Think Progress

McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office

Earlier this week, Sen. John McCain (R-AZ) delivered a speech on the economy in which he outlined his ambitious plan to cut taxes and balance the budget. McCain’s plan would extend President Bush’s tax cuts, reduce corporate tax rates, repeal the alternative minimum tax (AMT), and increase exemptions for dependents.

But unfortunately for McCain, “economists and nonpartisan analysts” have dug deeper into the details of his plan and concluded that the numbers simply “don’t add up.” The offsets he proposes will not cover the estimated $3.3-$5.7 trilllion cost of the proposal and would end up ballooning the federal deficit. Bloomberg News reports:

“The huge imbalance” in McCain’s plan “is that the tax cuts are specific and large and the spending cuts are small and vague,” said Robert Bixby, executive director of the Washington- based Concord Coalition. [...]

This is really a massive increase in the deficit,” said Joel Slemrod, an economist specializing in tax policy at the University of Michigan. [...]

Stan Collender, a former analyst for the House and Senate budget committees [... said] “there’s no way McCain could balance [his budget] by the time he leaves, unless he doesn’t leave for 25 years.”

Sloppy preparation may explain some of McCain’s discrepancies. Indeed, his economic adviser, Douglas Holtz-Eakin has cited different reports to back-up aspects of McCain’s economic proposals, but in reality they undermine them:

To help pay for the tax cuts, Holtz-Eakin said he would save $30 billion a year by eliminating so-called “rifle shot” provisions. Those include items such as tax breaks for small insurance companies.

A Treasury Department report Holtz-Eakin cited as the source of his estimate states $27 billion could be raised by eliminating narrowly used tax preferences spread over a decade, not a single year.

Despite the country’s sour mood on the economy, McCain said last night that Americans perhaps feel they are better off than they were when Bush took office because “millions of jobs have been created” since then. So therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time” and that “the fundamentals of America’s economy are strong.” Watch it:

[flv http://video.thinkprogress.org/2008/04/McCainstrongec.320.240.flv]

According to tax filings released today, McCain’s net worth rose by $18 million since 1999. Perhaps that increase in personal wealth makes him think that most Americans, too, are better off than they were eight years ago.



114 Responses to “McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office”

  1. Bobwurst says:

    Keep talking John, that is this liberals best hope. I know I can’t count on the media to report what your positions are, but they’re going to have a much harder time covering for you when you speak directly to the people.


  2. misshusseinmolly says:

    Despite the country’s sour mood on the economy, McCain said last night that Americans perhaps feel they are better off than they were when Bush took office because “millions of jobs have been created” since then. So therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time” and that “the fundamentals of America’s economy are strong.”
    ___________________________________________

    Waitaminnit — McCain is saying that we feel better off because “millions of jobs have been created”??? Does he think we are so stupid that we don’t realize that millions of jobs HAVE to be created just to keep up with population growth and additional people entering the workforce? Does he realize that the number of jobs created under Bushco’s watch isn’t up to the pace it needs to be?

    Yeah, he “could make an argument that there’s been great progress economically over that period of time,” but he’d lose that argument. Unless he considers giant steps backwards to be progress.


  3. Jackie says:

    Americans are really enjoying the this great US Economy Bush has built in his 7 years as President. I wonder how the millions of Americans who lost their jobs feel. Yes and the millions of Americans who’s homes are in foreclosed or out right kicked out of their home. Yes I know the Iraqis enjoy the billions of tax dollars they’re getting every month. Yes Teflon John McCain see what no one else sees. Our soldiers are dying but McCain doesn’t know it he still thinks we’re in Vietnam. No matter what ABC, CBS and Fox News try to do to build Teflon John up he just keeps destroying himself by only opening his mouth.


  4. McWars says:

    The nation’s best economic barometer is McCain’s GDP.


  5. misshusseinmolly says:

    Dr. Hussein Matt Says
    April 18th, 2008 at 5:32 pm
    Where is the fake outrage from the reich-wing like they did when Hillary and Obama revealed they made millions?
    ______________________________________________

    Silly rabbit! Republicans are SUPPOSED to make wads of money. It’s only considered to be a bad thing to make money if you are somebody who speaks for the poor (you forgot to mention that John Edwards has been hammered on this point constantly as well). If you can say “screw the poor” with a straight face, not only is it OK to make a lot of money, you are expected to.


