraging predatory lending practices. In 2005, McCain voted against an amendment prohibiting law-breaking high-cost predatory mortgage lenders from collecting funds from homeowners who are forced into bankruptcy court. [S. 256, 3/03/05]
  • McCain failed to vote on bill to overhaul mortgage lending practices of FHA. In 2007, McCain failed to vote on passage of a bill that would overhaul the mortgage lending practices of the Federal Housing Administration (FHA). The bill would reduce the required minimum down payment for an FHA-insured loan and simplify its calculation, requiring a flat 1.5 percent of the appraised value of the home. [S. 2338, 12/14/07]
  • McCain failed to sign on to Truth in Lending Act. Less than four months ago, McCain failed to sign on to this bipartisan initiative providing protection to consumers taking out home mortgage loans. Among other measures, it was designed to “establish new lending standards to ensure that loans are affordable and fair.” McCain also refused to co-sponsor this legislation in the 107th Congress as well. [S. 2452, 12/12/2007]

McCain, from his own website, also wants to cut corporate tax from 35 percent to 25 percent, and wants to keep the Bush tax cuts. According to studies cited by this article at AlterNet, that would reduce the US Treasury’s annual revenue by over one TRILLION dollars a year. How does McCain plan to make up for that shortfall when we’re already facing record deficits?

Earmarks.

Those damn earmarks.

OK, so that’s $18 billion, or if you want to give McCain’s economic advisers the benefit of the doubt, $60 billion. Um, and I’ll get to those “economic advisers” in a minute… Yep. So that leaves only $940,000,000,000 to make up. Oh, and don’t forget he wants to stay in Iraq for 100 years at least. So that’s going to need just a little funding, huh? Not to mention more bodies. Guess we don’t need to worry about population growth in the US, especially if we need to institute a draft.

Why would we need a draft? Well, consider that Dick Cheney just got back from Saudi Arabia and got everyone all stirred up about an Iranian nuclear bomb, and right after he left, according to this Bloomberg report, Arab News noted that Saudi Arabia immediately began work on nuclear fallout planning.

Saudi Arabia is working on an emergency plan to prevent damage if Iran’s nuclear reactors across the Persian Gulf are bombed, Arab News reported, citing a member of an unelected body that advises the country’s king.

Do they know something we don’t know?

So. Basically, we know what McCain’s economic plan must be, since he plans to give even more tax breaks to corporations while at the same time raising spending and decreasing overall revenue to the Treasury. Put it on the backs of the middle class. The Center for American Progress also analyzed McCain’s plan, and came up with this:

McCain’s tax plan, Gordon and Kvaal said, would cost more than $2 trillion over the next decade, delivering 58 percent of its benefits to the top 1 percent of taxpayers and 4 percent of benefits to the bottom 60 percent of taxpayers.

It’s called Trickle-Down Economics, and Republicans have been trying it for decades, each time they come into power, and it hasn’t worked yet.

So why continue the failed Republican Economic Policies of the past decade (or more)? Well, it’s probably due to the fact that McCain himself admits he doesn’t know much about economics. So he has a kick-ass team of advisers. You know, guys like Kevin Hassett, who wrote wrote a book back in 2000 that predicted the stock market would soar to 36000 within the decade.

Hmmmm… Less than two years left. Think he and McCain can pull it off?

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