Team McCain Conference Call: Economy; Update: Audio link added
posted at 10:47 am on July 7, 2008 by Ed Morrissey
The John McCain campaign held another of its series of press calls, this time featuring Steve Forbes and focusing on the economy. Forbes began by discussing Barack Obama’s plan, which he said would “devastate the American economy”. Forbes claimed that Obama would raise taxes on earners at $32,000 and above. He has voted for more than 90 taxes in his career.
McCain wants to put in place a middle-class tax cut as well as relief for small business owners. These have created over 200,000 jobs in a tough year.
Doug Holtz-Eakin followed up with an explanation of the Obama tax increases. Why would “a consistent record of votes of policies that would harm the American economy” be considered in a slowing economy?
Questions:
- Reuters: Any more specifics on McCain’s policies, and his pledge to balance the budget by 2013? — Obama cast a vote to increase taxes on anyone earning higher than $32,000. McCain wants to reduce government waste, keeping tax rates in place, and stimulate growth that will produce revenues that will balance the budget. Economic slowdowns are budget-busters in and of themselves.
- Washington Times: Does Forbes think the Bush tax cuts are good policy, and what of McCain’s flip-flop on them? McCain has never voted to raise taxes, and Obama has done so at least 94 times. We have the highest corporate tax burden in the industrialized world. McCain “has learned the lessons of history,” which is why he now supports extending the Bush tax cuts. “We don’t want capital and money going on strike”
- Me — Entitlement reform specifics? — Balance the budget through broad-based efforts, with discretionary and entitlement spending reforms. McCain has a long history of reaching across the aisle to reach consensus on big problems.
We didn’t get much in the way of specifics on entitlement reform. They rightly state that no effort to reform government will work until entitlements get addressed, and they also note that McCain has a track record of bipartisan efforts on large national issues that Obama utterly lacks. Hopefully, we can look forward to a more detailed look at a McCain’s thoughts on how to achieve this; right now, it looks like they want to lay out the themes.
Update: The audio for the call can be heard at Breitbart.
Blowback
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This includes illegal immigration, and the criminal illegal aliens already residing within our borders. You cannot convince me that amnesty is not an entitlement.
fourstringfuror on July 7, 2008 at 10:53 AM
Barack “NO DRILLING / HIGHER TAXES” Obama disagrees.
Until he decides it was inartful and revises his assessment.
profitsbeard on July 7, 2008 at 10:54 AM
McCain “has learned the lessons of history,”
This must be an “inartful” statement?
We’ve heard this one before haven’t we?
catmman on July 7, 2008 at 10:55 AM
Where does McCain and Clinton pick up these orange ties?
Is it hunting season somewhere in the USA?
When we received our “incentive check” (a small portion of our money back) from the IRS, I figured that’s the last we’ll ever see of that. At least I have something to tell my grandchildren. I also kept the IRS letter not to take the check and burn it or stick it all in your ear.
Hening on July 7, 2008 at 10:56 AM
This presupposes that the other party also wants to rein in entitlements. Is McCain prepared to lead whether or not his friends on the other side go along?
james23 on July 7, 2008 at 10:59 AM
For all you “hold the nose” types, there’s a website for you.
http://getdrunkandvote4mccain.com/
BigD on July 7, 2008 at 11:05 AM
I might reconsider my opposition to McAmnesty if he can bring Forbes on as an economic advisor or make him Treasury Sec. or Commerce Sec. Disagree with him on immigration of course but he can talk sense into that dunderhead McCain.
DerKrieger on July 7, 2008 at 11:11 AM
Last year’s payment on the Federal Debt?
$429,977,998,108.20
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm\
Thank reckless tax cuts that doubled our national debt under little Bush.
Now McCain want to pass even more debt on to our children?
alphie on July 7, 2008 at 11:11 AM
alphie on July 7, 2008 at 11:11 AM
This coming from a guy who thinks we should put porta-potties everywhere so Americans “can save time, gas and money.”
catmman on July 7, 2008 at 11:15 AM
Um, no it doesn’t. If they don’t, the voters can turn them out for it in 2010. It takes years to do these things right. He can only control what he is for, not what the far left lunatics in the Democrat Party are going to do.
NoDonkey on July 7, 2008 at 11:16 AM
What many of you don’t realize, is just how bad the economy is. Its a house of cards, and the Federal Reserve Board has been pulling out bottom cards for awhile.
