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Economy

McCain’s Proposal To Create Jobs: An Ineffective Cut On Corporate Tax Rate

mccainrnc.jpgIn his acceptance speech last night before the Republican National Convention, Sen. John McCain (R-AZ) set forth a tax proposal that he claimed “will create jobs“:

Keeping taxes low helps small businesses grow and create new jobs. Cutting the second highest business tax rate in the world will help American companies compete and keep jobs from moving overseas

A job-creating economic plan is supremely important now that the Bureau of Labor Statistics has released new numbers showing that unemployment is at a five-year high of 6.1%. Last week alone, “the number of U.S. workers filing new claims for jobless benefits jumped by 15,000.”

But if McCain wants to create jobs, cutting the corporate tax rate isn’t the place to start. According to the Congressional Budget Office, a corporate tax cut “does not create an incentive for [corporations] to spend more on labor” and “is not a particularly cost-effective method of stimulating business spending.”

As the Wonk Room has previously shown, cutting the corporate rate (which is only the world’s second highest on paper) would just lower America’s already below average corporate tax revenue. The Center for Economic & Policy Research co-director Dean Baker has said that “it doesn’t make any sense” to say that corporate tax rates are strangling the economy.

McCain, though, has thrown his chips in with the Bush economic philosophy, which has left the working and middle class behind. In fact, as McCain accepted his nomination, news headlines screamed of what Wonkette called an “economic collapse“: payrolls and stocks down, foreclosures and credit-market writedowns up.

Job growth in the eight years before Bush came to office was significantly better than in the eight years since. But to McCain, the Bush-Norquist agenda of tax cuts for corporations takes precedence over anything aimed at the anyone else.

Politics

GOP strategist: Palin’s foreign policy experience stems from ‘fishing issues’ with Russia.

Ever since Sen. John McCain (R-AZ) announced Alaska Gov. Sarah Palin (R) as his running mate, conservatives have rushed to rebut criticism that Palin has no foreign policy experience by claiming that Alaska is near Russia. Fox News’s Steve Doocy appears to be one of the first to make this claim and even McCain and his wife Cindy have uttered the absurd talking point. But today on Fox News, a “Republican strategist” laid out the specifics of this Russia/Alaska rivalry — fishing:

GREGG JARRETT: In what capacity has she worked with Russia?

TYLER HARBER: She worked with permitting issues and with fishing issues dealing with the sea fishing industry there in Alaska.

Watch it:

Jarrett didn’t seem to take the bait. “Oh, come on. That’s a far cry from major international experience.”

Transcript: Read more

Politics

FLASHBACK: In July, McCain Promised His VP Pick Would Appear On Larry King Live

Earlier today, ThinkProgress noted that since becoming Sen. John McCain’s (R-AZ) running mate, Gov. Sarah Palin has rarely taken questions from the press. The McCain campaign is increasingly shielding her from formal interviews with the media, saying that it will “do what we think is in our best interest.” Today, the Atlantic’s Marc Ambinder notes:

A senior McCain campaign official advises that, despite the gaggle of requests and pressure from the media, Gov. Sarah Palin won’t submit to a formal interview anytime soon. She may take some questions from local news entities in Alaska, but until she’s ready — and until she’s comfortable — which might not be for a long while — the media will have to wait.

McCain is breaking a promise he made on national television. In July, during an interview with CNN’s Larry King, McCain assured King that his running mate would appear on King’s show shorty after his announcement:

KING: We have a history on this program that whenever the vice presidential nominee is announced, he or she appears on this show the next night. It’s been going on for quite a while. We hope that Senator McCain follows that tradition since I have a hunch he will not announce tonight who that candidate is.

But how close are we?

MCCAIN: I want to say that that vice presidential candidate will be on your show. I will not risk the wrath of Larry King. I want to assure you.

Watch it:


In fact, instead of honoring his word and granting King exclusive access, McCain recently canceled an interview with the newsman as punishment for a tough CNN interview with a campaign spokesperson.

Digg It!

Politics

Cable news covered more of RNC’s peak hour programming than DNC’s.

Media Matters reports:

During their September 2 and September 3 coverage of the Republican National Convention, MSNBC, CNN, and Fox News each dedicated more on-air time — significantly more in most cases — to speeches and other official Republican convention programming during the most-watched portions of their coverage than each channel dedicated to official convention programming during the same times on comparable nights of the Democratic National Convention one week earlier.

Digg It!

Economy

Which Eight Years Did McCain Prefer?

The Bureau of Labor Statistics has released its monthly employment data, and the picture is bleak: the American economy lost 84,000 jobs in August, and the employment rate jumped to 6.1%, the highest in five years.

While productivity is up 4.3% since last year (people are working harder with better, more efficient technology), real wages have sagged, dropping .4%.

These numbers are a continuation of trends resulting from the policies of George W. Bush: when times are good, they’re only good for corporations and the wealthy, and when times are bad, they’re mostly bad for the middle class.

Take a look at the comparison in job growth from Bush’s presidency to the eight years before George W. Bush:

Which 8 Years

Unfortunately, John McCain plans to continue George W. Bush’s failed economic policies. Today, in response to the new job numbers, McCain’s campaign said “Americans are hurting and we must act to create jobs.”

They’re right, but that’s not what John McCain’s Bush-style economic plan would do.

Read more

Climate Progress

“Drill baby, drill”: The moment the Republic died

I couldn’t stomach watching Mayor Giuliani’s convention speech, so I missed this defining moment when it was live.

