This devastating analysis of John McCain's economic illiteracy should be a warning to all Americans. A key section of the article:
McCain wants to extend the Bush tax cuts, which he once opposed as a needless sop to the rich in a time of war. (I await David Brooks' inevitable explanation of how opposing taxes in a time of war in 2001 and 2003, when deficits were low, but supporting them in 2011, in a time of war and high deficits, is deeply moral and admirable.) But McCain wants to see Bush's tax relief and raise it some. McCain would slash the corporate-income-tax rate from 35 percent to 25 percent (because corporate profits as a percentage of GDP didn't spike enough this decade?), and he'd abolish the Alternative Minimum Tax, which would be a welcome move for many upper-middle-class taxpayers. "In all, his tax-cutting proposals could cost about $400 billion a year, according to estimates of the impact of different tax cuts by CBO and the McCain campaign," the Wall Street Journal reported.
And how to make up for the lost revenues? Hmmm. McCain promises to cut earmarks; to eliminate waste, fraud, and abuse; and to reduce the projected growth of Medicare; but he won't provide many numbers. As the WSJ deadpanned: "The cost will make it difficult for him to achieve his goal of balancing the budget by the end of his first term." That's perhaps the understatement of the year. The 2009 budget calls for a deficit of $407 billion on projected receipts of $2.7 trillion*, as this table shows. Essentially, McCain wants to cut revenues by about 15 percent from current levels, with nothing close to that in spending reductions, in a time when, even after spending excess Social Security payroll taxes, the deficit is running at more than $400 billion. Here's some straight talk: McCain's fiscal program is either a joke or a fantasy.
Yes indeed, a very bad joke or a very sick fantasy. This country is already teetering on the brink of economic disaster and McCain apparently wants to give it one big final shove over the cliff.
Every way you look at it, electing this man would be a disaster.