They allowed the dollar to decrease in value in order to make the net worth of the public debt smaller. America itself owes TRILLIONS in debt, and individual AMERICAN’s have the highest debt load in history. Add in the mandate for Soc Sec (which is in dollars, not buying power), and the total debt in dollars is huge.
The Fed, IMO, tried to decrease the WORTH of that debt by decresing the worth of the dollar.
Problem is that the fundamental problem of importing energy means that the debt itself is also increasing because it is costing more dollars to buy that energy.
Another problem is that with the decrease in worth of the dollar, any savings Americans had are worth less. If you factor in the 25% decrease in the stock market, with the 40% decrease in the dollar, your 401Ks are now worth less than half (worldwide) of what they were worth. In other words, the government has screwed things up to the point that everything you worked for, everything you saved for retirement, is now worth about half of what it was.
Energy is the key, and the one factor we CAN control, but McCain is on the wrong side of the fence there.
Drill here, drill everywhere. Its the ONLY way our economy is going to prosper.
Romeo13 on July 7, 2008 at 11:16 AM
$32,000? But Obama said he only wanted to raise taxes on the wealthiest Americans.
SoulGlo on July 7, 2008 at 11:24 AM
Steve Forbes speaking for McCain is very reassuring. Does anyone know Forbe’s take on cap and trade? Is Steve Forbes McCain’s primary economic advisor?
JiangxiDad on July 7, 2008 at 11:27 AM
Oh great! Earth is orbiting close enough to Alphie’s galaxy for his wireless to reach again.
Hening on July 7, 2008 at 11:30 AM
Steve Forbes on cap and trade:
I guess McCain isn’t listening to Steve Forbes.
JiangxiDad on July 7, 2008 at 11:31 AM
Oil and gold. The two “currencies” that are unseating King dollar. What an avoidable error!
Drill,drill, drill, and drill some more. Build a pipeline from Anwar to China. Get those Chicoms over a barrel. Oil is money and power and independence.
JiangxiDad on July 7, 2008 at 11:34 AM
Yeah, you’re right. Why don’t we increase the tax rate to 99% ? Coupled with a new minimum wage of $1,000.00 per hour, all our problems would be solved.
peski on July 7, 2008 at 11:38 AM
What a disappointment. A plan is supposed to be a specific course of action with quantifiable details. All you folks got was warmed over talking points that say absolutely nothing! A woman from Cranky’s campaign was on FNC this morning talking about Social Security Reform as if that was some sort of a new concept thought up by McCain.
Oh, and for the record, McCain doesn’t “reach” across the aisle- he visits so often he has his very own reserved seat! Especially on the big issues where he is likely to throw his own party under the bus to further his blind political ambitions.
highhopes on July 7, 2008 at 11:45 AM
There’s nothing wrong with lowering taxes when the economy is in a slump, peski…provided you raise them back up when the economy is doing well so you can pay off the debt.
The rich guys who control the Republican Party just plumb forgot to raise taxes when the economy was doing well a few years ago.
Imagine that…now our children will have to pay Cindy McCain and Steve Forbes’ tax bills.
alphie on July 7, 2008 at 11:48 AM
With increasing Dumbocratic majorities in congress, the chances of any sort of entitlement reform are exactly… zero.
I’m afraid this system will have to collapse before any sort of change will happen. It will be a forced change.
trigon on July 7, 2008 at 11:48 AM
On top of all of this back and forth flip flopping by both candidates, where is Michelle? Seems like racial politics have taken backseat to Iraq, the economy and taxes since she left the stage.
volsense on July 7, 2008 at 11:48 AM
McCain or Obama or Barr or Nadar.
God help us – this has to be the worse POTUS election in my 49 years. McCain? How on earth is this man the GOP’s nominee?
jake-the-goose on July 7, 2008 at 11:57 AM
Romeo13 is on the right track.
Unfortunately, additional tax cuts at this time are probably politically and fiscally a non-starter.
Here’s why: financing our debt is going to become a bigger and bigger problem – for the past few years our budget deficit has been funded by the Middle East, China and Japan.
But with the dollar’s value in the dumps, investing in America is no longer the great return it was. Which means it will be harder to get anyone to buy our T-bills = higher interest rates equals less money available for the budget and more budget dollars paying interest on the debt.
Usually when there’s a war on, you pass taxes to fund the war. This time we didn’t, and with the economy taking a dive, running a war without a tax to fund it may no longer be an option.
