[speechlesstx]

As reported by NRO's Jim Geraghty:

McCain: Democrats Will Raise Taxes, And 'Have the Audacity To Hope You Don't Mind.'

In the car a little while ago, I was listening to McCain deliver his big economic speech. If you're a fiscal conservative, you ought to take a look; it should have you doing cartwheels, particularly with McCain's fired-up criticism of President Bush for not using the veto pen against wasteful spending.

A lot of Republicans usually grind their teeth when McCain lashes out at his own party, but when the criticism is in this vein...

For Republicans, it starts with reclaiming our good name as the party of spending restraint. Somewhere along the way, too many Republicans in Congress became indistinguishable from the big-spending Democrats they used to oppose. The only power of government that could stop them was the power of veto, and it was rarely used.

... I think the griping will be limited to GOP lawmakers appropriations committees.

One of the things that jumped out at me is that McCain addressed a common populist gripe, the CEO who runs his company into the ground and jumps ship with his massive salary and bonus intact. Democrats rip "corporate fatcats" all the time, without ever seeming to get around to naming names; any corporate executive is a cookie-cutter villain in their narratives. McCain actually gets specific:

Americans are also right to be offended when the extravagant salaries and severance deals of CEO's — in some cases, the very same CEO's who helped to bring on these market troubles — bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while Mr. Cayne of Bear Stearns, Mr. Mozilo of Countrywide, and others are packed off with another forty- or fifty million for the road.

Notice this section describing his opponents:

Of course, they would like you to think that only the very wealthy will pay more in taxes, but the reality is quite different. Under my opponents' various tax plans, Americans of every background would see their taxes rise — seniors, parents, small business owners, and just about everyone who has even a modest investment in the market. All these tax increases are the fine print under the slogan of "hope": They're going to raise your taxes by thousands of dollars per year — and they have the audacity to hope you don't mind.

I think this will be the news, or ought to be... it will be interesting to see if the Democrats echo this proposal:

I propose that the federal government suspend all taxes on gasoline now paid by the American people — from Memorial Day to Labor Day of this year. The effect will be an immediate economic stimulus — taking a few dollars off the price of a tank of gas every time a family, a farmer, or trucker stops to fill up. Over the same period, our government should suspend the purchase of oil for the Strategic Petroleum Reserve, which has also contributed to the rising price of oil. This measure, combined with the summer-long "gas-tax holiday," will bring a timely reduction in the price of gasoline. And because the cost of gas affects the price of food, packaging, and just about everything else, these immediate steps will help to spread relief across the American economy.

Your thoughts?

[RickJ]

I think it, along with McCain's presentation of reality - and what he would do if he were elected - if far closer to reality than either of his opponents.

[tomder55]

I would like for someone to defend the excise taxes on gasoline and not use social engineering rhetoric. I'm in favor of a gradual reduction .The feds tax it and the States also take their sliceso gas is overtaxed .

I would like to see McCain propose a major investment in the development of nuclear energy . It would help in self sufficency and in those green house emissions he's so concerned about. That would reduce the demand on natural gas and coal as electricity would be generated from nuclear .Then we could consider fueling our cars with natural gas which burns cleaner than gasoline. I would like to hear him propose exploratory drilling in ANWR and other places where promising reserves have been found. I would like to see him propose the major investment in growing refinery capacity. I would like someone to tell the truth about this ethanol love affair that is causing global strains on the food supply.

On the other hand from sheer political calculation it would help divide the Democrats between the working class who would approve such a move and the followers of the Goracle who would be concerned about the carbon emissions. But the reality is that the sudden suspension would have a negative impact on supply because the usage would increase. Then the price would go back up anyway. And what happens when the tax is reinstated ?

...
McCain is not immune to populist us against the rich rhetoric . He can bash the greedy capitalists all he wants to but I have yet to hear any of the politicians address the unintended consequences of good intentions; where good fiscal practice was suspended in pursuit of the goal of the ownership society . When he talks about greed does he ever mention the buyer of the homes who took mortages they could not afford ? Not just the poor greedy mind you ;I am more sympathetic to their plight . I think in a way they got duped . But how about those greedy people who also played the game and flipped and flipped again all those McMansions ? Why should they get a bail out ?

McCain reserves his critique to the "masters of the universe" because the truth is they represent only a small constituency while there are many more who see all the problems of the world and equate it with class distinctions . Evil rich people are the problem . Let's tax them to death and redistribute the booty ! Where is the difference between what McCain says and Obama ? (besides the spending ) .

