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Obama Denouces McCain's 'Strange' Economic Policies

By Robert Barnes
INDIANAPOLIS -- As the presidential candidates continued to battle over taxes, Democrat Barack Obama aggressively denounced Republican John McCain for what he called "strange" policies that would reward companies that ship job overseas.

"John McCain and I have real differences about how to get us out of this economic mess," Obama told a crowd estimated at 35,000 here in the American Legion Mall, who waited hours for his appearance.

"You see, Senator McCain thinks the economic policies of George W. Bush are just right for America.''

Obama pointed to a remark. McCain made Wednesday on CNN as evidence for a charge that McCain "strongly defended the Bush policy of lavishing tax cuts on corporations, including those that ship American jobs overseas."

Obama continued: "He made the strange argument that the best way to stop companies from shipping jobs overseas is to give more tax cuts to companies that are shipping jobs overseas. More tax cuts for job outsourcers. That's what Senator McCain proposed as his answer to outsourcing."

On CNN's Situation Room, McCain said that high corporate taxes are what force American companies to look overseas for expansion. He said Obama is "all about" trying to take money from the wealthy, and that corporations already pay their "full freight" of 35 percent.

"When [corporations] have the ability to go overseas, unfortunately they do go overseas" where they can "create wealth and create jobs," McCain said, "It's simple fundamental economics. So, to somehow allege that a company or corporation that can be international is not going to go where they pay the lowest taxes and can create the most jobs is just foolishness. The last time we practiced this kind of isolationism and protectionism that Senator Obama espouses on higher taxes was a guy named Herbert Hoover."

Obama said: "Well, Indiana, my opponent may call that 'fundamental economics,' but we know that's just another name for the Wall Street first, Main Street last. That's the kind of economic philosophy we've had for the past eight years -- and that's fundamentally wrong."

Taxes have become a key issue in the campaign, as McCain and the Republican National Committee have flooded the airwaves here with commercials that say Obama wants workers' "sweat" to pay for his spending plans.

And McCain is emphasizing the theme today in Florida with his "Joe the Plumber" tour.

Obama defended his own plan, as he does in every speech at every rally.

"The truth is, my opponent and I are both proposing tax cuts," Obama said. "The difference is, he wants to give a $700,000 tax cut to the average Fortune 500 CEO. I want to put a middle class tax cut in your pockets and the pockets of 95 percent of workers and their families.

"My opponent doesn't want you to know this, but under my plan, tax rates for middle class families will actually be less than they were under Ronald Reagan.''

The Indiana rally marked Obama's fourth straight day campaigning in states that went for President Bush in 2004, including Florida and Virginia.

He is scheduled to leave here for his home state of Hawaii, where the grandmother who helped raise him, Madelyn Dunham, is seriously ill. He will return to the campaign trail Saturday in Nevada.

By Web Politics Editor  |  October 23, 2008; 4:52 PM ET
Categories:  Barack Obama , Battlegrounds , Economy , John McCain  
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The Race for President: King Obama
Tuesday, October 21, 2008

Crude oil prices rise and gasoline prices quickly follow suit. But when the price of crude drops, gas prices seldom seem to fall in any like proportion. As with gas and oil, so with liberal Big Media and the presidential polls.

Democrat Barack Obama, long measuring for White House drapes, was elevated to something exceeding messiah status among the major newspapers and TV networks when polls suggested his lead over Republican John McCain had surged into the political ionosphere.

That double-digit lead was all the confirmation required that the election essentially was over. But a funny thing happened along the route to King Obama's coronation: More recent polls have suggested the race has tightened; some even point to a statistical dead heat.

But those numbers certainly haven't received the same coverage as ones that suggested a President Obama was a foregone conclusion. Even Sen. Obama now is worrying about the risk of a "carried away" media being the precursor to his being "spanked" on Nov. 4.

Voters supposedly elect presidents. But this election cycle, it seems Big Media and its liberal enablers are hellbent on taking over that function. Just as that passenger-side mirror cautions how objects are closer than they appear, Sen. McCain is closer to Obama than Big Media are reflecting.

