McCain Source: Economy

John McCain on NAFTA

Sat, 21 Jun 2008 00:00:00 -0700

"I would Negotiate A Free Trade Agreement with Almost Any Country. ... If I were president, I would negotiate free trade agreement with almost any country willing to negotiate fairly with us."

-- John McCain, Speech to the National Press Club, 5/20/99

6/15/08: McCain Praised Trade Deals And Resulting Job Loss As "Good For America"

McCain Said Job Loss Oversees as a Result of NAFTA Is "Good for America." When asked by Maria Batriromo during a conversation on NAFTA, "What do you tell people who feel displaced by what's been going on with the rest of the world? They've lost their job to India, to China, to other places around the world?," McCain said, "Sure. First of all, I tell them that unilaterally re-negotiating any agreement with another sovereign nation is a serious threat to the entire fabric of international relations, particularly with China ... I tell them that I believe that it's good for America and I believe American workers are the most productive, but I also tell them that I'm going to have a program for education and retraining of workers that works. Right now our unemployment insurance and our displaced worker programs were designed for the '50s. They're absolute failures. We've got to go to the community colleges, have them design and implement education and training programs and give these workers a second chance. And there are new technologies out there, there are green technologies. I believe in the fundamental strength of our economy, but I also know full well how tough these times are. I hear from these Americans every day that are hurting." [CNBC, 6/15/08, emphasis added]

McCain Is An Ardent Supporter Of NAFTA

McCain Voted For NAFTA. In 1993, McCain voted for the North American Free Trade Agreement. Opponents argued that NAFTA has resulting in widespread job losses for American workers. The bill passed 61-38. [H.R. 3450, Vote #395, 11/20/93]

McCain Said, "I Know NAFTA Was A Good Idea." During an interview with the Des Moines Register leading up to the Iowa Caucuses, John McCain said, "I know NAFTA was a good idea. It has created millions of jobs and it has helped the economies of all three of these nations. All you have to do is go to Detroit and see the trucks lined up every day or go to our southern border. There have been winners and losers. And that's a problem. But free trade is something that I think is vital to America." [Des Moines Register and www.bigthink.com interview, accessed 6/19/08]

Over 1 Million Jobs Have Been Lost Due To NAFTA. A study by the Economic Policy Institute (EPI) found, "The rise in the U.S. trade deficit with Canada and Mexico through 2004 has caused the displacement of production that supported 1,015,291 U.S. jobs since the North American Free Trade Agreement (NAFTA) was signed in 1993." [EPI, NAFTA's Cautionary Tale, Issue Brief #214, 7/20/07]

McCain Opposed Environmental and Labor Standards within Trade Deals

Mccain "Thumped" Obama For Talking About Reopening NAFTA To New Labor And Environmental Standards. The Associated Press reported, "Obama, who four years ago declared NAFTA had been beneficial, recently talked about reopening NAFTA to strengthen enforcement of labor and environmental standards. McCain has been thumping Obama on that, arguing that such a step not only would hurt trade, but undermine the credibility of the United States abroad. ‘You know what message that sends? That no agreement is sacred to him,' McCain told reporters" [Associated Press, 6/13/08]

McCain Economic Advisor Said Free Trade Was Part of Good Foreign Policy. "Doug Holtz-Eakin, senior policy advisor for Sen. McCain's campaign, stated that his candidate is committed to free trade and will resist all calls for protectionism and considers any demonizing of free trade as bad foreign policy. In response to Democrats' recent comments on NAFTA, Holtz-Eakin said that modifying the agreement would send the wrong signal to Mexico and Canada. McCain believes it would be unwise to make a unilateral attempt to open good faith agreements like NAFTA with two of the United States' largest trading partners. Holtz-Eakin stressed that trade decisions should not be based solely on the U.S. economy but examined in the broader context of foreign and domestic policy goals. Furthermore, he disputed the premise that trade is the primary cause of labor market issues, which he said are more the result of technological advances. He noted that McCain plans to address job losses by updating the system of unemployment insurance, training and by using local college programs to assist workers displaced by trade." [sgma.com, accessed 6/19/08]