Frankly, McCain or Obama can’t really do very much but take the blame. The GOP might be better off to let Obama win and become the focus for voter anger over the next few years of misery that’s coming.
The one thing McCain can do is clean up gov’t – Pentagon procurement has been a sewer for decades, and the Fed and SEC were sound asleep at the switch while banks built up huge Ponzi schemes that are about to roll back onto their books just in time for the underfunded FDIC to go to Congress to ask for more money to cover all the claims its about to be hit with.
Unfortunately, anything McCain can do is closing the barn after the horses etc. etc.
Realistically, by November, the economy will be the ONLY issue that matters, and fairly or unfairly, it’s going down on Bush’s watch, so Obama will win. Sucks, don’t it?
olddeadmeat on July 7, 2008 at 12:01 PM
Great plan – raise taxes when the economy is doing well. There’s a sure fire way to guarantee that it stops doing well.
As opposed to the poor guys who control the Dumbocrat party? Bill & Hill? The Goracle? Nancy Palace-ocy? John “Jengis” Kerry? ROTFLMAO.
Something tells me, Alphoid, that you don’t pay anyone’s taxes at all. I somehow doubt that you’re in the 10% or so who actually carry the vast bulk of the burden that you and your softheaded wingnut cohorts impose on us.
peski on July 7, 2008 at 12:03 PM
BHO debate April ’08:
The urban myth is that bobama will only tax those earning “much more” than the poverty level. Is in fact much more than poverty $38K/year?
maverick muse on July 7, 2008 at 12:07 PM
The problem was NOT the rate of taxation, but the increases in Federal power and spending.
Tax cuts actualy bring in MORE money to the coffers, not less, as it stimulates the economy, so there is MORE to tax. Its happened EVERY time we’ve decreased taxes.
Romeo13 on July 7, 2008 at 12:09 PM
Pure, unadulterated economic voodoo, Romeo.
But the Rapture Republicans will buy it and spout it for the sake of their rich masters for some reason.
That’s why you guys have to go before China owns us completely.
alphie on July 7, 2008 at 12:14 PM
@ 11:34 “Build a pipeline from Anwar to China.”
?
Shipping. Why pay for an export pipeline to be cyphoned by pirates or confiscated by fascists or communists down the road?
maverick muse on July 7, 2008 at 12:14 PM
[peski on July 7, 2008 at 11:38 AM]
LOL. One minor fallacy there, however, and that is the belief that Congress, particularly under the Libs, would then stop increasing spending.
The problem that, to me, seems insurmountable is that the only issue that can keep spending in line with revenue is a looming insurmountable debt + deficit.
Dusty on July 7, 2008 at 12:15 PM
Your scenario is the only one I can see where Obama could win. But, imo,the odds of your economic scenario coming true is 40/60. That’s still mighty high, and discouraging and frightening–and yes, it’s the fault of the Bush administration as much as anyone’s.
JiangxiDad on July 7, 2008 at 12:15 PM
Well, admittedly, I haven’t thought through all the details. I was thinking of the Russian gas pipelines keeping the Europeans in line.
I suppose if pirates or fascists don’t play ball, we shut off the oil at the source. It wasn’t all that long ago when we exported energy, if I’m not mistaken.
JiangxiDad on July 7, 2008 at 12:19 PM
Entitlement reform? Ok, pass the bong. I’m going to need a little help with that one. The smoke and mirrors will definitely come in handy. What godforsaken mental midget in the McCain campaign suggested bringing that one up?
There will be NO entitlement reform. There was none when Bush had both houses of Congress. To even whisper that you harbor such a belief as a “con”didate, when faced with Dem control of both house, is lunacy. Worse still is your economic adviser, as he put down the crack pipe, suggested it would all happen before the end of the first term.
His speech today should have been an announcement that he was traveling up to ANWR to meet with the Governor of Alaska. Let me give you a hint John, you don’t mind if I call you John, the folks don’t give a shit about entitlements at the moment. What they care about is the clacking sound, disturbing their sleep at night, as the corner gas station changes their prices everyday.
They do care about keeping the Bush tax cuts, a point for you John. But for the love of god get it through your thick cranium that entitlement reform is the last thing they want to talk about, along with your cap and trade, global warming voodoo.
They want OIL, OIL, OIL. They want a f’king gusher right now. They want you hugging a drill bit on the coastal plane. DUH.
