McCain's Economic Speech
Club for Growth PAC Statement on McCain’s Economic Speech
Washington – Senator McCain’s economic speech today offers real hope that a McCain administration would promote strong pro-growth policies on government spending, taxes, trade, and entitlement reform. At the same time, a few of his proposals, like his HOME plan, leave something to be desired. Club for Growth President Pat Toomey issued the following statement:
“Senator McCain deserves a lot of credit for many of the policies and positions he spoke about today. His support for free trade and his consistent support for cutting government spending are welcome respites from the economically debilitating populism we are accustomed to hearing from the Democratic candidates.”
“Particularly noteworthy are McCain’s tax policies. Not only did he take the Democrats to task for supporting a record tax increase, he went further, proposing a cut in the corporate tax from 35% to 25%; first-year expensing of new equipment and technology; and an optional flat tax. If implemented, these measures will stimulate strong economic growth in this country, making American businesses more competitive and reducing the inefficiency and waste that result from the current tax code.”
“Unfortunately, McCain’s HOME plan puts American taxpayers on the hook for new government-backed mortgages to homeowners who made poor decisions. Though McCain declared his aversion to government bailouts just a week ago, this new plan is exactly that. Furthermore, the HOME plan appears to give government the right to rewrite contractual agreements between lenders and borrowers, a measure that would surely undermine confidence in American contracts in general and result in further contraction in available credit.”
“Other elements of McCain’s economic plan, such as his proposal to reform our unemployment insurance system, hold much promise, but we await the specifics of these plans.”
“In the tax policies he put forth today, Senator McCain demonstrates an appreciation for the burden taxpayers face and the potential for increased economic growth when government interference in the private sector is restricted to a minimum. We encourage Senator McCain to apply these same principles across the board, especially when dealing with the current housing crisis.”
PAID FOR BY CLUB FOR GROWTH PAC AND NOT AUTHORIZED BY ANY CANDIDATE OR CANDIDATE'S COMMITTEE. 202-955-5500.
Posted at Press Release at 1:13 PM | TrackBack