And such a distortion isn't very becoming of one of the great pillars of such a grand republic.

Posted by: thecannula | October 24, 2008 10:18 AM | Report abuse

Strange politics indeed.
From a strange man who has gone from one end to the other. McCain claiming to be a maverick for change is like a cat claiming to be a dog. He's nothing like he was eight years ago. He's not he same candidate he was six months ago!
He has been directed so far to the rightwing view, he is not himself.

Just shows what the promise of power will do to someone not prepared to receive it.
The Democratic ticket has been steadfast, stable and one of hope.
The republican ticket has been erratic, uneven and preoccupied with fear and defiance.
More of the same froma a party of hypocrites.
We need change. We need Obama/Biden.

Posted by: tommyd60 | October 24, 2008 2:59 AM | Report abuse

John,we cant afford their cars Because of the Governments rules on foreign owned Automobile producers.Same for Motorcycles, scooters, you name it.Even if Toyo or Honda could build a car for half the cost an American automaker could, our government forces them to MINIMUM standards.And the big three are allowed to keep on with Buisness as usual, no innovation allowed

Posted by: mullett | October 24, 2008 1:38 AM | Report abuse

ZJR, How do You think McCant got his start????
Might it have been from the Tried and Convicted Mob confessed Father of Cindy???Well Ill tell you, Yes it Was, how else could a GONE NOWHERE military by have gotten into politics in the first place.Mccain even admits to Buying his way into politics, by way of loose residency requirements, and his wifes overflowing funds coffer.
His only desire is to be in the spotlight,not to do well for humanity, or Americans, PURE VANITY.

Posted by: mullett | October 24, 2008 1:34 AM | Report abuse

Mullet -
Guess you didn't know Toyota has been building hybrids in Tennessee for years.

They pay pretty well. Offer good benefits too.

Toyota doesn't seem to have a problem. Except that Americans can't afford to buy their cars.

Posted by: JohnQuimby | October 24, 2008 12:10 AM | Report abuse

To Notoriousflavio:
Apparently my use of the word GAY must have ruffled the feathers on your nightgown.

Posted by: TyroneJonessr | October 23, 2008 11:58 PM | Report abuse


Your a coward. Go back to your hidey-hole.

Posted by: thenotoriousflavio | October 23, 2008 11:11 PM | Report abuse


Posted by: TyroneJonessr | October 23, 2008 10:41 PM | Report abuse

GOP=Gaffe Old Party

Posted by: thenotoriousflavio | October 23, 2008 10:11 PM | Report abuse

Re-defeat the media. Re-defeat communism. Defeat Obama:

[quote] You have to pinch yourself – a Marxisant radical who all his life has been mentored by, sat at the feet of, worshipped with, befriended, endorsed the philosophy of, funded and been in turn funded, politically promoted and supported by a nexus comprising black power anti-white racists, Jew-haters, revolutionary Marxists, unrepentant former terrorists and Chicago mobsters, is on the verge of becoming President of the United States. And apparently it’s considered impolite to say so. [unquote]

Posted by: zjr78xva | October 23, 2008 10:02 PM | Report abuse

And most of that "Great technology" the big three supposedly dont have, and these foreign Automakers do?? Where do you think those people building those foreign cars GOT THEIR EDUCATIONS????(hint, it wasnt in Alaska, but mighty close)
Our Higher Education System has all the means, but once again,GREED RULES ALL, from Main street to Wall Street.We could be the industry leaders of all, like we used to be, But G.Bush and Co. have opened the floodgates for anyone and everyone to Rape this country,for everything its worth

Posted by: mullett | October 23, 2008 9:22 PM | Report abuse

You might buy a Honda,or Toyota, I sure wouldnt.And I make sure, even though its getting harder and harder, that most products I buy are at least 50% US made.
The term "Made in the USA" doesnt mean much because of all those "GOOD PAYING JOBS" the Unions in this country helped force into EXTRAVAGANT PAY for Idiots pushing a button.$35 an hour to watch parts go by?? $29 an hour to roll around in a fork truck???
America across the board has gotten greedy, and the BIG UNITS were forced to look elsewhere to build things cheaper.The big three have had the technology, but our Incessant desire to BURN GAS, Have Bigger better faster has put the biggest stymie into the equation.5 years ago, no one wanted an SUV hybrid or flex fuel, and until recently, you couldnt get those "Alternative Fuels" except in very minimal areas.The FUEL INDUSTRY put the kybosh on that, lobbying our Government to put more strict regulations on that sector than on their own.
They all have a part to play in it, but we the American people are just as much to blame.

