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DNC: McCain Watch: The Economy

John McCain Is Not What America Signed Up For

WASHINGTON, July 18 /PRNewswire-USNewswire/ -- Last week, John McCain's top economic advisor, Phil Gramm, echoed McCain's comments that America's economic problems were "psychological" by saying Americans are in a "mental recession" and that America had become a "nation of whiners." While McCain distanced himself from Gramm at the time, Gramm is now back on board as McCain's top economic adviser. Now, John McCain is in Michigan, a state that has been devastated by the Bush-McCain economy. Instead of offering a plan for how to create more and better jobs here at home and keep the ones we have, John McCain, with the help of out of touch campaign advisers like Phil Gramm, promises four more years of failed Bush economic policies that have hurt America including more unfair trade deals that will ship jobs overseas. [Washington Post, 7/11/08;, 7/18/08]

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The Bush-McCain policies have been particularly disastrous for working families, who have suffered from declining wages and a 76 percent increase in unemployment. And with GM having announced deep job cuts this week, McCain's more-of-the-same rhetoric on the economy is the last thing Michigan--and America--needs.

Bush Economy Has Hurt Michigan...

Unemployment Up 76%. The unemployment rate in Michigan was 4.7% in January of 2001, and preliminary figures for May 2008 are 8.5%. The number of unemployed has gone up from 243,604 to 428,095, an increase of 184,491 workers. [Local Area Unemployment Statistics, (Seasonally Adjusted), Bureau of Labor Statistics, accessed 7/15/08,]

Income Down 11.5%. Median household income in Michigan has decreased from $54,516 in 2000 to $48,043 in 2006, a decrease of $6,473 per household--one of the highest decreases of any state. [Joint Economic Committee Fact Sheet, (Bureau of the Census, U.S. Department of Commerce), 8/29/07,]

Poverty Up 30%. The number of people living in poverty in Michigan has increased by 287,000 people from 972,000 to 1,259,000, or by 30%, from 2000 to 2006--one of the highest increases of any other state. [Joint Economic Committee Fact Sheet, (Bureau of the Census, U.S. Department of Commerce), 8/29/07,]

McCain Wrong on the Economy...

Cost of "Four More Years" Placed At $6.3 TRILLION. The CBO "January Budget and Economic Outlook" showed continued deterioration in the budget outlook with the projected 2008 deficit growing to $219 billion. But as bad as the budget situation has become under the current Republican Administration, continuation of the Republican policies will only make things worse. The majority staff of the Senate Budget Committee estimates that funding Republican priorities like making the Bush tax cuts permanent and funding ongoing - and perhaps permanent - operations in Iraq will add $6.3 trillion to the CBO's already dismal ten-year predictions. 8.pdf

McCain only middle-class tax cut proposal completely leaves out 101 million households - including those working and middle-class Americans hardest hit by this downturn. In contrast, Senator Obama's plan benefits 95 percent of workers and their families. The principal middle class tax cut proposed by John McCain is an increase in the dependent exemption that will not be fully in effect until 2016. Most households without children would see nothing under the plan - a total of 101 million households, including 67 million households currently paying income taxes but who would not benefit because they have no dependents, and 34 million low-income households with no income tax liability but generally paying payroll taxes. Nearly all seniors (37 million out of 38 million) would be left out. Even for families with children, the increase in the dependent exemption provides only a modest tax cut. In the first year of the plan, it would be worth about $125 to a middle-class family with two children. That same family would eventually see their taxes increase under the McCain plan, because his health care plan would raise taxes on middle-class families over time. This is completely inadequate, and will not help the very people whose reduced spending is contributing to our slowing economy. The Obama plan offers more generous tax relief for middle class families, including a "Making Work Pay Credit" that would benefit 95 percent of workers and their families, providing $1,000 for a typical working family. Obama's plan would also expand tax credits to help families save, send a child to college, pay for childcare, and afford their mortgage, while eliminating income taxes for all seniors making less than $50,000. [Obama for America memo, The McCain Economic Plan: Four More Years?, 7/7/08]

Paid for and authorized by the Democratic National Committee,

This communication is not authorized by any candidate or candidate's committee.

SOURCE Democratic National Committee
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