by Damozel | ....to quote Ludwig Wittgenstein and to paraphrase McCain's policy advisor. Look:
Mr. McCain’s policy advisor, Douglas Holtz-Eakin, said, “I have no comment on anything, to anybody.” (NYT)
According to The New York Times:
Despite signals that Senator John McCain would have new prescriptions for the economic crisis after a weekend of meetings, his campaign said Sunday that Mr. McCain, the Republican presidential nominee, would not have any more proposals this week unless developments call for some.
The signs of internal confusion came as the campaign was under pressure from state party leaders to sharpen his message on the economy and at least blunt the advantage that Democrats traditionally have on the issue in hard times. Republicans have grown fretful as Senator Barack Obama, the Democratic presidential nominee, has edged ahead in polls three weeks before the election, while Mr. McCain has veered between ill-received economic plans and attacks on Mr. Obama’s character. (NYT)
But don't fret, little GOPpers; McCain's advisers are on it. Or are they?
“We do not have any immediate plans to announce any policy proposals outside of the proposals that John McCain has announced, and the certain proposals that would result as economic news continues to come our way,” said a campaign spokesman, Tucker Bounds. (NYT)
Like the man said (one mooooooore time!):
Mr. McCain’s policy adviser, Douglas Holtz-Eakin, said, “I have no comment on anything, to anybody.” (NYT)
In the meantime, his credibility on economic issues ain't too great.
“At this point I don’t think McCain can say anything on the economy that will sound credible,” said Bruce Bartlett, a former economic adviser to President Ronald Reagan and President George Bush... (NYT)
Lindsay Graham said that McCain is considering new tax cuts.
On Sunday, on the CBS News program “Face the Nation,” Senator Lindsey Graham of South Carolina, a confidant of Mr. McCain, confirmed a report on Politico.com that Mr. McCain was weighing proposals to cut taxes on investors’ capital gains and dividends. “It will be a very comprehensive approach to jump-start the economy,” Mr. Graham said, “by allowing capital to be formed easier in America by lowering taxes.” (NYT)
But McCain's other advisors said they didn't know why Graham said this, since his policies already "would cut capital gains and dividend tax rates, by extending President Bush’s 2003 tax cuts."(NYT)
And in any case...."Capital gains and dividend tax cuts are simply not "economic measures aimed directly at the middle class": the middle class doesn't collect capital gains, or dividends, in any material amount. Indeed, that's what makes you middle class--that even though you have a fair or a good income you work for it," says economist Brad DeLong.
At The Wonk Room, Pat Garofolo says:
Most capital gains flow to millionaires. Families making more than $1 million collect 59% of capital gains, while families making less than $50,000 collect 2.5%.
Furthermore, as the Tax Policy Center has shown, under the current capital gains and dividends rate, 98.3% of the benefits go to the top 20% of taxpayers. The other 80% of taxpayers see only 1.7% of the benefits of today’s rate. 93.9% of the benefits go to the top 5%, and 84.8% to the 1%.
A Taxing Matter---considering the matter generally rather than specifically as it relates to McCain--- says:
If we are really serious about getting tough with Wall Street, then we should stop subsidizing Wall Street with one of the most expensive breaks in the tax code. It's time to do some of the good that was done when the Republicans and Democrats worked together under Packwood and Rostenkowski and Reagan in the Tax Reform Act of 1986--eliminate the tax preference for the investment income of the wealthy.
So I guess it's just as well that he isn't considering any EXTRA cuts.
Kevin Drum points out that McCain's various ideas---raised as if he'd just thought of them that moment and dropped just as promptly---make him look...well, erratic.
In each instance, McCain seemed very excited about his latest thought, touted it for about a day, faced resistance from those who pointed out that McCain didn't appear to know what he was talking about; and then forgot about his idea soon after. A day or two later, he'd start the cycle over again with some new idea.
Maybe that's why his campaign has decided they're done offering new ideas?
Let's read it again!
Mr. McCain’s policy adviser, Douglas Holtz-Eakin, said, “I have no comment on anything, to anybody.” (NYT)
Memeorandum has more blogger commentary.
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