  6. McWars says:

    Carly Fiorina-Firebrand will vouch for him over at Fox business. I tell you, she can compete with the best of ‘em. Erin Burnett is shaking right now.


  7. Tired of being lied to says:

    Yes, I guess ‘backwards’ could be considered a type of progress.


  8. RUCerious says:

    For the 1%ers, yes. The rest of us, NOT so much.


  9. JBaddo says:

    You get the funny feeling that this guy is just….well, disconnected, clueless on the challenges the average American faces.

    We will have to out-source-in leadership so that America can survive.


  10. DieNowForPeace says:

    McGodd*mnedfcukyoujesussatanpileofshit.


  11. L. Hussein Annie says:

    Oh, crap. “Sloppy preparation”…?

    Nah. I’d say it’s far more likely to be belief in the friggin’ Supply Side Fairy.


  12. RUCerious says:

    lessfresh, you really are funny. Which tax did the democratic congress raise since Jan 07 when they took control of the house?


  13. McWars says:

    Quoting Bilbohusseinbaggins, this country CANNOT survive another four years of Republican rule.


  14. Nashoba nowa says:

    Reality biting his a__ and he and this whole administration is full of BS.


  15. DieNowForPeace says:

    lessfresh, you really are funny. Which tax did the democratic congress raise since Jan 07 when they took control of the house?

    Please, nobody should respond to ANYONE with pornography linked to their “comment name”.

    Just flag, ignore, and move on, like the neighbor’s dog shit left in my yard.


  16. Fritz says:

    lessfree Says:
    It’s a proven fact that when you raise taxes Government revenue goes way down. So McCain is correct. The economy was doing fine until the democrats took control of the house. Bush has done very good with the economy!

    Does it hurt to be as stupid as you are?


  17. Badmoodman says:

    According to tax filings released today, McCain’s net worth rose by $18 million since 1999.

    – - Well, sort of. It’s actually more about a younger blonde woman who owns a massive beer distributorship.


  18. TXProgressive says:

    Again…please tell me who exactly is out of touch?


  19. Namtillaku says:

    Out of touch McBush the third.


  20. dasm says:

    These comments by McCain totally solidify the idea he is “deluded”. “too old”, and “starting dementia”. Has he looked at the economy? The dollar? The stocks? Housing? Bush has done nothing except put money in rich people’s pockets. McCain is a fool, a moron, a dolt– and he has, with this story, cemented his own comment that he knows nothing about the economy.


  21. MCMetal says:

    So therefore, McCain said, “You could make an argument that there’s been great progress economically over that period of time”

    Yeah , you could …………Of course , you’d be dead wrong , but that sure isn’t any real surprise coming from a GOP politician who is running to continue the awful Chimpy presidency and his downright garbage policies.


  22. MCMetal says:

    lessfree Says:
    ——————————————————————————–

    It’s a proven fact that when you raise taxes Government revenue goes way down. So McCain is correct. The economy was doing fine until the democrats took control of the house. Bush has done very good with the economy!

    April 18th, 2008 at 5:44 pm

    Where exactly was this “proven” ?

    Your rectum ?


  23. RUCerious says:

    dnfp@#20 ~ So sorry, I never click troll links, I put him on Jake’s ignore list.


  24. andy42302 says:

    Folks such as lessfree, who let blind Bush/GOP loyalty trump reality, make statements that we’re to assume to be correct based on their word alone, and deny the facts in front of them amuse me.


  25. RUCerious says:

    Dr. Matt, Shirley you remember?


  26. Keith says:

    Planet Earth to McCain:

    4-4-08 NYTimes/CBS Poll: 78% say things have gotten worse over past five years; 4% better. 81% say country on wrong track; 14% right track.
    Bill Clinton averaged 237,000 new jobs per month. George Bush 70,000 jobs per month.


  27. the Lone Voice of Reason says:

    Oh My God is he for real. This guy is so self-serving. I have to hear about flag pins and reverends but this will get zilch attention from the so-called MSM.


