John McCain

McCain's Retooled Economic Plan: Light on Substance, Heavy on Hypocrisy

April 16, 2007

John McCain's attempts to "retool" his campaign and distract from his support for the Bush Administration's failed strategy in Iraq continued today with an economic speech in Memphis, Tennessee.The retooled McCain, however, didn't have anything new to offer, siding again with the Bush Administration on tax cuts for the wealthy at the expense of a balanced budget, and on Social Security privatization. And consistent with his do-anything-to-win campaign, McCain blasted the politics of pork barrell spending despite recently naming lobbyist and former Texas congressman Tom Loeffler to head his fundraising operations. According to public lobbying documents, Loeffler and his associates have collected $3,920,000 over the years lobbying for Texas cities that in turn received $40 million and possibly more in federal government 'pork,' according to a public watchdog group. [Lobbyist Disclosure Documents Filled with Secretary of the Senate, Citizens Against Government Waste Pig Book 2003-06; The Politico, 4/5/07; AP, 4/15/07; Washington Post, 4/3/07; Washington Post, 3/7/07]

"The only thing lighter than John McCain's campaign account is the substance of his economic plan," said Democratic National Committee spokesman Luis Miranda. "Whether it's looking at Iraq through rose colored glasses, or adopting the Bush Administration's failed economic policies, McCain seems to think the American people just want more of the same failed leadership from the last six years. Retooling his flailing campaign will take more than PR stunts like today's speech."

Below is a new DNC research document detailing McCain's double talk on everything from war profiteering to taxes to Social Security:

WAR PROFITEERING

"I'll use the bully pulpit to make the people who are wasting your money famous." -McCain Economic Speech, 4/16/07

McCain Opposed Creation of Truman Commission to Investigate Fraud and Waste in Iraq. John McCain has voted FOUR times against establishing a commission to investigate waste, fraud and abuse in Iraq and Afghanistan. The special committee would consist of 7 members - four appointed by the majority party, three appointed by the minority party. The committee would hold hearings, and hold subpoena authority. The work of the special committee would terminate on February 28, 2007, unless its authority was extended. [Vote 228, 9/14/05; Vote 259, 10/19/05; Vote 316, 11/10/05, Vote 176, 6/20/06]

McCain Voted Twice Against Cracking Down on Corporate War Profiteers. On June 14, 2006, John McCain voted against an amendment cracking down on war profiteers. The amendment would have banned monopoly contracts, debarred unethical contractors, strengthened penalties against war profiteers, made public the audits of unjustified spending and provided protection for whistleblowers. In 2004, McCain voted against an amendment that would have made war profiteering on contracts with the military or to rebuild Iraq punishable by up to 20 years in federal prison and $1 million in fines. [Vote 169, 6/14/06; Vote 120, 6/16/04]

TAX HYPOCRISY

"I won't balance the budget by allowing the President's income and investment tax cuts to expire." -McCain Economic Speech, 4/16/07

2004: McCain Said He Was Opposed to Cutting Taxes During Wartime. "Senator McCain, who spent five years in a North Vietnamese prison, excoriated fellow Republican for pushing more tax cuts while U.S. troops are fighting in Iraq and Afghanistan. 'Throughout our history, wartime has been a time of sacrifice.What have we sacrificed?' McCain said. 'As mind-boggling as expanding Medicare has been, nothing tops my confusion for cutting taxes during wartime. I don't remember ever in the history of warfare when we cut taxes.'" [AP, 5/19/04]

2003: McCain Was Against Tax Cuts Because It Will Worsen the Deficit Before It Ever Helps the Economy." Senator McCain rejected "Bush's tax cuts, especially the $1.37 trillion blockbuster Bush pushed through Congress in 2001, criticizing its economic premises and its likely impact. At best, it's a long-term economic stimulus, not the immediate boost the economy needs, McCain said. 'All the predicates for the 2001 tax cuts and all the predictions for its results were absolutely, completely wrong,' he said. And it will worsen the deficit before it ever helps the economy, he added." [Star-Ledger, 2/24/03]

SOCIAL SECURITY

"If I'm President, I'll submit a plan to save Social Security and Medicare, and I'll ask Democrats in Congress to do the same. We'll listen to what people outside government suggest as well. I'll work on a bipartisan basis to make the hard choices; to protect the retirement security of the American worker, and the growth of the American economy. And if Congress is afraid to make those choices, then they can just let me do it. I'll take the heat. I'll ask Congress to let me submit a comprehensive proposal. I'll prepare it carefully, fairly and honestly" -McCain Economic Speech, 4/16/07

1998: McCain Voted To Create Personal Retirement Accounts. In 1998, McCain voted for legislation expressing that the budget surplus can be used to establish a program of personal retirement accounts for working Americans to reduce unfunded liabilities of Social Security program. [Vote #56, SCR 86, 4/1/98]

  • 1998: McCain Voted For Privatizing Social Security. McCain voted for the Grams amendment that would express a sense of Senate stating that assumptions underlying functional totals in budget resolutions assume that Congress and President should use any budget surplus to reduce Social Security payroll tax and establish personal retirement accounts. This would have the affect of replacing Social Security's guaranteed benefits with income from risk-based private investments. [Vote #77, SCR 86, 4/1/98]