Trickle Down McCain
John McCain gave a speech on the economy in Pittsburgh today. While he had a few subtle turns, McCain made it clear he intends to follow the policies of the Bush administration, which have obviously made for a great economy.
The central tenet of McCain’s plan is to cut the corporate income tax rate from 35 to 25 percent and to make the Bush tax cuts permanent. McCain also proposed eliminating the AMT for families making more than $100,000 per year.
Grand idea. It would only cost trillions of dollars to implement, on top of of the existing deficit, and it’s not clear McSame has any substantive plan to balance the tax cuts. The Republicans fail to understand a very basic principle, one which every adult can relate to. If the monthly bills are X dollars, there must be at least X income to pay the bills. So, if you intend to reduce the income (the tax cuts), where is the money coming from to pay the bills? Does McCain really believe he is going to reduce expenses by trillions of dollars to rectify the tax-cut balance?
And what about the war in Iraq that the government keeps using MasterCard to pay for? McCain has no plans to end it, so how is he going to pay for it? Any talk of improving health care plans can be dismissed because there will be no funding available. Whose going to pay to rebuild the thousands of bridges that are in disrepair across the nation? The state’s can”t…the downturn in the economy is putting states back into budget crisis mode again.
Ronald Reagan instituted the same tax-cut policy and it failed. George W. Bush tried the same approach and it has failed big time. Trickle down economics has been and will continue to be a fool’s objective. Moreover, no president has ever cut taxes in the middle of a war (to my knowledge) except George W. Bush, and how did that work out?
I haven’t read all of McCain’s speech yet, but I’m sure there are more goodies to be found. A full transcript of McCain’s speech is here.
0 Responses to “Trickle Down McCain”