  28. Keith says:

    Stop calling him Shirley.


  29. DieNowForPeace says:

    So sorry, I never click troll links, I put him on Jake’s ignore list.

    Oh hell, I would never click either, but on “mouse over” my browser’s “status bar” alerts me to the url before I click!

    And Jake has no reason to come back since 99% of us on on the “ignore list”!


  30. the Lone Voice of Reason says:

    George Bush 70,000 jobs per month.

    Burger fillin’ jobs.


  31. DieNowForPeace says:

    Keith, “do you like movies about gladiators?

    or how about

    “Oh look, scraps is a boy dog!”


  32. Keith says:

    About 120-140,000 jobs per month needed to keep up with population growth. Average wage decreases under GWB when adjusted for inflation. First time since Great Depression.


  33. RUCerious says:

    Wow! We’re all touchy today! What did Surely ever do to y’all?


  34. RUCerious says:

    DNFP ~ from Chicken Little “What were we talking about?”!


  35. DieNowForPeace says:

    Roger over,
    What’s your vector victor?


  36. RUCerious says:

    Uh Oh, Dr Matt, not yet?


  37. MCMetal says:

    Joey, have you ever been to a Turkish prison?


  38. MCMetal says:

    You ever seen a grown man naked?


  39. Leporello says:

    What meds is McInsane taking and where can I get some? Why is it that, for the most important office in the nation, we have a circus freak running as the Republican candidate? Why have a lunatic who’s rejected this reality and substituted his own run for President? Just once in my lifetime I’d like to see two really capable candidates oppose each other, in a civilized manner, in a run for the Presidency. One other thing. McInsane said he’d run his candidacy with class and style. His campaign just put out a fundraiser linking Obama to Hamas. Link is:
    http://www.huffingtonpost.com/2008/04/18/mccain-hamas-endorsement_n_97469.html
    Impeach Cheney and Bush and Save the Constitution!
    Abu Ben Hussein Leporello.


  40. DieNowForPeace says:

    Excuse me, but does anyone here speak jive?


  41. MCMetal says:

    I’m not sure. I haven’t seen anything like this since the Anita Bryant concert.


  42. Keith says:

    Frank: That’s the red-light district. I wonder why Savage is hanging around down there.

    Ed: Sex, Frank?

    Frank: Uh, no, not right now, Ed. We’ve got work to do.


  43. RUCerious says:

    Damn, am I dense. Anybody here speak jive?


  44. stewarjt says:

    “the fundamentals of America’s economy are strong.”

    Exactly what fundamentals is he talking about and exactly which ones are strong? For example, over the last four months the private sector, “the engine of economic growth,” lost 297,000 jobs!!!


  45. RUCerious says:

    DNFP@#50 ~ jeebus I can’t even catch up properly. Where’s my inflatable co-pilot!


  46. Keith says:

    He means the fundamentals where the corporations make obscene profits.


  47. RUCerious says:

    stewy ~ he’s talking about the fact that we’re fundamentally screwed!


  48. MCMetal says:

    You’d better tell the Captain we’ve got to land as soon as we can. This woman has to be gotten to a hospital.

    A hospital? What is it?

    It’s a big building with patients, but that’s not important right now.


  49. JMOHR says:

    First, there is a serious problem with a corporate, right wing run press. There is no factual basis for stating that the economy is in better shape than at the beginning of King George’s rein. Poverty rates have increased, unemployment has increased, those without access to health insurance has increased, inflation adjusted income for every segment of the economy but for the the wealthiest families in the US has been stagnant or fallen, income gap has increased to the same disparity as prior to the Great Depression, and so on. However, the press will not challenge these obviously false statements. The figures supporting the economic policies expressed by Senile John are ridiculous. Yet not a peep out of the press that John had failed to take his aricept or is just lying. The press must be brought back as a nonpartisan actor. This will only happen when the streets run red with the blood of Republicans and their corporate lackeys. (Figurative sense.)

