Our guest blogger is Brian Levine, a Senior Policy Adviser at the Center for American Progress Action Fund.
This morning, the Republican National Committee launched a new ad, which suggests that the only thing that could make our current economic problems worse is reckless spending, which will create “new debt.”
After watching the ad, viewers might assume that McCain is a deficit hawk who won’t create “new debt.” Nothing could be further from the truth. According to the nonpartisan Tax Policy Center, John McCain’s tax plan — which bestows lavish benefits on corporations and wealthy individuals — would increase the deficit by $5 trillion over the next ten years.
McCain claims he will balance the federal budget by 2013. The Washington Post recently called this claim “not credible,” as it is based on low-ball estimates of the cost of his tax cuts and $470 billion in unrealistic and largely unspecified spending cuts. The Post called the McCain campaign’s claimed savings “illusory.” McCain constantly talks about cutting earmarks. But eliminating every earmark in the federal budget would only save $18 billion — a small fraction of the cost of McCain’s tax plan.
The McCain budget also does not account for the new spending associated with his health care and energy plans as well as fully funding No Child Left Behind. His health care plan could cost $130 billion a year and McCain’s top economic adviser admitted that the high risk pools McCain promises to subsidize to cover those with pre-existing conditions could cost $20 billion.
If the Republican National Committee is so concerned about fiscal responsibility, they must be terrified at the prospect of their own candidate being elected.