McCain Economic Advisor Said McCain Was Against Using Labor and Environmental Standards as Reasons to Block Trade Agreements. "McCain would reject the use of labor and environmental issues to block trade, Holtz-Eakin said. His preference would be to monitor trading partners in order to determine if they are improving their standards, he believes this apporach would be far more effective than requiring labor and environmental standards in trade agreements." [sgma.com, accessed 6/19/08]

McCain Said only Reasons of National Security and "Most Cherished Political Values" Would Get in the Way of Free Trade. McCain said, "I don't believe in walls. I believe in freedom. If I were President, I would negotiate a free trade agreement with almost any country willing to negotiate fairly with us. Only risks to the security of our vital interests or egregious offenses to our most cherished political values should disqualify a nation from entering into a free trade agreement with us." [Speech to National Press Club, 5/20/99, via ontheissues.org]

McCain Said He Would Use Trade Agreements to Enact Environmental Standards to Combat Global Warming. McCain said, "In my approach to global climate-control efforts, we will apply the principle of equal treatment. We will apply the same environmental standards to industries in China, India, and elsewhere that we apply to our own industries. And if industrializing countries seek an economic advantage by evading those standards, I would work with the European Union and other like-minded governments that plan to address the global warming problem to develop effective diplomacy, effect a transfer of technology, or other means to engage those countries that decline to enact a similar cap." [McCain speech on Climate Change, 5/12/08]

McCain Offered "Small Comfort" Jobless Workers

McCain Told Ohioans That "Jobs Aren't Coming Back." At a town hall meeting in Rocky River, Ohio, McCain told the audience, "Some of those manufacturing jobs are not coming back and you know it and I know it." McCain added, "The economists that I know and trust and the history that I study, and I study a lot of history, says that free trade is the best thing that can happen to our nation. When we have practiced protectionism it has had devastating consequences." [Reuters, 2/25/08]

McCain Offers Rhetoric, No Solutions On Job Loss:

McCain Said "I Can't Tell You These Jobs Are Ever Going To Come Back. During a campaign trip to Youngstown, Ohio, John McCain said, "I can't tell you that these jobs are ever going to come back to this magnificent part of the country ... But I will commit to giving these workers a second chance. They need it, they deserve it. I know that's small comfort to you, but I can't look you in the eye and tell you those steel mills are coming back." [New York Times, 4/23/08, emphasis added]

McCain Told Workers Not To "Cling To An Old Economy." John McCain said, "So we want people to be part of that revolution, and we've got to be part of that new economy, rather than try to cling to an old economy." [Boston Globe, 4/23/08]

McCain: "There Are Some Jobs That Aren't Coming Back To Michigan." During a Republican Debate on Fox News, McCain said, "Sometimes you have to tell people things they don't want to hear along with things that they do want to hear. There are jobs -- let's have a little straight talk. There are some jobs that aren't coming back to Michigan." [Fox News, Republican Debate, 1/10/08]

2004: McCain: "I Don't Care How Many Jobs You Outsource." Responding to a question about the economy during an appearance on MSNBC's Hardball, McCain said, "If we start seeing what a lot of us expect, and that is a strong economy cannot go forever without picking up jobs. I don't care how many of them you outsource, then I think the president is going to be helped by that." [MSNBC, "Hardball," 2/25/04]

2002: McCain Voted Against Protections For Steelworkers Motion to invoke cloture (thus limiting debate) on the Rockefeller, D-W.Va., amendment to the Baucus, D-Mont., substitute amendment. The Rockefeller amendment would allow retired steelworkers and certain beneficiaries to be eligible for a 70 percent tax credit for assistance with health insurance costs for one year. The substitute amendment would extend duty-free status to certain products from Bolivia, Colombia, Ecuador and Peru, renew the president's fast-track authority, and reauthorize and expand a program to provide retraining and relocation assistance to U.S. workers hurt by trade agreements. It also would create a refundable 70 percent tax credit for health insurance costs for displaced workers. [HR 3009 Vote #117, 5/21/02]

