by Mark Silva
The economy may never have been John McCain's strong suit -- he has admitted as much more than once -- but he is happy to wear it now.
Now that the economic turmoil of the nation at home has eclipsed concern over the war abroad in the presidential campaign, McCain is uniquely poised to say that he offers what people want: Tax cuts.
Democratic rival Barack Obama's call for tax increases for the wealthiest Americans -- those making more than $250,000 a year -- to pay for initiatives such as health care for all becomes an ever-more-ripe target for McCain at a time when people in that tax bracket are watching their portfolios come apart.
With word over the weekend of more tumult on Wall Street, the Republican nominee was ready early today with a Main Street message:
"The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers,'' McCain said in a statement issued by his campaign office in Arlington, Va.
"I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.
""It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my Administration. In order to do this, major reform must be made in Washington and on Wall Street.
"We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors. The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."
McCain will campaign in Jacksonville, Fla, today -- where he served in the Navy following his release from captivity during the Vietnam War. He drew lines around the block of a local bookstore in 1999 when he campaigned there with his recently released book, Faith of My Fathers, all about his military upbringing and war experiences.
But don't look for war talk today. Look for tax talk -- McCain's talk about tax cuts needed for a struggling economy and warnings about Obama's perilous tax hikes. It may not be McCain's best subject, but it's lot easier to talk about than the war.
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Comments
I hope Team McCain listened to Greenspan. It is not just tax cuts, it is also spending cuts that are necessary in this environment. We need this to be fleshed out. We know Obama is not into spending cuts and his so called tax cut is really an entitlement program. I knnow who gets my bops today. http://www.bop-o-rama.com
Posted by: acarponzo | September 15, 2008 10:29 AM
Pardon me, but the economic mess is directly related to Bush's War. Bush took a healthy economy, with virtually no deficit, and spent this country into the ground on a war that's depleted our economic and human resources. I refuse to believe that a deficit that increases every single day, and indebtedness to foreign governments brought about by Republican economic and "foreign policy," has no relationship to the current crisis.
The costs of Bush's War must be a part of the campaign debate.
Posted by: Layla | September 15, 2008 10:33 AM
I feel so bad for all of those people making over $250,000 a year :(
Posted by: Renee | September 15, 2008 10:35 AM
What is this man smoking? Tax cuts with the current government budgets deficits, war obligations and domestic obligations are not realistic. While I like tax cuts, it makes no sense right now. It would make more sense to reduce our financial obligations, by leaving Iraq and cutting back our bases in our countries. We could then divert those funds into our economy by rebuilding infrastructure, provide some funding for large failing institutions and provide increased funding for small business. Creating jobs and income in our economy, instead of one's overseas would go along way toward fixing our problems.
Posted by: marc | September 15, 2008 10:36 AM
"McCain is uniquely poised to say that he offers what people want: Tax cuts"
That will fix everything. We just need to cut the taxes of millionaires! Seriously, McCain is uniquely without any ideas about the economy. His economic advisers helped author the mess.
"The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street." Meaningless words. Replace the regulatory oversight with what, exactly? What's the plan, John? Or is it a secret?
Posted by: trace | September 15, 2008 10:39 AM
Layla,
Right you are.
Posted by: DerekandtheDominos | September 15, 2008 10:41 AM
1. We are practically in meltdown over the economy.
2. McCain, when justifying his ridiculous, pandering gas tax scheeme, said he didn't care what the "economic elites" had to say about it.
3. McCain was claiming the economy was just fine, not very long ago.
4. McCain claimed he relied on Phil Gramm for economic advice. That would be the Phill Gramm who said the economy was fine, but "America" (ordinary people like us) was a nation of whiners.
5. The serious economists (yes, the "economic elites") are supporting Obama because he's the responsible adult here.
I trust Warren Buffett and Paul Volcker WAY more than Mark Silva, John McCain and Sarah Palin.
Posted by: Tom J | September 15, 2008 10:50 AM
Maybe Cindy McCain can pull out her $300,000 outfit to ask the lower and middle class to dig deep to help out the wealthy and support tax cuts for her and her friends at the expense of the future of their children and grandchildren. People like Cindy and John have it so tough. The burden of having more homes than you can count is truly terrible. Please, won't you mortgage your children's future to help them?
