McCain's Utter Cluelessness on the Economy
by Chris Edelson

Frank Rich has a scorching op-ed in the New York Times today that lays bare McCain's utter incoherence on the economy.  McCain has switched his views on the Bush tax cuts (used to oppose, now supports), how Americans have fared under Bush (he changed his tune on this during a 24 hour period), offshore drilling, and the mortgage bailouts (the Times described his reversal here as a "pivot"). 

He has relied on advisors like the recently deposed Phil Gramm, who called Americans' concerns about the economy "whining" and thinks a former AT&T exec who "only" got a $158 million pay package instead of the billions Gramm says he deserved is "probably the most exploited worker in American history."  Ordinary Americans who are facing tough financial times are whiners, but multimillionaire executives need our help and sympathy.  (Maybe Gramm can turn next to rehabilitating the reputation of Marie Antoinette).

Getting economic policy wrong is nothing new for McCain, or the Republicans.  Every single Republican in Congress, including John McCain, voted against Bill Clinton's first budget, threatening to scuttle Clinton's presidency before it got started.  Republicans predicted doom if Clinton's plan passed, and McCain himself argued that the plan was unconstitutional and the "height of unfairness".  McCain and the Republicans were absolutely wrong.  Clinton's plan got the economy back on track (nearly 3 million jobs were created a year), while also cutting the budget deficit (ultimately producing a surplus that Bush promptly squandered).

Just 9% of Americans believe that the Bush years have left the country better off.  75% think we are worse off after 7 years of Bush.  Maybe they're whiners, or maybe they have seen that borrowing money to pay for tax cuts for the wealthy isn't such a great idea.  McCain continues to flounder around on economic issues, and his best hope for establishing any economic bona fides seems to be choosing a running mate he said lacks the experience and judgment to be commander in chief.

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