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Author Topic: McCain, Obama or Chicken Little  (Read 1336 times)
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Monkey All Star Jr.
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« on: July 11, 2008, 04:15:27 PM »

McCain, Obama or Chicken Little

Anne Davies in Washington
July 12, 2008

THE US Republican presidential nominee, John McCain, must be ruing the day he engaged in a bit of "straight talk" early in the primaries and admitted economics was not his strong suit.

As petrol prices have soared, house prices fallen and joblessness increased, US voters list the economy as their biggest concern, outweighing even the war in Iraq and national security.

Then on Thursday Senator McCain's top economic adviser, Phil Gramm, committed what may prove to be one of the most serious political missteps of the presidential campaign. In an interview with The Washington Times, Mr Gramm, a former banker with UBS, said the US was in "a mental recession" and that Americans had become "a nation of whiners", egged on by the media looking for bad news stories.

Senator McCain's stimulus for the economy is based on a combination of keeping the top income-tax rate low and offering a significant corporate tax cut.

He has not said how much his tax cuts will cost - the Obama campaign says $US300 billion ($312 billion) - or how he will fund them other than by reducing "wasteful government spending" and opposing earmarks (project-based funding measures that are often attached to bills in return for a politician's support).


But Senator McCain is also arguing that he is the more fiscally responsible and has promised to erase the budget deficit, forecast to be $US400 billion this year, by the end of his first term, 2013.

Economists simply don't believe him. "The problem with the McCain proposal is that he has an ambitious goal out there with no plausible way of achieving it," said Robert Bixby, executive director of the Concord Coalition, a non-partisan group that advocates "generationally responsible" fiscal policy.

Steve Chapman, a columnist at the Chicago Tribune, put it more colourfully and levelled the same criticism at the Democratic nominee, Barack Obama: "The theme of the current budget story is one that could have come from a blockbuster summer movie: We are doomed. There is a fiscal asteroid on course to pulverise us and no one is coming to the rescue," he wrote this week.

The Obama economic plan is based very much on Democratic Party orthodoxy of spreading America's wealth more evenly and addressing one of its biggest problems: the 47 million people without health care, by providing subsidies for private insurance.

But the non-partisan Tax Policy Centre warns that Senator Obama's proposals, even without his expensive health policy, will reduce tax revenues by $US2.7 trillion over 10 years.

Senator Obama got higher marks from economists than Senator McCain on his ideas on petrol prices - he wanted direct rebates to lower income families rather than Senator McCain's summer petrol tax holiday. Virtually every economist said a tax holiday would just go into the pockets of oil companies.

But the National Taxpayers Union Foundation says the Democratic candidate has promised $US344 billion in new spending compared to $US68 billion for Senator McCain.

read the rest here -


I would say...the sky is not falling, but the gas tank is empty...

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Monkey All Star Jr.
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« Reply #1 on: July 13, 2008, 06:38:03 AM »

More propaganda  from the Obama's network.  That's all you have ever posted and yet you complain that someone else would post something of interest.

There is always one more imbecile than you counted on
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