Instead of tinkering with the tax code I would prefer for him to make a radical proposal to revamp and rewrite the tax code. I want the code simplifed .What I would love to see is tax accountants standing on the unemployment line because their services are no longer needed .

[BABRAM]

I'm going to speak as an Independent here. If less taxation alone was to lower gas prices in significant amounts and for a lengthy duration, the middle class which includes most of us, would do handstands. We have all been conditioned to the ever increasing cost of living. My trips to the supermarket just to pick up a few items usually run me over fifty dollars and the designated family grocery adventures always chew up a Benjamin Franklin or two. Depending how deep the recession is, stimulating the economy by these methods are fine in the short run, but is a band-aid and no different than the rebate check stimulus package of temporary relief. Also remember that which is appropriated in taxes has purpose. We could argue it lines the pockets of the fat cats, which I agree to a certain point, but that's another subject and doesn't change the facts. Eventually what happens with money allocated is it ends up being replenished after such suspension occurs. With the Republicans in the backseat spurring Congress on to spend like maniacs, which the Democrats do fine on their own, how does this change anything from what we experienced in the Bush admin compared to an economy under McCain? Plain and simple it doesn't. As far as energy exploration and technology all three candidates are pretty much on the same page. One may make a proposal to spend a bit more in one area than the other, but all are seeking various avenues to resolve the dilemma. Even Bush, whom I think has shown poor judgment on many issues, deserves credit for pushing the large car manufacturers toward advancing hybrid technology and production.

[speechlesstx]

I think it, along with McCain's presentation of reality - and what he would do if he were elected - if far closer to reality than either of his opponents.

I agree Rick, but as always you just never know...

[BABRAM]

I think it, along with McCain's presentation of reality - and what he would do if he were elected - if far closer to reality than either of his opponents.

The Democrats will allocate money differently than the Republicans, and I hope that means less abroad and more domestic spending. McCain already admitted that economics is not his strong suit. If he were to be elected, I just hope he doesn't hire another trickle down Bush cronie.

[speechlesstx]

I would like for someone to defend the excise taxes on gasoline and not use social engineering rhetoric. I'm in favor of a gradual reduction .The feds tax it and the States also take their sliceso gas is overtaxed .

Gas, tobacco, telephones, property. Why is it tax increases never seem to go away but tax cuts always disappear? Looks like Bloomberg pulled a quick one on you guys.

I would like to see McCain propose a major investment in the development of nuclear energy . It would help in self sufficency and in those green house emissions he's so concerned about. That would reduce the demand on natural gas and coal as electricity would be generated from nuclear .Then we could consider fueling our cars with natural gas which burns cleaner than gasoline. I would like to hear him propose exploratory drilling in ANWR and other places where promising reserves have been found. I would like to see him propose the major investment in growing refinery capacity. I would like someone to tell the truth about this ethanol love affair that is causing global strains on the food supply.

I agree. Did you know Atmos Energy, the largest natural gas-only distributor in the U.S. began right here? For years they boasted of running their fleet on natural gas but I haven't noticed any such vehicles lately. This corn based ethanol thing is beyond a joke - unless you're on the subsidized end of it I suppose. McCain's economics are certainly a mixed bag, but he is starting to say some things that should turn heads on both sides. I can't wait to see what comes next.

[speechlesstx]

I'm going to speak as an Independent here. If less taxation alone was to lower gas prices in significant amounts and for a lengthy duration, the middle class which includes most of us, would do handstands. We have all been conditioned to the ever increasing cost of living. My trips to the supermarket just to pick up a few items usually run me over fifty dollars and the designated family grocery adventures always chew up a Benjamin Franklin or two.

I'm usually somewhat traumatized by grocery adventures lately. Almost as much as filling my truck with gas.

[BABRAM]

Why is it tax increases never seem to go away but tax cuts always disappear?

Taxation is used as a means to pay debts, fund projects and programs as a revenue source... which usually is the quick and practical solution for most politicians. The problem has been that when the goals are met the politicians then see that the money flow could be allocated elsewhere. Take for example when we vote on city projects unless specified, sometimes it's just the initiative and open to addendum.

And then there's the cost of living expenses that are rising, so taxation should be equivalent to the times view. Only problem is those taxes go up and the hourly wages and salaries are stagnant.

"When Albany votes to impose a new tax to replace one that was expiring - that's a tax increase."

