Monday, November 3, 2008

McCain ends with a fiscal meltdown

John McCain closed his campaign for president with one last speech showing how the possibility of high office has caused a great American to lose his will to speak the plain truth. The most obvious example is McCain’s continued claim: “I'm going to make government live on a budget just like you do.” If that were true, it would strongly bolster his claims he will “bring real change to Washington.”

Unfortunately, the claim continues to be unrelated to reality. Senator McCain also explains:

  • “We're going to cut taxes for working families.
  • “We will cut business taxes
  • “We are going to win in Iraq [while attacking the possibility Obama might reduce military spending]
  • “I'm going to protect Social Security; and
  • “I'm going to protect Medicare."

Over the next decade these numbers are trillions of dollars away from “living on a budget.” This is not bringing "change to Washington" – it continuing the last 8 years' unsustainable fiscal policy. It is a tragic season to make the analogy, but I can only assume when McCain says he will to “make government live on a budget just like you do” he is speaking to over-extended homeowners about to default.

John McCain’s campaign has coincided with America’s financial markets finally recognizing how the short-term interests of some decision-makers (coupled with deception and wishful thinking) have led to the misallocation of hundreds of billions of dollars. The next few hours will tell us if the electorate has come to that same realization about the America’s recent fiscal policy.

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