    Lastly, it is time to retroactively abort such mentally defective fools as less free. Frankly, as long as the economy is growing, tax receipts will continue to grow. The MORON lessfree cites a very discredited theory called the LAFFER curve. Only a f__king idiot would believe in its free lunch philosophy. The Laffer curve recognizes that there will be some increase in tax receipts. However, all concede now that it will not offset the amount of revenue lost by lowering the tax rate. By the way, you can increase short term receipts from capital gains transactions by simply enacting a tax increase. There will be a similar increase in those recognizing capital gains prior to the effective date of the rate increase. Long term, neither increase or lowering of the capital gains rate will impact investment but at the extreme ends of the spectrum.

    Yes, we must all contact the MSM and demand to know why any Democrat with far less money than McCain is out of touch with working class and poor; while St John is seen to be a special case.


  50. MCMetal says:

    Elaine, you’re a member of this crew. Can you face some unpleasant facts?

    No.


  51. MCMetal says:

    Nervous?

    Yes.

    First time?

    No, I’ve been nervous lots of times.


  52. Badger says:

    Exactly what fundamentals is he talking about and exactly which ones are strong.

    If your net worth is $36,400,000…like Sen. McCain’s….things are FUNDAMENTALLY Good.


  53. RUCerious says:

    All right, get me Hamm on five; hold the Mayo


  54. MCMetal says:

    Johnny, what can you make out of this?

    This? Why, I can make a hat or a brooch or a pterodactyl…


  55. RUCerious says:

    Female announcer: No, the white zone is for loading. Now, there is no stopping in a RED zone.
    Male announcer: The red zone has always been for loading.
    Female announcer: Don’t you tell me which zone is for loading, and which zone is for unloading.
    Male announcer: Look Betty, don’t start up with your white zone shit again. There’s just no stopping in a white zone.
    Female announcer: Oh really, Vernon? Why pretend, we both know perfectly well what this is about. You want me to have an abortion.


  56. Buckie Boy says:

    “McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office…

    McCorrupt, of course there’s been great progress…in Cheney’s bank account, and those who are connected to him and Bush.

    War Criminals love War Profits after all, the rest of us, not so much.

    Could grampa be anymore out of touch?


  57. Merlin says:

    McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office

    Even if the above is true it means nothing against the reality below.

    And the latest from ABC/WaPo is, if anything, worse for the GOP.

    The public’s ratings of the national economy continue to sour, with assessments deteriorating faster than at any point in Washington Post-ABC News polling. Views on the Iraq war have also turned more negative, with six in 10 now rejecting the notion that the United States needs to win there to effectively battle terrorism.

    The economy and the Iraq war are the top two issues on voters’ minds, according to the new Post-ABC poll, and worsening opinions of both may dampen GOP hopes for the November elections.


  58. SP Biloxi says:

    McCain’s comments= 4 years of W04-M08.


  59. Keith says:

    #1 Dr. Hussein Matt Says:
    In 7 short years we have gone from the world’s leading creditor nation to being the world’s greatest debtor nation.

    Actually, at the end of Carter’s term, the US had been the greatest creditor nation for a long time. Ever since about the second year of Reagan, we have been the world’s largest debtor nation.

    Total debt first 200 years = $0.9 trillion. After 12 years of Reagan/Bush = $4.1 trillion. Today = $9.1 trillion.


  60. Bilbo Hussein Baggins says:

    What planet does this man live on? I doubt that millions of jobs have been created but if they have, they are all low-wage jobs with few benefits.

    Keep digging the hole John, pretty soon you won’t be able to get out of it.



  61. theswan says:

    You call it stagnet. Like the water!


  62. tarazan says:

    Is this McCain’s economic ‘Surge’..?


  63. Bad Eye says:

    Well let’s see…

    We’ve had two companies in our area recently announce the loss of a total of 400 jobs in our area due to the downturn in the housing construction area.

    But new retail stores have opened all over the place. Hundreds of jobs! Low paying jobs that likely do not offer health care! And just in time for gas price hikes (passed a station near the house today advertising regular grade for $3.40/gal; that’s about a 25 cent increase in 2 weeks or so).


  64. Bad Eye says:

    So is McCain suggesting that I feel I am better off now than in 2000 because someone else got one of those millions of new jobs?

    Insane. Definitely insane.


  65. Alejandro says:

    WHAT effing tax cuts???? I’m paying more than ever now.


