JOHN McCAIN ON THE ECONOMY

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 benefi ts. We call on McCain to help turn around America, not choose corporations over working families.

JOHN McCAIN IN HIS OWN WORDS: HE JUST DOESN’T GET IT

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)

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)

McCAIN’S ECONOMIC PROPOSALS: HELP CORPORATIONS, NOT WORKING FAMILIES

McCain Offers Massive Tax Cuts for Corporations and the Wealthy. McCain’s tax 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)