Friday, July 11, 2008

McCain Passes Economics 101 With High Marks

Some time ago, McCain admitted that his weakness was economics. At the start of the semester / campaign season, he was pushing an economy busting cap and trade plan and refusing to allow drilling even in the face of our energy crisis. Today, cap and trade is dead, taxes are to be lowered, the dollar to be made stronger, and McCain has a sensible energy plan. Even Larry Kudlow's giving him a gold star. The Danes don't even think we need an election, from their viewpoint. I fully concur with their logic.

On Monday at a town hall in Denver, John McCain laid out his "Jobs for America" plan that you can find here. You can also find an online briefing detailing the plan here. Then there is this from Larry Kudlow writing at NRO:

After writing favorably about Sen. McCain’s recent economics speeches, where he clearly shifted toward the supply-side both on tax cuts and producing more energy, I went back last evening and carefully read his 15-page policy pamphlet called “Jobs for America.” Here’s what I found:

There is no mention of cap-and-trade. None. Nada. There is a section about “Cheap, Clean, Secure Energy for America: The Lexington Project.” But that talks about expanded domestic production of oil and gas, as well as the need for more nuclear power and coal along with alternative sources. Then it has the $300 million battery and flex-fuel cars. But nope, no cap-and-trade. So I picked up the phone and dialed a senior McCain official to make sure these old eyes hadn’t missed it. Sure enough, on deep background, this senior McCain advisor told me I was correct: no cap-and-trade. In other words, this central-planning, regulatory, tax-and-spend disaster, which did not appear in Mac’s two recent speeches, has been eradicated entirely — even from the detailed policy document that hardly anybody will ever read. So then I asked this senior official if the campaign has taken cap-and-trade out behind the barn and shot it dead once and for all — buried it in history’s dustbin of bad ideas. The answer came back that they are interested in jobs right now — jobs for new energy production and jobs from lower taxes. At that point I became satisfied. . . .

. . . I might add that in this lengthy policy document there’s a strong statement about appreciating the value of the dollar. “John McCain’s policies will increase the value of the dollar and thus reduce the price of oil.”This is good. It’s not perfect. Neither is McCain’s tax plan and new energy plan. But it is excellent progress.

Read the entire post. (H/T Classical Values.) Now it would seem time for Econ 102.

This is all quite good news. Though even without these big strides, the worst McCain could do is far less than the far left who seem prepared to sing the requiem for capitalism and enact socialism in one fell swoop, shades of Britain in 1946.

Not surprisingly, there is a tremendous amount of interest in the U.S. general election overseas, though there is also some confusion as shown in this e-mail from some individuals in Denmark:

We in Denmark cannot figure out why you are even bothering to hold an election.

On one side, you have a bitch who is a lawyer, married to a lawyer, and a lawyer who is married to a bitch who is a lawyer.

On the other side, you have a true war hero married to a woman with a huge chest who owns a beer distributorship.

Is there a contest here?.

This joke cribbed, with great appreciation, from fellow Watcher's Council member The Colossus of Rhodey, with a hat tip to Soccer Dad.

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