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McCain: Obamanomics Have Failed Before

CNBC just aired the remainder of its interview from this morning with the Republican presidential team of Sen. John McCain (R-Ariz.) and Alaska governor Sarah Palin. McCain ripped his rival's economic plans as ancient and discredited.

CNBC's Maria Bartiromo asked McCain about Sen. Barack Obama's (D-Ill.) plan to "redistribute wealth."

"What's wrong with that?" she asked.

"Obviously, that's been tried," McCain said. "That's an old, left-wing, liberal view of how you help people. You don't take money from one group and give it to another. You let people have the ability to accumulate wealth and create jobs."

McCain added that the government has obligations to poor and elderly Americans, saying they have Social Security, Medicare and unemployment insurance.

"To say we're going to take money from Joe the Plumber because he's reached a certain income level and give it to someone else, that's a fundamental contradiction from what has made this the greatest country on the earth," McCain said.

Palin piped in: "Instead of taking more from families and small businesses that create jobs, instead of spreading that around according to a politician's priorities, let's do what John McCain has said: Let's spread the opportunity. Let's let [Americans] invest their hard-earned money by their priorities."

McCain said that he would favor a hike in the minimum wage, "as long as we take care of small businesses." He said: "I see them every day. They say, 'If you increase the minimum wage, I lay off workers.' Is that what we want to do?"

McCain continued to pump his plan to bail out homeowners who have mortgages they can no longer afford and said he would bring government spending under control, taking a swipe at the sitting president, saying, "Republicans have presided over the largest increase of government in history."

-- Frank Ahrens

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By Frank Ahrens  |  October 28, 2008; 5:11 PM ET
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All tax policies redistribute wealth. The recent trend has been to redistribute from the middle class to the super rich. Is that McCain's plan?

Posted by: spidey103 | October 28, 2008 5:27 PM | Report abuse

McCain and Palin, if they are truly opposed to a redistribution of wealth, would logically seek to abolish Social Security, Medicare, Medicaid, food stamps, housing subsidies, the home mortgage interest deduction, federal aid to college students, the Earned Income credit, etc. because all of these programs are disproportionately funded by taxes on upper class taxpayers.

McCain, according to the article, believes government should fund Social Security, Medicare and unemployment compensation. Yet the taxes to pay for these programs comes disproportionately from the very well to do. The government takes money away from them to give it to someone else. Does this mean McCain is a socialist?

They demonstrate their electoral desperation, as well as ignorance about economics and budget sources in stating such a blanket opposition to programs to redistribute the wealth. Their assumption is enough independents are ignorant and/or stupid to be duped by this nonsense.

Posted by: Aprogressiveindependent | October 28, 2008 7:48 PM | Report abuse

McCain is getting ahead of himself. Someone needs to tell him that Obama hasn't actually been President yet, to try out 'Obamanomics.'

Posted by: cwh2 | October 28, 2008 8:04 PM | Report abuse

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