Posted by: The wealthy need your charity! | September 15, 2008 10:51 AM
McCain script;
'More tax cuts going to more wars.'
Idiot.
Headline;
America gets what it deserves, again.
Posted by: C. Morris | September 15, 2008 10:57 AM
This is nothing more than regurgitated Republican talking points. Nice job of transcription.
Posted by: byte | September 15, 2008 10:57 AM
McCain has ALWAYS said he was for tax cuts and spending CUTS.
Obama is seeking tax INCREASES and will have MORE programs, that will be MORE SPENDING!
People where do you think this money is coming from?
The top 1% of this country is small businesses. Obama wants to tax these businesses.
Obama is seeking MORE programs! MORE programs, that costs MONEY.
The rich will flee, the small businesses will cut back and increase prices. There will be fewer jobs.
The GOVERNMENT will supply jobs, that mean YOU that taxpayer will be funding these jobs.
What insanity. Wake up people. The government can't fund the entire society. It is small businesses, the backbone of America, that make this country a success.
Posted by: Nelson | September 15, 2008 11:14 AM
More tax cuts -Yea!
More deregulation - Yea!
More borrowing from the Chinese - Yea!
More passing the buck to our children and grandchildren - Yea!
More spending on wars of choice - Yea!
Drill, drill, drill - Yea!
Four more years - Yea!
Posted by: Kenneth Janowski | September 15, 2008 11:18 AM
Was Senator McCain doing his routine on the Leno Show, again. The only change you'll get from Senator McCain, is his desire to change all them votes, that contributed to the financial meltdown we are witnessing at the hands of the incompetent Bush-McCain Republicans. Give it up, Senator McCain, your routine is outworn and disingenuous !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | September 15, 2008 11:24 AM
The Bill Clinton legacy continues. His policies are destroying America. We need McCain and his pit bull to take back this country and get rid of Demoncrats.
Posted by: stan woodbridge | September 15, 2008 11:43 AM
Aftaer the Bush tax cuts, what has happened to gov't revenues - they have increased. It is the spending that has put the gov't into these deficits.
Who do you trust on spending cuts McCain-Palin or Obama-Pelosi-Reid?
Posted by: Terry | September 15, 2008 11:44 AM
NASCAR will pull out out of our misery. God bless really fast cars covered in stickers racing in circles. Tony Stewart should be on Mt. Rushmore.
Posted by: manut dalo | September 15, 2008 11:48 AM
So now McSame will say that there wasn't enough regulation? Hmmmm.....isn't that the opposite of the Repub line? Say anything to get elected McSame?
Posted by: karl | September 15, 2008 12:08 PM
There is no doubt what so ever that spending will NOT decrease under McCain/Palin. None.
http://www.newsweek.com/id/136779/page/1
The only thing he will cut is taxes. Spending and the deficit will get no smaller under his plan.
Posted by: Reality | September 15, 2008 12:19 PM
The only reason government revenues increased was because the Bush Buddies, Big Oil, raised the price of gasoline, which, in turn, increased the tax revenues from sales !!! Simple economics, must have missed that class !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | September 15, 2008 12:23 PM
Stan -- Bill Clinton's policies? I'm sorry, were the last 8 years just a dream? Because I could have sworn that Bush and the Republicans have been the ones in power for almost the last decade.
Posted by: SouthSideD | September 15, 2008 12:45 PM
I am just amazed at people who know that McCain and Palin are still lying about her record and even how many people attend rallies and STILL think they are just fine and will suddenly be honest and forthright if they win the election. COME ON PEOPLE WAKE UP!!!!!
Posted by: anna | September 15, 2008 3:33 PM
How will tax cuts to the upper 5% increase the demand for labor in the United States? It will not! Look at manufacturing employment in the last seven years and the demand for high paying jobs.
Posted by: Milton Esbitt | September 15, 2008 4:07 PM
We cannot afford Obama's socialist policies... the taxpayers already have a heavy burden. He promises "tax cuts to 95% of Americans," when only 40% of Americans pay taxes. This means he wants to give 55% of Americans more handouts.
Posted by: Susan 2008 | September 15, 2008 4:22 PM
"We cannot afford Obama's socialist policies... the taxpayers already have a heavy burden." Susan2008
Susie - the GWBush bailout of Freddie/Fannie - is technically Socialist......so who's policies are you scared of?
Posted by: karl | September 15, 2008 10:43 PM