Posted by: mullett | October 23, 2008 9:14 PM | Report abuse

Detroit didn't just ship jobs overseas - it decided not to invest in American based innovation. Way to kill your own customer base.

Instead of leading on innovation from Detroit they bought shares of foreign companies.

They tried to buy "smarts" on the cheap instead of working harder to lead the industry. An industry that used to provide good people who used to buy their products.

Posted by: JohnQuimby | October 23, 2008 7:44 PM | Report abuse

Mullet (is that your retro hair style)??

Honda Civic or Honda Fit v any US made compact? No contest. I don't care how much money US govt gives Ford, GM, etc...they have shown they can't compete. So let's give them $50B. Wise move. They will declare bankruptcy and be gone from segment in 4 years.

Posted by: jhpbriton | October 23, 2008 7:39 PM | Report abuse

mullett you are an idiot

Nothing is preventing the Koreans, the Japanese, the Chinese from building best widgets. They have their own corporations you moron. Tell me honestly what was the brand of the last dishwasher, refrigerator, tv, car that you bought? I bet you bought an import!!!! There is no innovation in US....except for some IT and pharmaceutical firms....and the politicians are going after them (Microsoft, Dell, Intel, Pfizer, etc...)...

Unless we start innovating here in US the game is over. No one is buying a Ford or GM SUV...but they will buy a Honda Civic???

What don't you understand? The US Govt giving $50B to the US Auto firms is idiotic...let's just flush our cash down the toilet....

Posted by: jhpbriton | October 23, 2008 7:33 PM | Report abuse

Simple Economics 101???
Sounds like Bushian tax policy all over again.
The Charge of TAX THE RICH, GIVE TO THE POOR is falling on deaf ears, specially when most of those ears are not, and know they will never be "Wealthy".
The current Supply and Demand philosophy people often refer to is SOOOO out of balance, it aint even funny.The number 1 problem is ,80% of our supply comes from foreign soil.Even our Food supply is slowly creeping toward imports rather than homegrown.The corporations that move overseas to produce products brought back into the United States did so for one reason, They get a HUGE tax break on imports, i think its called "Domestic Importing" or something like that, a simple LOOPHOLE put in to the NAFTA accord that allows companys a tax break on incoming product.They dont pay Corporate tax, income tax, or any of the other taxes that go along with employing personnel in the US.By retaining AMERICAN STATUS,but producing overseas, they skip all of the taxes normally associated with a US buisness, and cheap labor,self inflating trade agreements with those foreign countrys, and a severly crippled Domestic Production Agreement,authored under the current Republican Administration is just the tip of the Iceberg of inequality for the AMERICAN WORKFORCE.
John McCain has the exact same plan as Bush has, and will Continue to SELL AMERICA TO THE HIGHEST BIDDER.

Enough of the Insanity, OBAMA/BIDEN 08

Posted by: mullett | October 23, 2008 7:01 PM | Report abuse

Midwest for Obama

What was the brand of your last tv, dishwasher, auto, etc. Forget the US based corporations, they are losing...LOSING share to imports...faster and cheaper...

Innovation is the only way...assembly plants for expensive durable goods are rare in US...unless the firm is the innovation leader...can't expect to sell a Pontiac Aztec (who in God's green earth allowed that piece of junk to be built)...this is why GM is going bankrupt (lousy product...I don't fault the auto worker here...but you can't push out crap for two decades and expect to win the game).

Posted by: jhpbriton | October 23, 2008 6:46 PM | Report abuse

I'm going out on a limb on this one...

McCain is strange.

