U.S. Economy: Want To Have Grampa And Barbie At The Helm?
That is the underlying question in the following article:
Grampa and Barbie on the Economy
By Ruth Conniff
The economy is in a meltdown, and John McCain can't figure it out. On the day the Dow tanked and Merrill Lynch and Lehman Brothers fell, he declared that the fundamentals of the economy are sound. Then he had to try to explain his comment away--by "fundamentals" he meant "American workers." Now he is calling for putting "an end to the abuses on Wall Street."
How is that, exactly? On the campaign trail, McCain has repeatedly declared that too much government regulation is the problem. A decade ago, an article in the Washington Post points out, he and Senator Phil "a nation of whiners" Gramm teamed up deregulate the financial industry helping to set up the current collapse.
McCain's economic advisers haven't done him a lot of good lately. First Gramm had to quit after his "whiners" comment about the country facing a "mental recession." Then, this week, former Hewlett-Packard CEO Carly Fiorina had to cancel interviews after admitting that she didn't think Palin or McCain could run a large company.
Oops.
Bad economic news makes the idea of electing someone who has admitted to knowing little about the economy, and a running mate who knows even less, considerably less attractive.
McCain has clung to the old Republican cut-taxes-and-government-regulation mantra far too long, even as the economic ground has shifted under his feet. His sudden burst of populism on the campaign trail--complaining about "greed" on Wall Street, doesn't change the fact that his tax plan is startlingly regressive--giving only $19 a year in tax cuts to the bottom fifth of taxpayers, and $140,000 to the top 1 in 1000. For the middle class, he offers considerably less than Barack Obama--$319 to Obama's $2,136.
Stirring up the base with a "culture wars" message has worked for the Republicans in the past as a distraction from dull policy debates. But with pension funds losing money, a "psychology of fear gripping investors," as The New York Times put it today, credit drying up, interest going up on mortgages and student loans, and job cuts looming, voters are not feeling quite so distractable.
(Keep reading ...)
By Ruth Conniff
The economy is in a meltdown, and John McCain can't figure it out. On the day the Dow tanked and Merrill Lynch and Lehman Brothers fell, he declared that the fundamentals of the economy are sound. Then he had to try to explain his comment away--by "fundamentals" he meant "American workers." Now he is calling for putting "an end to the abuses on Wall Street."
How is that, exactly? On the campaign trail, McCain has repeatedly declared that too much government regulation is the problem. A decade ago, an article in the Washington Post points out, he and Senator Phil "a nation of whiners" Gramm teamed up deregulate the financial industry helping to set up the current collapse.
McCain's economic advisers haven't done him a lot of good lately. First Gramm had to quit after his "whiners" comment about the country facing a "mental recession." Then, this week, former Hewlett-Packard CEO Carly Fiorina had to cancel interviews after admitting that she didn't think Palin or McCain could run a large company.
Oops.
Bad economic news makes the idea of electing someone who has admitted to knowing little about the economy, and a running mate who knows even less, considerably less attractive.
McCain has clung to the old Republican cut-taxes-and-government-regulation mantra far too long, even as the economic ground has shifted under his feet. His sudden burst of populism on the campaign trail--complaining about "greed" on Wall Street, doesn't change the fact that his tax plan is startlingly regressive--giving only $19 a year in tax cuts to the bottom fifth of taxpayers, and $140,000 to the top 1 in 1000. For the middle class, he offers considerably less than Barack Obama--$319 to Obama's $2,136.
Stirring up the base with a "culture wars" message has worked for the Republicans in the past as a distraction from dull policy debates. But with pension funds losing money, a "psychology of fear gripping investors," as The New York Times put it today, credit drying up, interest going up on mortgages and student loans, and job cuts looming, voters are not feeling quite so distractable.
(Keep reading ...)
I wonder how nervous EU leaders are about this upcoming election. The impression I get is that they have already dismissed Harper as a hand maiden to the US (a Republican US) but they must be getting nervous with the prospect of Grampa and Barbie at the helm.
ReplyDeleteThey are calling for a summit of G9 leaders to discuss the unavoidable global financial crisis. Will they wait till both US and Canada elections are over?
The "G4" have already begun discussing about the economy ... strange that not all of the G8+1 were invited ...
ReplyDeleteI suspect that you may be right about the EU being nervous at the prospect of Grampa & Barbie, along with Ken Harper, being elected/re-elected ...