The Politicus
columnist: jposty

Topic: Economics
McCain's Economic Policy

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A critique of McCain's proposed economic policy

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by jposty
(Libertarian)
Monday, March 3, 2008

John McCain is all but certain to take the Republican bid for the White House this coming September. He has touted his Commander in Chief credentials all throughout the Republican primary cycle, yet severely neglected any real economic policy discussion. McCain once said in response to Dr. Paul's question during the Florida Republican debate about President Bush's Working Group on Financial Markets, "I like sunshine" then continued to rattle off names until he stated he would rely less on official groups but would definitely rely on the Sect. Treasury. McCain probably just did not know that the Sect. Treasury is one of four people on the working group.

In an interview McCain did with the Wall Street Journal' last week, McCain said he favored further cuts in interest rates. Although he did say as president he would restrain such public pressure in dealing with th FED.

Presidents have to be careful so they're not perceived as putting undue political pressure on the Fed," he said. "So I would certainly be more careful than I am today.

This is where he begins to seriously lose credibility as well-informed on economic policy and theory. Who is suppose to put pressure on the FED? The answer under ideal conditions favorable to the FED, no one. The FED is not a branch of the US government, nor is it subjected to anything more than two days a year of congressional oversight committee rhetoric. In the most recent faux-accountability session Bernanke had the nerve to to quote the Federal Reserve Act to Dr. Paul as a repsonse to him not wanting to answer Paul's question over the value of the dollar. Why should McCain if elected want to question a group of private bankers that are not subjected to any kind-of real oversight on the subject of the dollar's worth or domestic price-stability.

Either McCain is simply too inept to make economic policy as president (note - the role of president was never to be a central economic planner, it has gradually shifted mostly through the media and public opinion, that the president is also Commander in Chief of the Economy as well) or he is simply a patsy of the international financiers and the multi-national corporations.

He has also stated he now supports President Bush's tax breaks, that he in fact did not vote to pass when the vote hit the Senate floor. However, I will dispense with my typical McCain bashing and appluad him on a few of his tax-based policies.

[aside - I love how statists use the term cost' x government bureaucracy y amount of money. Doesn't it really belong to the tax payers? They are pre-supposing the current level of government income is their fair share' and the connotation that comes along with the wording, we should almost feel bad for taking from the government. A) Screw that B) It is our money, and I appluad anyone who takes it away from the government C) Screw that.]

-James

www.thepoliticus.org

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2008 jposty, all rights reserved.
Published: Monday, March 3, 2008
Last modified: Monday, March 3, 2008

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