1999: McCain Disparaged Mill Jobs When Asked About Trade, Promised "High-Tech" Industry. USA Today reported, "A man in Littleton [Colorado] complained that free-trade policies were destroying the textile industry. ‘Frankly, I didn't know that your ambitions for your children were to work in a textile mill,' McCain said. ‘I would rather have them work in the high-tech industry.'" [USA Today, 9/7/99]

McCain Advisor Carly Fiorina Is Outsourcing Acolyte. Carly Fiorina, former CEO of Hewlett-Packard, has been described as the "face" of McCain's economic team. [Washington Post, 1/2/08]

Fiorina Defended Outsourcing of Technology Jobs, Said No Job is "America's God-Given Right." According to the Associated Press, "Worried about possible government reaction to the movement of U.S. technology jobs overseas, leading American computer companies are defending recent shifts in employment to Asia and elsewhere as necessary for future profits and warning policy makers against restrictions. "There is no job that is America's God-given right anymore," said Carly Fiorina, chief executive for Hewlett-Packard Co. [Associated Press, 1/7/04]

Promoting Outsourcing, Fiorina Said US Cannot Be Distracted by "Short Term Employment Concerns." She said the country cannot afford to be distracted by short-term financial and employment concerns. "The biggest barrier (to solutions) is our nation's attention span," she said." [Washington Post, 1/8/04]

Fast Track

McCain Supported President's Fast Track Authority. In 2002, McCain voted for a bill renewing the president's fast-track authority. The bill also gave duty-free status to Bolivia, Colombia, Ecuador and Peru. As a concession to labor groups, the bill expanded a program to provide retraining and relocation assistance to US workers hurt by trade agreements and created a refundable 70 percent tax credit for health insurance for costs for displaced workers. The bill passed 66-30, with a split Democratic vote [HR 3009, Vote #130, 5/23/02]. McCain voted for the conference report, which passed 67-31 in August. [HR 3009, Vote #206, 8/1/02]

Organized Labor Opposed Fast Track Authority. Though organized labor welcomed the concession for laid-off workers, they strongly opposed fast track authority. "Although Fast Track legislation mentions the words ‘labor' and ‘environment,' it does nothing to ensure that enforceable labor and environmental standards will be incorporated into future trade agreements. Fast Track would produce more flawed trade agreements that drain good jobs from this country at a time when unemployment and economic insecurity are at their highest levels in a decade, and the AFL-CIO is strongly opposed." [AFL-CIO Legislative Update, 5/13/02]

McCain Voted Against Requiring Trade Agreements Negotiated Under Fast Track To Prohibit Countries From Weakening Labor Or Environmental Laws. In 2002, McCain voted to table an amendment that would clarify the principal negotiating objectives with respect to labor and the environmental standards. The amendment would extend duty-free status to certain products from Bolivia, Colombia, Ecuador and Peru, renew the president's fast-track authority and reauthorize and expand a program to provide retraining and relocation assistance to U.S. workers hurt by trade agreements. It also would create a refundable 70 percent tax credit for health insurance costs for displaced workers. The motion to table passed 52-46. [S.Amdt. 3428 to S.Amdt. 3401 to H.R. 3009, Vote #115, 5/16/02]

McCain Voted Against Instructing U.S. Negotiators To Stop Cutting Trade Deals That Commit The US To Privatizing Government Services. In 2002, McCain voted to table an amendment that would provide that trade agreements should not include a commitment to privatize government services. It also would specify that the term "privatize" includes the transfer of responsibility for, or administration of, a non-governmental function from a government entity to a non-government entity. The amendment would extend duty-free status to certain products from Bolivia, Colombia, Ecuador and Peru, renew the president's fast-track authority and reauthorize and expand a program to provide retraining and relocation assistance to U.S. workers hurt by trade agreements. It also would create a refundable 70 percent tax credit for health insurance costs for displaced workers. The motion to table passed 49-47. [S.Amdt. 3461 to S.Amdt. 3401 to H.R. 3009, Vote #127, 5/23/02]

John McCain On Trade

Fri, 13 Jun 2008 00:00:00 -0700

"I would Negotiate A Free Trade Agreement with Almost Any Country. ... If I were president, I would negotiate free trade agreement with almost any country willing to negotiate fairly with us."

