Nobody really knows what’s going on with the economy but there have been enough scary signs lately that it is a focus of concern for a lot of people. Consequently, our presidential aspirants have felt to need to opine and emote on economic issues – nevermind that the office of President doesn’t have all that much power to affect the cycles of the economy.
John McCain gave a big economic speech yesterday. On his website you can read the text but, near as I can tell, cannot watch the video. It’s a pretty standard political speech. Open with an anecdote about how tough things are for ordinary people, take a quick but toothless swipe at executive pay, talk about how the Republicans will once again be the party of fiscal restraint, take a couple of swings at the Blues and eventually get around to the list of policy proposals that will never be enacted. There really isn’t much in it.
The reason for that light touch is simple and obvious but largely unmentioned: the federal budget and the tax code that supports it are, as presently constructed, profoundly Republican. The series of tax cuts enacted by Bush the Younger when he still had a Republican Congress to work with have transformed the federal budget. Even as they’ve lead to record deficits, formerly the bane of fiscal conservatives, these policies have remained overwhelming popular as Republican campaign points. What, really, is left for John McCain to say about them?
All McCain really has are largely empty promises to help “hardworking” homeowners and the usual pap about rejecting earmarks (a tiny portion of the budget) and making tax cuts permanent (and nevermind that he opposed them in the first place.) He can’t say much in the way of promising new things because it is his party that put in place all of the elements that are now crashing down around us. That’s true of a lot of things, most notably the wars, but on economic issues and tax policy there really isn’t anywhere for him to go.
When it comes to Afghanistan and, especially, Iraq McCain’s position is all but lockstep with the current Administration. He goes to markets in Baghdad and tries to say things aren’t that bad. But on the economy he can’t say that up is down and black is white because the overwhelming consensus is that down is down and black is black. Nobody is in favor of waves of foreclosures and a recession.
Instead McCain is left with nibbling around the edges. More tax cuts! Less waste! Uh . . more tax cuts! These are the same talking points that we’ve been hearing for the last eight years. The problem is that the public is extremely dissatisfied with the way things are going. 81% dissatisfied according to that New York Times/CBS poll from a couple of weeks ago. That article also contains a paragraph that ought to scare the hell out of any candidate promising to engrave the Bush tax policy in stone:
“Fifty-eight percent of respondents said they would support raising taxes on households making more than $250,000 to pay for tax cuts or government programs for people making less than that amount. Only 38 percent called it a bad idea.”
Knowing that the minority who lust after permanent tax cuts are absolutely vital to his election, what else can McCain say? Economy collapsing? Rub some ‘Tussin on it! Lost your house? Rub some ‘Tussin on it! Financial system in chaos? Pour the ‘Tussin right on that motherfucker!
