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Straight-Talk Express embraces Voodoo Economics

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  • Straight-Talk Express embraces Voodoo Economics

    This is just sad. Two things McCain has been known for is his courage and his honesty. Now, he's jettisonned his honesty to claim he can balance the budget using the same economic plan Reagan used to rack up more debt than all other Presidents combined, and which Bush also used to rack up more debt than all other Presidents combined -- including Reagan.

    The formerly "Straight-Talk Express" is putting the pedal to the metal as it takes us to the poor house.

    McCain Pledges to Balance Budget in First Term
    GOP Candidate Promises to Cut Taxes, Slow Government Spending

    By JAKE TAPPER
    July 7, 2008

    After yet another campaign staff shake-up, Sen. John McCain, R-Ariz., will try to repackage his economic plans by promising to balance the federal budget in four years.

    Sen. John McCain is trying to convince voters he can handle the economy.

    The bold declaration -- which McCain will make during a Denver town hall meeting as part of a weeklong tour of swing states -- is part of his efforts to be perceived as the candidate who can manage the economy; the economy has become voters' overwhelmingly top priority, and it offers a way for McCain to dramatically differentiate himself from President Bush.

    McCain Refocuses on Economy

    McCain's Jobs for America tour is also intended to shake the image that McCain lacks knowledge about the economy, a view the presumptive Republican presidential candidate has fed with his own comments.

    The latest ABC News poll indicates Americans trust Sen. Barack Obama, D-Ill., to handle the economy better than McCain, 52 percent to 36 percent.

    McCain and Steve Schmidt, the new official managing the day-to-day operations of McCain's campaign, know that has got to change.

    lAt a town hall meeting in Denver, McCain vows to balance the federal budget by 2013, which would be the end of his first term as president.

    The federal deficit is currently projected by the Congressional Budget Office to hit $443 billion by 2013, assuming the Bush tax cuts are extended.

    McCain will argue that his ambitious goal of balancing the budget can be attained through five main points: economic growth spurred by the elements of his economic plan, eliminating congressional budget add-ons called earmarks, offering private Social Security accounts for younger Americans, withdrawing troops from the Middle East and freezing or slowing discretionary spending.

    McCain has vowed before to balance the budget by 2013, and then backed off that.

    Appearing on "This Week With George Stephanopoulos" last April, McCain was asked if he was sticking to his 2013 balanced budget deadline.

    Instead of sticking to the promise, McCain said "that would be the goal."

    "We will have made a long progress toward it," McCain said, being less emphatic about the deadline. "Now, if economic conditions continue to deteriorate, it's going to be harder, but we're going to be on a path to a balanced budget."
    BTW: Privatizing Social Security will, in one year, bankrupt the program.

  • #2
    Leaving aside the social security program (which could do all sorts of things based on the specifics, from bankrupt it to make it permanently solvent...), I don't see what's unusual in that statement above.

    Improving economy -> more taxes -> balanced budget.

    The specifics of course are important ...

    Voodoo economics is unusual in its specifics, not in its general theory. The general theory is quite sound. It's always the specifics that matter
    <Reverend> IRC is just multiplayer notepad.
    I like your SNOOPY POSTER! - While you Wait quote.

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    • #3
      I love the idea of getting back to a balanced budget (and then going further, and raking in surpluses to pay down debt), but I'm rather curious as to how he thinks he can do it in 4 years whilst cutting taxes.

      McCain will argue that his ambitious goal of balancing the budget can be attained through five main points: economic growth spurred by the elements of his economic plan, eliminating congressional budget add-ons called earmarks, offering private Social Security accounts for younger Americans, withdrawing troops from the Middle East and freezing or slowing discretionary spending.
      Economic growth is good. Yay. Dunno if you can count on it (from the perspective of budgetting).

      I thought "earmarks" were something like 1% of the budget?

      Private SS accounts will increase gummint revenue/decrease spending how? In other words, how is that relevant to balancing the budget?

      Withdrawing troops from the ME... wait, I though only traitordemocrats want to do that? That might save some real money, though.

      Freezing or slowing discretionary spending. Sounds nice. I'm in. Who else is up for cutting the Pentagon's budget?

      -Arrian

      p.s. I'm not sure one can be serious about balancing the budget while cutting taxes if one does not admit one wants to cut entitlements.
      grog want tank...Grog Want Tank... GROG WANT TANK!

      The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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      • #4
        Go do that voodoo that you do so well!
        Life is not measured by the number of breaths you take, but by the moments that take your breath away.
        "Hating America is something best left to Mobius. He is an expert Yank hater.
        He also hates Texans and Australians, he does diversify." ~ Braindead

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        • #5
          Originally posted by SlowwHand
          Go do that voodoo that you do so well!
          Hold your ears folks, it's showtime!
          John Brown did nothing wrong.

