McCain’s Economic Speech

RUSH: We haven’t talked about Senator McCain for a while, but Senator McCain… You know, yes and no on the sound bites today. This might as well be right out of an Obama speech. This is this morning in Pittsburgh.

MCCAIN: Americans are also right to be offended when the extravagant salaries and severance deals of CEOs — in some cases the very same CEOs who helped bring on these market troubles — bear no relation to the success of the company, or the wishes of the stockholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct; while Mr. Cayne of Bear Stearns, Mr. Mozilo of Countrywide, and others are packed off with another 40 or 50 million for the road.

RUSH: All right. (sigh) So, this is just what we’re dealing with here, folks. We’re going to be hearing things like that, but then we’ll hear things like this…

MCCAIN: As president, I will also order a prompt and thorough review of the budgets of every federal program, department, and agency. While that top-to-bottom review is underway, we will institute a one-year pause in discretionary spending increases with a necessary exemption of military spending and veterans’ benefits.

RUSH: A one-year pause in discretionary spending. This next bite, we have got to get this in writing.

MCCAIN: I will send the Congress a proposal to cut the taxes these employers pay from a rate of 35 to 25%. I will also send to the Congress a middle class tax cut, a complete phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families more than $2,000 every single year. I’ll send to Congress a reform to increase the exemption with a goal of doubling it from $3,500 to $7,000 for every dependent in every family in America.

RUSH: All right. Get that in writing. He says he’s going to cut taxes? Get it in writing. Mr. McCain, Senator McCain, even if Mars collides with earth, you will not break that promise — and here’s another good idea from McCain.

MCCAIN: I propose that the federal government suspend all taxes on gasoline now paid by the American people, from Memorial Day to Labor Day of this year. The effect will be an immediate economic stimulus, taking a few dollars off the price of a tank of gas every time a family, a farmer, or a trucker stops to fill up.

RUSH: There you have it. So, one out of four was on the left. So that’s three out of four he got right, Senator McCain in Pittsburgh today.