Ok! It wasn't THAT far out, maybe and inch or two...on limb close to the ground...with a harnass on....and with a safety net.

Posted by: thenotoriousflavio | October 23, 2008 6:23 PM | Report abuse

This is utter rubbish. Corporations ship jobs overseas to take advantage of a dirt-cheap workforce and lax environmental and labor regulation. Taxes are generally a wash and don't really factor into the decision. (Have you ever heard anyone refer to China as a tax haven?) Tax cuts actually do not solve most economic problems; corporations barely pay any income tax anyway. But I guess when all you have is a hammer, every problem looks like a nail. McCain has no clue when it comes to the economy.

Posted by: MidwestforObama | October 23, 2008 6:15 PM | Report abuse


Unfortunately, it is simple econ 101. There is no longer a competitive nor a comparative advantage to have UAW staffed plants assemble automobiles (v. 1950). It can be done cheaper and quicker elsewhere. Even appealing to the home crowd does not work.

Steel mills is even worse....the fully integrated plants have been disintermediated by the mini mills. Safer, cheaper, faster.

Ask the resident in CA who just bought an auto from Korea why they bought it? Price, price, price....same features or more....

The only way to fix the mess is education and rewarding innovation. Create, attract, best and brightest students in US. I am not talking social sciences rather the hard sciences and life sciences: chemistry, physical chemistry, biomedical engineering, electrical engineering, etc. etc. etc. You can't just show up in class and expect to excel - you need to study harder, longer, and better than the same student in any one of 20 developed countries. The standard of living in US will continue to decline unless we reward innovation and create a new worker class of highly intelligent employees.

Sorry about the rude awakening. Every employee needs to add value....all the way to the CEO. Otherwise they are replaceable. If they are not replaced the same firm in Singapore will create the widget and sell it.

Posted by: jhpbriton | October 23, 2008 5:52 PM | Report abuse

What type of tax policy do you favor?


Posted by: usadblake | October 23, 2008 5:38 PM | Report abuse

It will be interesting and fun to watch the GOP shrink to a few nativist haters, a couple of religious nuts, and the Kathryn Jean-Lopez's of the world in the next few years.

As long as the Rethuglican party continues to offer huge outsized tax breaks for the filthy rich and nothing for everyone else, the extremist nuts will be the only one's left carrying the GOPer banner after 2008.

I think it is going to be a while before we hear about the big tent Republican party.

Ladies and Germs...I give you your 2009 Republican party:

All hail the GOPer "pup tent party"!

Posted by: DrainYou | October 23, 2008 5:29 PM | Report abuse

Obama's got this right. We've had 28 years of economic policies obsessively dedicated to capital formation, and the Bush administration has finally pushed things so far that the erosion of earning capacity has made it impossible for consumers to pay their bills. We have to have some emphasis on the demand side of the economy for a period of years, to bring things back into balance.

What the polar factions fail to comprehend is that it's not tilting priorities toward one side of the balance or the other that serves us best, it's balance itself. Economics runs on supply AND demand; lose either side of the equation, and the economy dies.

Posted by: lonquest | October 23, 2008 5:22 PM | Report abuse

Yeah info42, clearly the guy was an Obama campaign staffer.

The guy's a thug. He initial intent was clearly to rob her, not make a political statement. Horrible thing to do, but don't even try to generalize that to Obama supporters or the campaign itself.

Posted by: ManUnitdFan | October 23, 2008 5:08 PM | Report abuse

Have I mentioned that the obama campaign has PAID OFF THE MEDIA TO THE TUNE OF $195MILLION DOLLARS?

Not a crime, and I’m not claiming it is (although I feel pretty darn confident that when the FEC investigations are complete, some time in 2010 or so, we’ll learn just how CORRUPTED the obama donation machine was.) But, the bottom line is it’s been Christmas every day for the mainstream media ever since obama came to town and the one universal charecteristic of gravy trains, whether on Wall Street or in the offices of ACORN, is that nobody wants them to stop.

Posted by: thejaner | October 23, 2008 4:57 PM | Report abuse

Posted by: info42 | October 23, 2008 4:56 PM | Report abuse

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