Last month, Senator John McCain’s (R-AZ) economic adviser Douglas Holtz-Eakin attempted to promote McCain’s economic plan by explaining that “the Wall Street guys are in a world of hurt,” while “the Main Street guys are hanging in there.”
Today, Holtz-Eakin tried have it both ways. He first justified McCain’s plan to extend the Bush tax cuts by saying that Main Street is “hurting very much.” Minutes later, though, he suggested that on Wall Street “there’s a world of hurt,” while Main Street “has been hanging in there remarkably well.” Watch it:
Holtz-Eakin is wrong about Main Street hanging in there “remarkably well.” He is also citing Main Street’s economic pain as a reason to extend tax cuts that overwhelmingly help the wealthy. In addition to making Bush’s tax cuts permanent, McCain has proposed $300 billion in budget-busting tax cuts for corporations and the ultra-rich.
To ease some of Wall Street’s suffering, McCain has proposed a $175 billion tax cut for corporations. This would give America’s 200 largest corporations $45 billion in tax breaks and send America’s five largest oil companies $4 billion every year.
Just like under George Bush, with McCain’s economic plan Wall Street wins, while American families lose.