John McCain said it in his own words: He just doesn’t understand the economy. His economic plan would give big tax breaks to corporations and tax workers’ health care benefits. We call on McCain to help turn around America, not choose corporations over working families.
McCAIN ATTACKED MEDICARE
McCain: I Never Really Understood Economics. McCain said, “The issue of economics is something that I’ve really never understood as well as I should.” (Boston Globe, 12/18/07)
McCain: Americans Have Seen Great Economic Progress Since Bush Took Office. Since President Bush took office, “I think if you look at the overall record and millions of jobs have been created… you can make an argument that there’s been great progress economically over that period of time,” McCain said. (“Money & Politics,” Bloomberg, 4/17/08)
HERE’S WHAT WORKING FAMILIES UNDERSTAND
* Median family income has been falling for seven years now, when adjusted for inflation. (“A Feeble Recovery,” Economic Policy Institute, 5/1/08)
* The number of unemployed workers rose by 11.7 percent over the past year, an increase of 797,000 people. We’ve lost more than 3 million U.S. manufacturing jobs since 2001, and millions more are vulnerable. Between December 2007 and March 2008, the U.S. lost a net 240,000 jobs. (Bureau of Labor Statistics, 5/2/08; Robert Scott, Economic Policy Institute, 3/29/08)
* Premium costs for employer-based health care are rising 10 times faster than incomes. (Robert Wood Johnson Foundation, 4/29/08)
McCain Says We’re NOT Headed Into a Recession. McCain said, “I don’t believe we’re headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong.” (GOP Debate, Myrtle Beach, FNC, 1/10/08)
81 Percent of the Public Says We’re Already There. (NBC/WSJ Survey, 4/24-28/08)
McCain Dismissed Concerns on Mortgage Crisis and Economy. While campaigning in Florida, McCain dismissed concerns about the economy. “Even if the economy is the, quote, No. 1 issue, the real issue will remain America’s security,” McCain said. “And if they choose to say, ‘Look, I do not need this guy because he’s not as good on home loan mortgages or whatever it is, I understand about that, I will accept that verdict. I am running because of the transcendental challenge of the 21st century, which is radical Islamic extremism.” (The New York Times, 1/28/08)
But Economic Issues Top Working Family Concerns. According to a Kaiser Family Foundation survey, the price of gasoline is the number one concern for the public. In second and third place are finding a good job and paying for health care and insurance. (Associated Press, 4/29/08)
* Home foreclosure filings have increased by 112 percent over the past year, to 649,917 properties in the first quarter of 2008, representing one of every 194 households. (RealtyTrac Staff, 4/29/08)
* The price of a gallon of gas has increased by 156 percent since January 2001 and is now over $4. (U.S. Department of Energy, Retail Gasoline Historical Prices)
* Over the past year, the cost of milk increased by 13.3 percent, the cost of bread increased by 14.7 percent and the cost of eggs rose by 29.9 percent. (U.S. Department of Labor, Bureau of Labor Statistics, 3/08)
McCAIN’S ECONOMIC PROPOSALS: HELP CORPORATIONS, NOT WORKING FAMILIES
McCain’s Economic Plan Helps Corporations, not Working Families. “McCain offered sweeping rhetoric about the economic plight of working-class Americans…even as he spelled out a tax and spending agenda whose benefits are aimed squarely at spurring corporate growth.” (The Washington Post, 4/16/08)
McCain Offers Massive Tax Cuts for Corporations and the Wealthy. McCain’s plan offers two massive tax cuts for corporations, slashing tax rates from 35 percent to 25 percent, with 58 percent of the benefits going to the top 1 percent of taxpayers. This is an even larger tax rate cut for the wealthiest taxpayers than Bush gave them. (Reuters, 3/10/08; “Five Easy Pieces and Two Trillion Dollars,” Center for American Progress Action Fund, 3/21/08)
But He Wants to Tax Our Health Benefits. McCain would make employer-paid health premiums part of taxable income, creating a new tax on working families. He would drive insurance costs up further by promoting high-deductible health savings account plans. (Health08.org Forum, 10/31/07; Kaiser/HRET Employer Health Benefits 2007 Annual Survey; Center on Budget and Policy Priorities, 9/20/06, 4/5/06)
McCain’s Tax Cuts Would Cut Social Programs Working Families Need. “McCain cannot pay for his tax cuts without massive reductions in Social Security, Medicare or other key programs that benefit the vast majority of Americans.” (“Five Easy Pieces and Two Trillion Dollars,” Center for American Progress Action Fund, 3/21/08)
McCain Skipped Vote on Economic Stimulus Package Despite Being in Washington. McCain missed a key vote on economic stimulus legislation to provide rebates to taxpayers—even though he was in Washington, D.C., at the time. “McCain returned to Washington but made an eleventh-hour decision to skip the vote, aides to his campaign said.” (H.R. 5140, Vote #8, 2/6/08; Associated Press, 2/6/08)
McCain Says He Wants Tough Lender Standards—But Votes Against Them. McCain has called for strict standards and greater transparency for lenders and for cracking down on predatory lenders. But he voted against a measure to discourage predatory lending practices and failed to vote on a bill that would overhaul the mortgage lending practices of the Federal Housing Administration. (McCain’s Remarks on Economic Woes, 3/25/08; St. Petersburg Times, 1/24/08; S. 256, Vote #22, 3/3/05; S. 2338, Vote #432, 12/14/07)
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