DNC - Americans Can't Afford Four More Years of a Bush Economy with John McCain

Washington, DC - Today on ABC's "This Week" Senator Lindsey Graham, saying that Senator Obama and Senator McCain have "two different views of how to grow the economy in a global world," made clear that John McCain would continue the same failed Bush Administration policies that have hurt our economy.  In stark contrast, Senator Barack Obama has outlined plans to change the policies of the Bush Administration to get our economy back on track --specific plans that he'll talk about next week as he launches his two week economic swing - the "Change that Works for You Tour" Monday. 

"The difference between John McCain and Barack Obama on the economy couldn't be more stark," said Democratic National Committee Press Secretary Stacie Paxton.  "New economic indicators show what the American people already know: our economy needs a change and we need to change course to get it back on track.  Yet even with unemployment at a 22 year high, Americans struggling to keep their homes, and everything from gas to groceries costing more, John McCain insists on continuing the failed Bush policies that got our economy into this trouble in the first place.  How can the American people trust John McCain to fix the economy when he admits he doesn't understand it and won't make changes to fix it?  Senator Obama understands Americans are hurting and has specific plans to get our economy back on track."


Cost of "Four More Years" Budget Placed At $6.3 TRILLION. A CBO report called "January Budget and Economic Outlook" showed continued deterioration in the budget outlook with the projected 2008 deficit growing to $219 billion. But as bad as the budget situation has become under the current Republican Administration, continuation of the Republican policies by any of the Republicans on stage tonight will only make things worse. The majority staff of the Senate Budget Committee estimates that funding Republican priorities like making the Bush tax cuts permanent and funding ongoing - and perhaps permanent - operations in Iraq will add $6.3 trillion to the CBO's already dismal ten-year predictions. [http://budget.senate.gov/democratic/documents/2008/cbojanupdatefactsheet2008]

Like Bush, McCain Ignores Housing Crisis, Lacks Specific Proposals. "McCain, in the midst of a weeklong western fundraising swing, focused on the home-financing crisis at an event in the Republican bastion of Orange County as he tried to rebut Democratic criticism of his economic credentials. His pitch, though, offered little in the way of specific proposals to immediately address the crisis." [AP, 3/25/08]

McCain Voted Against A National Affordable Housing Program. McCain voted against an amendment that would increase the general estate tax exemption for a couple to $4 million, as well as the family-owned business exemption to $8 million per couple by 2010 and establish a National Affordable Housing Trust Fund for the production of affordable housing. The amendment would dedicate $5 billion to the trust fund. [2000 Senate Vote #189, 7/14/2000]

Health Care Costs Skyrocket but McCain's Plan Just Like Bush's. "Presumptive Republican presidential nominee Sen. John McCain (Ariz.) has proposed reining in health-care costs, in part by treating the value of employer-sponsored health-care plans as income and providing a $5,000 per family tax credit for those who buy health insurance. He also supports free-market proposals aimed at stoking competition and giving patients more information, which he believes will increase pressure on health providers to control costs." In fact, "President Bush proposed a similar idea" to the tax credits in McCain's plan, which was dead-on-arrival in Congress in early 2007, because the plan only awarded those who purchased insurance in the private market. [Washington Post, 3/24/08; Wall Street Journal, 10/11/07; Washington Post, 1/25/07]

McCain and Bush Agree that Americans are Better Off…

April 2008: McCain Says "The Fundamentals of America's Economy are Strong," Americans Better Off Than They Were Eight Years Ago.  "MR. COOK: I'm going to ask you a version of the Ronald Reagan question. You think if Americans were asked, are you better off today than you were before George Bush took office more than seven years ago, what answer would they give? SEN. MCCAIN: …I think if you look at the overall record and millions of jobs have been created, et cetera, et cetera, you could make an argument that there's been great progress economically over that period of time. But that's no comfort. That's no comfort to families now that are facing these tremendous economic challenges.  But let me just add, Peter, the fundamentals of America 's economy are strong. We're the greatest exporter, the greatest importer, the greatest innovator, the greatest producer, still the greatest economic engine in the world. And, by the way, exports and free trade are a key element in economic recovery." [Bloomberg Money & Politics, 4/17/08 : http://www.realclearpolitics.com/articles/2008/04/john_mccain_on_bloomberg_tv.html]

President Bush: Fundamentals Of Our Nation's Economy Are Strong."  "I say that the fundamentals of our nation's economy are strong. Inflation is down. Job markets are steady and strong. After all, the national unemployment rate is 4.6 percent. Corporate profits appear to be strong. Exports are up. There is no question that there is some unsettling times in the housing market, and credits associated with the housing market. And that's why I look forward to working with Congress to modernize the FHA loans so that people can refinance their homes, and to change the tax code so that if somebody renegotiates a loan they don't have to pay a penalty, a tax penalty, in so doing." [White House News Conference, 9/20/07: http://www.whitehouse.gov/news/releases/2007/09/20070920-2.html]