  66. RUCerious says:

    Stumbling, fumbling, bumbling, grumbling McJumble.

    How could anyone vote for a man who publicly called his wife a trollop and a c*nt?


  67. Keith says:

    Kinky. But I like my sex the way I play basketball, one on one with as little dribbling as possible.


  68. justsayin says:

    OMG what is wrong with john mccain? oh wait, yeah, i think i figured it out – last week in the nyt they talked about his son being in Iraq, maybe “they” (karlrove) blackmailing him? how the hell else can you get this kind of loyalty? or or or…jesus i can think a bunch of really crazy scenarios but they are all crazy i just can’t listen to him anymore


  69. justsayin says:

    or maybe he thinks the US looks so good compared to the wonderful progress in Iraq? or or or…..


  70. MapleStreet says:

    As part of McCain’s constituency is the older part of the population, and these are the people seeing their retirement funds eaten up in the failings of the stock market,

    Could someone please explain to me why he would tell them 1) how well the market is doing and b)they should put their money in the market ?


  71. ucsbclassics53 says:

    misshusseinmolly Says:

    Silly rabbit! Republicans are SUPPOSED to make wads of money. It’s only considered to be a bad thing to make money if you are somebody who speaks for the poor (you forgot to mention that John Edwards has been hammered on this point constantly as well). If you can say “screw the poor” with a straight face, not only is it OK to make a lot of money, you are expected to.

    yeah because those advocates for the poor are engaging class warfare…/sarcasm


  72. Jane E. Schneider says:

    Dr. Hussein Matt, RUCerious, McMetal, DNFP, and Keith, wish I’d been around earlier for the Airplane! fest. Thanks for the laughs! :D

    On topic: How can anyone listen to McCain’s so-called economic plan and still think that he’s a viable candidate for the Presidency? Please, please tell me that there must be some Republicans who still value loyalty to their country over loyalty to their party? Please?


  73. WaltTheMan says:

    To put it simply, this guy seems to be out of touch with reality.


  74. Strick says:

    You could make the argument that when someone starts a sentence with the phrase “you could make the argument”, they always agree with what comes next. You could.

    You’d be wrong, but you could. As a matter of fact the opposite is generally true.

    Claiming that McCain said “there’s been great progress economically” is one of the worst distortions I’ve seen come out of the campaign so far. You should be ashamed or yourself.


  75. Bad Eye says:

    Jane E. Schneider Says:

    April 19th, 2008 at 3:25 am

    Jane, I’m sure there are, but they are in the super minority.


  76. Badger says:

    You could make the argument that when someone starts a sentence with the phrase “you could make the argument”, they are being Deliberately Evasive about THEIR POSITION on the Issue.
    Many Americans ARE Doing better under the Bush Presidency…Millionaires, Defense Contractors,Oil and Drug Companies….But the Majority are not, and hopefully will Vote accordingly in November.


  77. katy says:

    really? no one commented on that???

    the portrait of john mcSame behind the “candidate” john mcSame…

    tip from stephen colbert? … but THIS guy is serious!

    btw – that was awesome to see colbert’s portrait on the chiladelphia set – LOL…


  78. YouCantHandleDaTruth says:

    OMG!! Come on people, if we can’t beat this disconnected elitist then I don’t know.

    There’s no way Obama should give up the vote to this idiot


  79. Exit Stage Left says:

    katy Says:
    the portrait of john mcSame behind the “candidate” john mcSame…

    Wow. I didn’t even notice until you pointed it out. I wonder if we’ll all be required to hang one in our homes if the republicans steal another election. Oh wait. Silly me. That would require still owning a home. Never mind.


  80. sacopenapa says:

    McCain: ‘There’s Been Great Progress Economically’ Since Bush Took Office»
    MacCaine MacCaine… stop sniffing Bush’s cocaine!


