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Denver, CO- Confronted with more disturbing economic news this week, John McCain
demonstrated just how little he understands the economy and the challenges Colorado’s
families face everyday. Asked this morning in Atlanta about today's terrible
economic reports, McCain said the jobs numbers were "not terrible"
because "the unemployment rate did not go up," even as experts reported
the worst job losses in five years. These comments come just days after McCain
said the best short-term relief for families feeling the economic pinch was
making Bush's budget-busting tax cuts for the wealthy permanent in 2010—nearly
two years from now. [AP, 3/7/08; Wall Street Journal, 3/3/08]
Maybe McCain didn't realize that oil prices hit a new record high yesterday
with people in Colorado paying up to $3.08 for a gallon of gas. That, of course,
comes as home foreclosures around the country hit an all-time high in the final
quarter of last year, with 11,915 families in Colorado losing their homes. And
a new jobs report out today shows employers cut 63,000 jobs in February, a five
year high, while new consumer confidence numbers have sunk to record lows as
families struggle with stagnant wages and skyrocketing energy and college costs
and health care costs that have risen 78% since 2001. [AAA Fuel Gauge Report,
3/4/08, <http://jec.senate.gov/Documents/Reports/030608 - MBA Q4 Release.pdf>
Joint Economic Committee Factsheet; AP, 3/7/08; AP, 3/7/08; Democratic Policy
Committee Factsheet, 2/12/08]
Yet despite all those economic challenges, McCain backed President Bush's decision
to veto a children's health insurance bill, skipped a key vote on the economic
stimulus package, and refused to say whether he supports President Bush's threat
to veto a Democratic mortgage relief bill. [AP, 2/6/08; Politico.com, 2/6/08;
Congressional Quarterly Today, 2/27/2008] His pledge to make Bush’s tax
cuts for the wealthy permanent, cuts he himself argued were fiscally irresponsible
in 2001 and 2003, would cost $6.3 trillion by 2012 when combined with the costs
of the never-ending war in Iraq. No wonder McCain himself admitted "[t]he
issue of economics is not something I've understood as well as I should."
[Boston Globe, 12/18/07; Senate Budget Committee Fact Sheet, 1/24/08]
"John McCain just doesn't understand the challenges American families
face every day," said Colorado Democratic Party Chair Pat Waak. "If
he did, he would offer solutions to the families of Colorado who are struggling
to get by instead of trying to defend and extend Bush's economic policies that
have been devastating for Coloradoans. Instead, McCain offers more of the same
out-of-touch policies that do nothing to help Colorado's working families, and
that's the last thing voters want."
McCain Is Sure No Expert On the Economy.
McCain Says He Doesn't Understand the Economy. McCain admitted to reporters
"[t]he issue of economics is not something I've understood as well as I
should." [Boston Globe, 12/18/07]
McCain's Short-Term Solution for the Economy? Tax Cuts for the Wealthy in Two
Years, Of Course. When asked what efforts would have a short-term impact on
the economy, McCain responded "In the shorter term, if you somehow told
American businesses and families, 'Look, you're not going to experience a tax
increase in 2010,' I think that's a pretty good short-term measure. And as far
as confidence is concerned, I think if you say, 'Congress is going to cut corporate
taxes right away,' if you say that you've got a plan to eliminate the AMT, I
think some of those are kind of short-term measures right now." [Wall Street
Journal, 3/3/08]
Republicans Postponing Consideration of Housing Bill So McCain Doesn't Have
to Make a Hard Vote. "Consideration of the mortgage package was delayed
earlier in the week when a debate over the Iraq War lasted longer than expected.
At the time, Majority Whip Richard J. Durbin, D-Ill., maintained that Republicans
were intentionally delaying consideration of the mortgage package so that Arizona
Sen. John McCain -- the presumptive GOP presidential nominee -- would not have
to cast a vote on the bill before the March 4 Ohio primary." [Congressional
Quarterly Today, 2/27/2008]
McCain Skips Vote to Give Tax Rebates to Seniors and Disabled Veterans. "McCain
skipped a difficult Senate vote Wednesday on whether to make 20 million seniors
and 250,000 disabled veterans eligible for rebate checks as part of a proposed
economic stimulus package" despite the fact that he "was actually
in Washington -- his plane landed at Dulles Airport by 5 p.m., leaving plenty
of time to make" the vote." [AP, 2/6/08; Politico.com, 2/6/08]
Cost of "Four More Years" Placed At $6.3 TRILLION. Yesterday's CBO
"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.pdf
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