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          • #6
            Life is not measured by the number of breaths you take, but by the moments that take your breath away.
            "Hating America is something best left to Mobius. He is an expert Yank hater.
            He also hates Texans and Australians, he does diversify." ~ Braindead

            Comment


            • #7
              Social Security is still taking in more money today than it pays out, building up it's trust fund, which according to the Social Security Actuary is currently at over 2 Trillion dollars.



              Making any change to Social Security would mean nothing whatsoever for the part of the Federal Budget running a deficit, since entitlement spending is generally not directly tied to this.

              Social Security is currently solvent going out 75 years without any changes, specially given how cost of living increases have been cut significantly by changing how inflation is calculated. Simply raising the retirement age, or if ncessary, removing caps from income subject to Social Security withholdings, or figuring out ways to cut benefits for those with independent retirement savings, would also keep the system solvent for more decades to come.

              If anything, the government keeps dipping into the Trust Fund to fund non-Social Security spending. I wonder if McCain plans to change that and repay into the trust fund all the money that has been removed.
              If you don't like reality, change it! me
              "Oh no! I am bested!" Drake
              "it is dangerous to be right when the government is wrong" Voltaire
              "Patriotism is a pernecious, psychopathic form of idiocy" George Bernard Shaw

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              • #8
                Given that the Bush tax cuts have not shown any great effect in boosting economic growth since their inception, and have only perpetuated a growing budget crunch as discretionary spending has increased, the McCain plan seems nothing more than continuing failure.
                If you don't like reality, change it! me
                "Oh no! I am bested!" Drake
                "it is dangerous to be right when the government is wrong" Voltaire
                "Patriotism is a pernecious, psychopathic form of idiocy" George Bernard Shaw

                Comment


                • #9
                  Well, decreasing discretionary spending would certainly help Unfortunately, that seems to largely be up to congress to do. I wonder what Ms. Pelosi would like to do about that ...
                  <Reverend> IRC is just multiplayer notepad.
                  I like your SNOOPY POSTER! - While you Wait quote.

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                  • #10
                    Yeah, which discretionary spending should go down?

                    People attack earmarks, but then vote for their own member of congress because they are so "good for the district." Yes, there are obvious ones that stand out: "Bridge to nowhere" being a classic, but most earmarks do have direct benefits to the people in those districts, which is why they are so popular in the first place.

                    Then you have the fact that we as a country have severely underfunded all infrasctructure in this country, be if roads, rails, airports, powerlines, ports, you name it, we have underfunded it.

                    So again, what can be significantly cut without a large and understanable political backlash, now that Welfare as a wipping boy is out?
                    If you don't like reality, change it! me
                    "Oh no! I am bested!" Drake
                    "it is dangerous to be right when the government is wrong" Voltaire
                    "Patriotism is a pernecious, psychopathic form of idiocy" George Bernard Shaw

                    Comment


                    • #11
                      1. I do not vote for congresspeople due to their ability to get earmarks for the district.

                      Acknowledging that you have pointed out problem #1a of a publically-elected government (that most people DO vote that way)... this is why it needs to happen across the board at once. If it happens as a direct measure eliminating or limiting all earmarks/discretionary spending, it will be possible to pass; if you just say 'let us try to limit it', it won't.

                      2. I'm all for raising taxes (significantly) on the local level to cover infrastructure. I'm against it on the federal level.
                      <Reverend> IRC is just multiplayer notepad.
                      I like your SNOOPY POSTER! - While you Wait quote.

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                      • #12
                        Edit: To GePap

                        How about weaponry expenditure, like the V-22? McCain might be able to get away with it.
                        Last edited by Sandman; July 8, 2008, 14:48.

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                        • #13
                          That would be nice, wouldn't it?

                          -Arrian
                          grog want tank...Grog Want Tank... GROG WANT TANK!

                          The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

                          Comment


                          • #14
                            Given that the Bush tax cuts have not shown any great effect in boosting economic growth since their inception, and have only perpetuated a growing budget crunch as discretionary spending has increased, the McCain plan seems nothing more than continuing failure.
                            I am wondering if you will he honest enough to revist this comment now that I have highlighted it. We shall see.

                            That would be nice, wouldn't it?
                            No, the procurement schedules for the military hardware have decreased if anything under the Bush Administration. Hell, Rumsfeld himself weilded an R&D red pen of doom his first years in office. Anyone remember the Crusader and the Comanche? The overruns are in operating costs. One way of the the other I imagine this will end in the next term, virtually handing whoever is in office a balanced budget.
                            "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

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                            • #15
                              Originally posted by SlowwHand
                              Go do that voodoo that you do so well!
                              Ashe Papa Legba!

                              Libraries are state sanctioned, so they're technically engaged in privateering. - Felch
                              I thought we're trying to have a serious discussion? It says serious in the thread title!- Al. B. Sure

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