  81. the_svedberg says:

    I think it’s incredible the lack of intelligence and insight by the commenters for this article. Most folks just leave some marginally humorous pun or name slander about the article’s subject, but leave absolutely nothing of intellectual merrit. A few posters left thoughtfully planned responses, with their statements often backed up by a source, but the rest of you just voice your opinion in hopes another person will just accept your words as fact. I’m especially concerned with the posters who cite problems with deficits and debt incurred by the Federal government. Although I’d love to see federal spending equal to taxes collected, thus the Federal government would balance its checkbook, but there is a widespread misunderstanding of the source and implications of accumulated debt. In the business world, you have lenders and borrowers. When a deal is made between these two entities, both parties enter into the agreement with one thing in common: they both forsee the potential of the borrower to make good on the investment, thus both parties stand to benefit. The same is with the government: the largest chunk of the debt the Feds owe to themselves in the form of entitlement spending. The next largest chunk it owes to the public (that is, you and me). Then comes the foreign nationals who lend to us, with Japan, China and the UK making the bulk of that list. But what is inheritely (sp?) wrong with foreigners lending America money? Think back to the business model: they wouldn’t feel obligated to lend us money unless thy saw somehow how they stand to benefit (of course we believe we will benefit from the loan, or else we wouldn’t take it). All the way back to Alexander Hamilton, it is often assumed that incurring some government debt is not necessarily a bad thing, only when debt starts to outpace production (read: GDP) does it really matter and the last 10 years or so we’ve seen the ratio of debt to GDP hold pretty steady, actually an improvement over the same ratio from the mid 1990s when production was curbed in the name of decreasing debt (production was taxed to relieve an incorrectly perceived threat of too much debt). So my point is, you shouldn’t worry so much about “how much debt there is” or “how we’re gonna reduce debt” so much as “how are we gonna set up policy to encourage the maximum amount of production so everyone reaps the benefits of everyone else’s production.”

    http://www.optimist123.com/ optimist/ 2007/ 05/ its_productivit.html

    I’m not saying that Jorge Bush is the best example of someone with good economic policy to maximize the debt-to-GDP ratio, but our policies today seem much more logical than trying to have more Federal playcalling in the market (Clinton) or raising taxes further on production (Obama and Clinton, especially Obama). Obama realizes that his tax policy will most likely result in less taxes collected, but he still persues a policy of wealth envy and class warfare, why?

    Also, those who say “America used to be the world’s largest creditor, now we’re the largest debtor.” I’d like to know who told you that, or what your criteria for being a debtor or a creditor is. After WW2, the public debt-to-GDP ratio was over 120%, while today it is less than 40%. Keep in mind that is public debt, not all debt, and public debt is often considered a better indicator of whether or not the government is insuing too much debt. As far as being the worlds largest debtor, that may be because we have so much freakin money. Our debt-to-GDP ratio puts us in similar company of S. Korea, Vietnam, Taiwan (countries many of you probably think are creditors). That’s from the CIA factbook, sorry the link isn’t pasting correctly.


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  83. doktorgizemli says:

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  90. Oyun says:

    You could make an argument that there’s been great progress economically over that period of time” and that “the fundamentals of America’s economy are strong


  91. doktorgizemli says:

    Just like the cold war when everyone who didn’t agree with the U.S. was either a communist or a communist sympathizer. Lida This poor crazy guy spent half a decade being tortured because a bunch of stupid politicians Lida were sure the NVA was in bed with the Russians (minimal help) and/or the Chinese (ancient enemy of the vietnamese). Orjinal Lida You would think he would have learned from others’ mistakes. Guess not. Republicans need an enemy. yuda This century it apparently will be all Muslims, Elektronik Sigara all of whom must be alQaeda operatives.


  92. watchebay says:

    Discussing Alaska Gov. Sarah Palin’s (R) prospects as Sen. John McCain’s (R-AZ) running mate this morning on Fox and Friends, Brian Kilmeade said Sen. Joe Biden (D-DE) “is going to capitalize” in a debate with Palin because “she has no international relations experience, she’s not the chairman of the Foreign Relations Committee.” Co-host Steve Doocy then jumped in to try to set the record straight.

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  98. yukseksound says:

    there has been great progress with China’s economy due to this administration’s thirst more war, more debt, and more tax breaks for the rich and corporations. In 7 short years we have gone from the world’s leading creditor nation to being the world’s greatest debtor nation. Yes, indeed, there has been great progress economically by advancing the economy of foreign nations. Congrats.

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