But should John McCain win (and maybe even if he doesn’t), and assuming the country fails to achieve a bipartisan agreement to take action strong enough and fast enough to avoid the catastrophic impacts of global warming (and of peak oil, too) — then the Future Historians of America (FHA) will be able to trace the precise time and place the great American experiment failed. It was September 3, 2008 at 10:14 pm EST at the Republican National Convention in St. Paul, Minnesota:

[RAW]
[/RAW]

Yes, the delegates to one of the two major political parties were chanting for crack cocaine to feed an addiction that is destroying the economic health of this country, strengthening our enemies, jeopardizing our security, and ultimately posing “an existential threat to civilization” itself. With apoligies to T. S. Eliot:

Read more

Politics

For The Fifth Time, McCain Campaign Illegally Uses Artists’ Copyrighted Music

Last night at the conclusion of the GOP convention, the Sen. John McCain’s (R-AZ) campaign blasted the song “Barracuda” by Heart. The tune is meant to be a theme song for Gov. Sarah Palin (R-AK), whose high school nickname was reportedly “Sarah Barracuda.” Watch a clip of Republicans rocking out to the song:

The problem is that the McCain campaign never obtained legal permission to use the song. Heart’s representative issued a statement:

The Republican campaign did not ask for permission to use the song, nor would they have been granted that permission. We have asked the Republican campaign publicly not to use our music. We hope our wishes will be honored.

Last month, McCain released his technology policy, in which he promised to “protect the creative industries from piracy.” Yet as ThinkProgress has reported previously, McCain has infringed on artists’ copyrights on at least four other occasions:

- In August, singer Jackson Browne sued the McCain campaign and the Ohio Republican Party for copyright infringement because his song “Running on Empty” was used in an ad by the state party. Browne’s lawyers said that “McCain and his campaign were well aware of” this fact.

– In August, the McCain campaign re-cut a web ad after comedian Mike Myers’s publicist complained about the use of footage of Myers and fellow Saturday Night Live alum Dana Carvey’s “Wayne’s World” characters.

– In July, the McCain campaign had to pull and re-cut a web ad after Frankie Valli’s record label, the Warner Music Group, asserted its copyright claims over the use of the song “Can’t Take My Eyes Off Of You.”

– Earlier this year, the copyright owners for the “Rocky” theme song “telephoned the McCain campaign to politely complain it was being used without permission.”

Digg It!

Health

McCain’s Health Care Fear-Mongering

mccainconvention.jpgDuring last night’s acceptance speech, Sen. John McCain (R-AZ), insinuated that comprehensive health care reform would undermine the current system:

My health care plan will make it easier for more Americans to find and keep good health care insurance. His plan will force small businesses to cut jobs, reduce wages, and force families into a government run health care system where a bureaucrat stands between you and your doctor.

So-called government-run health care has done marvels for the senator. As Ezra Klein points out, McCain “has never been off government health care a day in his life, and is healthy enough to run for president at 72.”

But personal history aside, McCain’s fear-mongering about comprehensive universal reform, is both deceitful and dishonest.

Consider Massachusetts’s landmark health reform law. The legislation built “upon the existing health care system, with expansions to Medicaid, subsidized coverage for people with low incomes, and reform of private insurance markets.” Far from forcing bureaucrats into consult rooms, the legislation increased access to meaningful care:

- The overall uninsurance rate for adults in Massachusetts decreased from 13% to 7%.

- For low-income adults, dental visits increased 9% and preventive care visits increased 6%.

- Low-income adults…who said they had not received care due to cost decreased from 27% in 2006 to 17% in 2007

McCain’s concerns about families being forced into “government care” — i.e. his insurance — also never materialized. In Massachusetts, “employer coverage increased by five percentage points” and there has been no evidence that “employers are less likely to offer coverage to their workers under health reform than before.”

Seventy-one percent of Massachusetts residents support these reforms. But if McCain is so scared of government programs, perhaps he should opt out of his own insurance coverage.

Politics

Westmoreland stands by ‘uppity’ remark: ‘It accurately describes’ Obama.

Rep. Lynn Westmoreland (R-GA) is standing by the remarks he made yesterday that the Obamas are part of an “elitist-class…that thinks that they’re uppity.” According to the AP, Westmoreland says that he was unaware that the word was offensive:

west.jpg In a statement Friday, Westmoreland – who was born in 1950 and raised in the segregated South – said he didn’t know that “uppity” was commonly used as a derogatory term for blacks seeking equal treatment. Instead, he referred to the dictionary definition of the word as describing someone who is haughty, snobbish or has inflated self-esteem.

“He stands by that characterization and thinks it accurately describes the Democratic nominee,” said Brian Robinson, Westmoreland’s spokesman. “He was unaware that the word had racial overtones and he had absolutely no intention of using a word that can be considered offensive.”

As the AP also notes, last year, Westmoreland “led opposition to renewing the 1965 Voting Rights Act. He also was one of two House members last year who opposed g i ving the Justice Department more money to crack unsolved civil rights killings.”

Update

The Washington Post’s Jonathan Weisman isn’t buying Westmoreland’s excuse:

Having grown up in Atlanta, very near where Rep. Lynn Westmoreland grew up, I can say pretty unequivocally that there is no way a native Georgian could not have known the racial context of that word. Georgia in the 60s and 70s was a study in black and white (it’s much more diverse now), and racial subtexts were everywhere. I do not buy his defense.

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