Just remember John, when they’re spraying the tar on you just before the feathers, you have been warned. If gas prices continue to go higher the DC crowd had better go into hiding. It’s going to get ugly. You are just lucky that Obama is a bigger idiot than you on this issue.
But don’t hold your breath there boss, he’ll flip. Palin will be his new girlfriend.
patrick neid on July 7, 2008 at 12:21 PM
It’s called a coup. The left wing of the GOP rigged the primary process to favor Cranky or some other RINO because they decided that seeking revenge on social conservatives and evangelicals was a higher priority for the election than actally picking a decent human being who has common values with the base consituency.
Since Cranky’s presumptive nomination, the little campaigning he’s done all goes to prove that there isn’t one bit of difference between himself and Obama with the exception of Iraq. Either Obama or McCain will give us precisely the same results over the next four years.
I sure hope all you country club Republicans enjoy your petty attack at the party base. It’s all your responsibility and perhaps, next time round, you’ll know what it feels like to be alienated and dis-respected as we throw the lot of you out to the DNC where you political traitors belong.
highhopes on July 7, 2008 at 12:26 PM
At least McCain admits when he flip-flops, & his have been very few compared to BO.
jgapinoy on July 7, 2008 at 12:30 PM
BO on each of his flip-flops: “But I’ve always said…”
jgapinoy on July 7, 2008 at 12:31 PM
That’s right Patrick. But change gasoline to heating oil and the magnitude of the problem soars. Gasoline =$50/wk. Fuel oil is closer to $300/wk. (60 gal/wk X $5/gal.) That keeps me awake at night.
JiangxiDad on July 7, 2008 at 12:34 PM
JiangxiDad:
Hate to say this, but the probability is closer to 90% before November.
Call it 40% probability that one or more major banks fails this month.
Citibank, WaMu, BoA and it’s new purchase CountryWide are effectively insolvent – but so far they haven’t failed because they haven’t recognized the true value of all the bad mortgage loans and related securities on their books.
Those “assets” are worth effectively pennies on the dollar, and that’s assuming anyone would buy them at all.
All of these banks are desperately trying to raise cash to cover the losses and they are running out of things to sell (maybe not Citigroup at this point).
When these losses can no longer be hidden, look for the Dow to rapidly drop at least another 1,000 points. Car sales are going to get worse, home sales are going to keep diving. In short, while it won’t be the Great Depression, but it will be bad enough that everyone will keep mentioning the GD, like say, the CEO of KB Homes just did last week.
And the state of California might possibly have to file for bankruptcy.
Like I said, you can talk nat’l security or immigration all you want. Sure, drilling in ANWR will help, in about years. Won’t mean a thing to everybody who is going to get burned when the banks start failing.
By November, Bush, Paulson, Greenspan, and Bernanke will need to wear Kevlar even at GOP fundraisers.
watch the video at this link:
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/03/AR2008070303317.html
When administration officials look that freaked out, it’s time to put your cash in canned goods and under the mattress.
I’m expecting Obama would have to run over a busload of nuns, back up over them again, and then urinate on their corpses to lose the election.
olddeadmeat on July 7, 2008 at 12:43 PM
Actually, McCain’s attitude is more along the lines of “Yeah I changed my position- bite me.” There is nothing wrong with changing position so long as one can present at well-reasoned case for doing so. McCain and Obama both just do it for political opportunism. What sets McCain apart is that he is arrogant enough to believe that the electorate won’t catch on. Obama, like Clinton, just adds another flip so that he essentially is on the record of supporting every side of every position.
highhopes on July 7, 2008 at 12:53 PM
I shouldn’t talk to you. I thought I was the most pessimistic person I knew on the economy.
I see your scenario as well. I know the info. you presented. My slight optimism comes from:
-the hope, perhaps naive, that it is an error to think those “assets” are worth nothing. Any chance no one has the slightest idea what they’re worth, and marking to market is impossible?
-experience of the Asian financial meltdown. Enormously painful, but painfully brief.
-assistance/cooperation/coordination from ECB, BOJ, Indians, Chinese??
-a political solution, involving change of power in the middle-east.
This is off the top of my head. But it’s what prevents me from putting everything into gold and commodities–even though I sure own more now than I ever did, (which used to be zero). At this very moment, I think the biggest obstacle to the restoration of a sound, global economic system is Iran, so I’m watching that situation closely.
JiangxiDad on July 7, 2008 at 12:53 PM
Not voodoo, just history. But don’t let the FACTS get in the way of your socialist rants… it would be out of character.
