John McCain wants desperately to preside over George Bush’s third term. And Hillraisers consider supporting this schmuck? That’s nothing but a spit in the eye to one of Bill Clinton’s undeniably positive legacies – balanced budgets and budget surpluses. Clinton’s former Secretary of Labor, Robert Reich, writes:
George W. Bush took the largest budget surplus in history and transformed it into a giant deficit. McCain’s economic plan, announced today, will to even worse. McCain says he’s going to balance the budget by the end of his first term (actually, he didn’t literally say that – he just “demanded” it – implying that a Democratically-controlled Congress would be ultimately responsible if it didn’t happen). And then McCain came up with numbers that will blow the deficit into the stratosphere.
The non-partisan Congressional Budget Office projects that the budget deficit will be $443 billion in 2013, the end of the next president’s first term, if Bush’s tax cuts are made permanent (which McCain pledges to do). So start with this $443 billion hole. Now add in McCain’s promise to cut corporate taxes by a hundred billion a year ($4 billion of this for American oil companies, more than a billion for Exxon-Mobile alone). Then add in McCain’s promise to get rid of the Alternative Minimum Tax, designed to ensure that the very rich pay at least a minimum percent of their income in tax. Obama would properly index it to inflation but McCain will let the rich pay as little as they can get away with. Non-partisan tax experts put the ten year cost of this at $1 trillion. All told, McCain promises more than $650 billion of new tax cuts per year. (That doesn’t even include McCain’s promise to allow corporations to immediately expense all their investments – which, he asserts, would add nothing to the budget deficit at all!)
Who gets all these cuts? Mostly, the very rich and big corporations. The non- partisan Tax Policy Center estimates that 25 percent of McCain’s cuts would go to people earning over $2.8 million a year (the top one-tenth of one percent). Each would get an average tax cut of $269,000, over and above what George Bush gave them.
[Click to read the rest of Robert Reich’s Blog: McCain’s Budget Whopper]
John McCain’s base (the national media) wring their hands re: Obama and tax increases, but John McSame is proudly an economic idiot, willing to destroy the American government any way possible, taking the rest of us with him.