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

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)

Yet:

* Median family income has been falling for seven years now, when adjusted for inflation. (“A Feeble Recovery,” Economic Policy Institute, 5/1/08)

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)

“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 approaching $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 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)

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