Romeo13 on July 7, 2008 at 12:53 PM
Jiang,
Point taken. I live Pelosi’s district in San Francisco. In our place we never use heat or air conditioning/don’t even have it. I forget what it’s like everywhere else, hmmm, just like Pelosi!
patrick neid on July 7, 2008 at 12:58 PM
I like to think I am not a pessimist. By nature I’m a libertarian, which means I know in my gut the gov’t is going to f***up – it’s the default setting.
I consider voting Republican to be an exercise in optimism.
:)
olddeadmeat on July 7, 2008 at 1:06 PM
I lived for awhile in the S.Bay so I know what you mean. In fact, I have to be in the Bay Area People’s Republic next week visiting my Mom. She too has no A/C and uses very little heat. That is worth much money now– maybe as much as $7-10,000/year.
JiangxiDad on July 7, 2008 at 1:06 PM
Jiang,
In thirty years we have never had a utility bill, all electric, over $45 for a one bedroom 1000sq ft apartment.
And don’t forget utility bills are after tax income so $10,000 a year is $20,000 gross. Yikes.
patrick neid on July 7, 2008 at 1:20 PM
alphie on July 7, 2008 at 11:11 AM
the revs to the gov in 1999 was 1.9 trillion in 2007 it was 2.7 trillion. We have a spending problem not an income problem. that means that since the budget is still not balanced the government is spending more than an addtional TRILLION per YEAR more in the last 8 years.
unseen on July 7, 2008 at 1:39 PM
1. It’s
the economysupply and demand, stupid.2. We can drill our way out of this.
3. Illegal imigration is an economic black hole.
4. You don’t solve anything by compromising with the enemy.
(Mantras for Johnny)
whitetop on July 7, 2008 at 1:57 PM
How much taxes did Cindy and Steve pay last year? She paid 1.7 million, I don’t think we will need to pay her tax bill. How about Steve?
Too bad you don’t have the facts to back up your stupid posts.
right2bright on July 7, 2008 at 2:01 PM
PETITION SIGNING REQUEST
For the interested, please sign a petition demanding Barack Hussein Obama furnish America with a legal, certified, readable birth certificate. Because, the images of Barack Hussein Obama’s birth certificate that have been posted on the Daily KOS, and on Obama’s web sites, have been analysed as being FORGED.
Birth Certificate Now
byteshredder on July 7, 2008 at 2:19 PM
This is Fred!’s area. Hopefully, Fred! will have a positive impact on McCain in this respect. Here’s something…….mandate an end to entitlement programs for illegals at the federal, state and local levels. I would take it a step farther and mandate that all “guest” workers would be ineligible for entitlements. Also, end the birthright citizenship (and accompanying entitlements) for children of “guest” workers.
Dr.Cwac.Cwac on July 7, 2008 at 3:04 PM
In 2006, according to the CBO, individual income tax revenue was 1,043.9 billion, an increase of 5 percent since 2001. Corporate tax revenue was 353.9 billion in 2006, a 134 percent rise from 2001.
rockmom on July 7, 2008 at 3:34 PM
But Republicans only cut taxes for the wealthy and the corporations, right alphie?
rockmom on July 7, 2008 at 3:34 PM
“I hatesh me shome obschene profitsh, unlesh they’re obschene beer dishtribushion profitsh.
My energy tax isn’t going to have any effect on the economy. Nope, none.
Oh, and ignore all those illegal aliensh in the corner. I’m not going to give them acshess to the welfare shtate.”
misterpeasea on July 7, 2008 at 3:35 PM
LOL. I see you imitating Rush imitating Johnny Mac. Funny stuff.
JiangxiDad on July 7, 2008 at 3:42 PM
So I assume McAMNESTY talked about drilling and building new refineries? And for good measure he talked about building lots of those clean nuclear power stations, like china is building? Did he say anything about coal to liquids technology and building some plants post haste for transport fuel?
Oil makes the USA economy go round, I bet he spent all his time talking about how to increase supply — Right?
tarpon on July 7, 2008 at 6:12 PM
from Johnny Dollar’s Place, Jay Thomas @ Fox News agrees with me that “middle of the road” is NOT really a desirable place to find yourself (July 7th). heh
maverick muse on July 8, 2008 at 10:10 AM
Are them bells I’m hearin’ or is that just another flock of birds flyin’ over?
J_Gocht on July 8, 2008 at 10:24 AM