NPR: McCain Works to Improve Economic Credentials

McCain Works to Improve Economic Credentials

It's not an easy feat - creating an economic plan which appeals to the Republican's conservative base, but at the same time can attracts independents and maybe even some Democrats. But the Christian Science Monitor reports that GOP presumptive presidential nominee John McCain has been trying to do just that over the past few weeks.

But after eight years of the Bush administration and at a time when the economy is not as strong as many in the GOP would like, it won't be an easy task.

"McCain is trying to distance himself from Bush on the economy, but the eventual Democratic nominee will do everything they can to make him look like he's changed his first name to 'George,' " says Larry Sabato, director of the Center for Politics at the University of Virginia in Charlottesville.

If "McCainomics" can be described in a sentence, it might be this: traditional GOP tax-cutting, with a dash of populism sprinkled on top.
To begin with, McCain would make President Bush's tax cuts permanent, rather than let them expire in coming years, as current law calls for. Critics say this is something of a switch for a lawmaker who opposed the tax cuts as too expensive when they were proposed. He would eliminate the Alternative Minimum Tax, which has eaten into the incomes of middle-class Americans. This move would cost $60 billion a year, according to campaign estimates.

McCain would double the personal exemption for dependents from $3,500 to $7,000, reduce the corporate tax rate from 35 to 25 percent, and establish a permanent new research-and-development tax credit. At the April 15 speech outlining his economic plan, he also called for the elimination of the federal gasoline tax this summer -- a move that, strictly speaking, the next president would have to go back in time to accomplish.

But Saboto says if the recession is not "short and shallow," it makes McCain's job all that much harder, even with the Democrats locked in a bruising nomination battle.

12:46 PM ET | 04-28-2008 | permalink

Comments (Send a comment)

The indicators so far is that it will be short and shallow. The indicators are also indicating that this is a consumer lead slowdown. It almost seems as if we have been talked into it; I wonder by whom?

Sent by deek | 1:21 PM ET | 04-28-2008

Further cutting taxes seems like a bad idea to me.

1. Eliminate the deficit. We need to pay off our debts first

2. Socialize the currency. We need to take control of the production of our currency, so that we can control it democratically.

3. Reform the tax system. The flat tax seems reasonable. 10%? I'd pay it.

4. Limit federal programs, and promote local and state programs. Seems reasonable.

Wake up and give a...

Sent by Jody Sol | 1:42 PM ET | 04-28-2008

Consumers have record debt. They are paying more for food, gas, insurance, tuition. Their income is not growing, or at least as much as the above expenses. But we have "been talked into it". Absolute hogwash.
The reason the tax cuts were not made "permanant" in the first place is because it was known that the projected deficits would explode and that was before the Iraq war. You remember; the war that would be paid for by Iraqi oil and would cost the U.S. nothing? McCain's answer to the hole we're in is to keep digging.

Sent by Mike Fleissner | 2:42 PM ET | 04-28-2008

short and shallow -- could be the title of an article on the critical attention of the press to mr mcmaverick's "ideas" on the economy and geopolitics.

Sent by tim in exile | 3:01 PM ET | 04-28-2008

Who is McCain trying to fool; th epoor working class that's been so gullible of late (see what's teh matter with Kansas) What is traditional
Republican tax cutting with some populism. Giving real money to the rich while giving pablum to the poor and telling them you can feel their pain. Would somebody tell the American Working class to say "we won't be fooled by Republicans again".

Sent by Platon Rigos | 4:10 PM ET | 04-28-2008

This economic crisis will only get worse if the McCain foreign policy continues along the same lines as the Bush foreign policy. His tax cuts may help some people in the short term but will not solve the long term problems, such as our ever mounting national debt, the falling value of the dollar, and our extremely expensive and dangerous foreign policy. The real solution is to end our excessive imperial foreign policy, take initial steps to ending the federal reserve and returning to a sound monetary policy, and focus the government on doing its real job listening to its people not taking away their rights!!!! I am all for tax cuts but lets realize the roots of our problems before making up quick fixes.

Sent by Justin F | 4:25 PM ET | 04-28-2008

I hope deek's indicators are more accurate that Warren Buffet's. This isn't short and shallow. It's a failure of our culture: excessive borrowing and lending by everyone, individuals, companies, and government. It is time to stop valuing our society on GDP and more on quality of life.

http://www.reuters.com/article/ousiv/idUSN2847461420080428

Sent by Chris Allnatt | 4:44 PM ET | 04-28-2008

How exactly does putting more money into the governments pockets help us?

Sent by deek | 5:12 PM ET | 04-28-2008

I tentatively agree with Chris Allnatt.

The "Gross Domestic Product" is a terrible way to gauge economics. But then so was the price of gold.

I don't know if quality of life is a reasonable measure either, frankly. Perhaps economics is too nebulous to have a measure.

Sent by Jody Sol | 5:22 PM ET | 04-28-2008

I love an optimistic attitude but for many Americans "short and shallow" came and went sometime ago.

Sent by Roger | 5:25 PM ET | 04-28-2008

Putting money into the government pays for our national defense, our disabled soldiers, the spouses and children of our dead soldiers. That is a partial list and a partial answer to a ridiculously brainless rhetorical question. Oh, and paying for those things now out of our national income is smarter and more just than paying for it with deficit spending that our children will need to pay for.

Sent by Mike Fleissner | 8:12 PM ET | 04-28-2008

Well deek, we are the government. A fact many conservatives seem to forget.

Sent by Jody Sol | 8:54 PM ET | 04-28-2008

deek - What indicators say the recession will be "short and shallow"? Is it the same right wing magical thinking that until very recently insisted there will not be a recession?

Sent by Gary | 9:41 PM ET | 04-28-2008

Maybe the government needs to get used to getting by on less. Ever thought of that?

Sent by deek | 12:30 PM ET | 04-29-2008

The corrupt gingrich-delay congress didn't get by on less did they? They came into office spouting that they would, just like all the talk radio pinheads.

Sent by Mike Fleissner | 1:17 PM ET | 04-29-2008

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