Sunday, April 27, 2008
The NY Times examines the candidates fiscal plans.
You can read all about it here, but I was stunned by the Old Fart's economic vacuity combined with his suicidal intent on more tax cuts. One can look at it as a fiscal kamikaze.
The centerpiece of Mr. McCain’s economic plan is a series of tax cuts that would largely benefit corporations and the wealthy. He is calling for cutting corporate taxes by $100 billion a year. Eliminating the alternative minimum tax, which was created to apply to wealthy taxpayers but now also affects some in the middle class, would reduce revenues by $60 billion annually. He also would double the exemption that can be claimed for dependents, which would cost the government $65 billion.His plan to pay for the tax cuts to everybody and everything making over $250,000 a year is really easy. It boils down to "Trust us, the economy will grow", also known as more of the same old bushshit.
On the expenditure side, Mr. McCain has called not only for continuing an open-ended deployment of troops in Iraq[$2.3Billion per week], but also for spending $15 billion annually to expand the Army and the Marine Corps and to improve health care for veterans, among other programs.[But no GI Bill-ed.]
Mr. McCain’s advisers have said the new tax cuts would be paid for by eliminating earmarks and making large spending cuts, but they have not identified specifics. And they have spoken vaguely about making entitlement programs like Social Security and Medicare less costly for the government. Mr. McCain’s chief economic adviser, Douglas Holtz-Eakin, said the campaign had simply presented its vision of what the tax code should look like and noted that some of the proposals would be phased in.
Mr. McCain said he would push ahead with his tax cuts even if Congress did not approve his spending cuts.And if Congress opposes him, you can readily imagine the language he will use. Do you think he would equate Nancy Pelosi to his wife by using the C word?
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