I agree with the above quote. Unfortunately true.

[tomder55]

Steve The Wall Street Journal gives a mixed review of McCain's speech

McCain-omics - WSJ.com

[speechlesstx]

Steve The Wall Street Journal gives a mixed review of McCain's speech

McCain-omics - WSJ.com

"He needs to be the tribune of the middle-class family that pays its bills and didn't gamble on property."

I think he should heed that advice.

[tomder55]

Yeah I was going to highlight some key points but things are hectic this AM .

[excon]

tax increases never seem to go away, but tax cuts always disappear?

Hello:

I've just got a couple things to say...

I suppose Nero asked what tune he should play all the while Rome was burning... YOU ordinarily conservative guys, have apparently sipped some of the same Kool Aid...

You talk about tax cuts disappearing, as though your dufus in chief DIDN'T bankrupt us... You talk about the Dems raising taxes as though you aren't aware that the dufus running things is borrowing BILLIONS every single day to pay for his/your war. You, like many uninformed Republicans before, say deficits don't matter... Actually, you don't even talk about that as if you believe the defiit will disappear if you don't talk about it...

In fact, it's usually the libs who spend us into oblivion... This time it was the liberal Bushies who did it.

You talk the talk, but you don't walk the walk. Buy gold.

excon

[speechlesstx]

You talk about tax cuts disappearing, as though your dufus in chief DIDN'T bankrupt us... You talk about the Dems raising taxes as though you aren't aware that the dufus running things is borrowing BILLIONS every single day to pay for his/your war. You, like many uninformed Republicans before, say deficits don't matter..... Actually, you don't even talk about that as if you believe the defiit will disappear if you don't talk about it.......

In fact, it's usually the libs who spend us into oblivion.... This time it was the liberal Bushies who did it.

You talk the talk, but you don't walk the walk. Buy gold.

Ex, give us a little more credit than that. It's a well known fact that we conservatives are not happy with the GOP taking over where the Dems left off on spending. My question is, what bang for our buck have we gotten for all the trillions spent in the past few decades? A crumbling infrastructure? Failing schools? Corn based ethanol? Intelligence agencies that can't or won't communicate staffed with career bureaucrats?

I'm less concerned with how much we spend as I am how it's spent, and personally I don't see ANY candidate getting the bureaucracy under control. I'm darn sure against increasing an already bloated and inefficient government that continues to tax me into financial oblivion while offering ever smaller returns.

[Skell]

Not much to go on here other than some rhetoric aimed at getting a reaction out of the voting public. All I see here is someone saying what people already think and what they like to hear. Can someone point me in the direction of his actual economic plan? How he plans to get the economy back on track? Cutting gas taxes is his big plan for the economy?

This is simply exerts from a speech addressing "populist gripes". Not a plan. There is no substance to this at all. Now I'm sounding like you guys when Obama comes up? :)

P.S. Im sure there are many website dedicated to McCain's economic plan (if he indeed has one) but ill let one of you guys point me in the right direction .

[BABRAM]

USNews.com: Political Bulletin: Wednesday, April 16, 2008

John McCain 2008 - John McCain for President

McCain’s Economic Plan | Newsweek Business | Newsweek.com

McCain's economic plan dissed by Dems - UPI.com

[Skell]

Well McCain's website talk a lot about tax cuts. Tax cuts to everyone. How does that solve the problems with the economy? I didn't see an answer anywhere!

[BABRAM]

Well McCain's website talk alot about tax cuts. Tax cuts to everyone. How does that solve the problems with the economy? I didnt see an answer anywhere!

Skell, that's exactly it! The guy is George Bush's elder twin with slight variations. Our election will come down to if the US citizens would like Bush for a third term, they'll vote for McSame.


http://www.mercurynews.com/politics/ci_8942041

"McCain - who said in February that he would balance the budget by the end of his first term as president - seemed to reconsider on Tuesday, saying at a news conference that "economic conditions are reversed" and that he would have a balanced budget within eight years. His economic aides said all the tax cuts could be paid for with spending cuts."

McCain is lost and fumbling for economic guidance. I don't need him pretending to be the leader of our country. Wow! He should just retire.

[Skell]

He was only 50% out in his prediction for how long it will take to balance the budget. I just hope he isn't out by that margin when / if he actually tries to balance the books. His missus must look after all the money at home. I suppose though who's missus doesn't? :)

[speechlesstx]

What there is of his economic plan is here.