John McCain, Speech to the National Press Club, 5/20/99

John McCain is an ardent ‘free trader' even comes at the expense of the environment or American jobs. He has supported NAFTA, CAFTA, and permanent normal trade relations with China, without insisting on environmental, worker, or other protections. At the same time, McCain failed to support policies that would help workers who lose their jobs adjust as a result of globalization. He also employs lobbyists on his presidential campaign who are hired by foreign governments to lobby for U.S. agreement to job killing free-trade agreements with foreign nations.

McCain Offered "Small Comfort" Jobless Workers

McCain Offers Rhetoric, No Solutions On Job Loss:

McCain Said "I Can't Tell You These Jobs Are Ever Going To Come Back. During a campaign trip to Youngstown, Ohio, John McCain said, "I can't tell you that these jobs are ever going to come back to this magnificent part of the country ... But I will commit to giving these workers a second chance. They need it, they deserve it. I know that's small comfort to you, but I can't look you in the eye and tell you those steel mills are coming back." [New York Times, 4/23/08, emphasis added]

McCain Told Workers Not To "Cling To An Old Economy." John McCain said, "So we want people to be part of that revolution, and we've got to be part of that new economy, rather than try to cling to an old economy." [Boston Globe, 4/23/08]

McCain: "There Are Some Jobs That Aren't Coming Back To Michigan." During a Republican Debate on Fox News, McCain said, "Sometimes you have to tell people things they don't want to hear along with things that they do want to hear. There are jobs -- let's have a little straight talk. There are some jobs that aren't coming back to Michigan." [Fox News, Republican Debate, 1/10/08]

FLASHBACK TO 2004: McCain: "I Don't Care How Many Jobs You Outsource." Responding to a question about the economy during an appearance on MSNBC's Hardball, McCain said, "If we start seeing what a lot of us expect, and that is a strong economy cannot go forever without picking up jobs. I don't care how many of them you outsource, then I think the president is going to be helped by that." [MSNBC, "Hardball," 2/25/04]

FLASHBACK TO 2002: McCain Voted Against Protections For Steelworkers Motion to invoke cloture (thus limiting debate) on the Rockefeller, D-W.Va., amendment to the Baucus, D-Mont., substitute amendment. The Rockefeller amendment would allow retired steelworkers and certain beneficiaries to be eligible for a 70 percent tax credit for assistance with health insurance costs for one year. The substitute amendment would extend duty-free status to certain products from Bolivia, Colombia, Ecuador and Peru, renew the president's fast-track authority, and reauthorize and expand a program to provide retraining and relocation assistance to U.S. workers hurt by trade agreements. It also would create a refundable 70 percent tax credit for health insurance costs for displaced workers. [ HR 3009 Vote #117, 5/21/02]

FLASHBACK TO 1999: McCain Disparaged Mill Jobs When Asked About Trade, Promised "High-Tech" Industry. USA Today reported, "A man in Littleton [Colorado] complained that free-trade policies were destroying the textile industry. ‘Frankly, I didn't know that your ambitions for your children were to work in a textile mill,' McCain said. ‘I would rather have them work in the high-tech industry.'" [USA Today, 9/7/99]

Birds Of A Feather: McCain Advisor Carly Fiorina Is Outsourcing Acolyte. Carly Fiorina, former CEO of Hewlett-Packard, has been described as the "face" of McCain's economic team. [Washington Post, 1/2/08]

Fiorina Defended Outsourcing of Technology Jobs, Said No Job is "America's God-Given Right." According to the Associated Press, "Worried about possible government reaction to the movement of U.S. technology jobs overseas, leading American computer companies are defending recent shifts in employment to Asia and elsewhere as necessary for future profits and warning policy makers against restrictions. "There is no job that is America's God-given right anymore," said Carly Fiorina, chief executive for Hewlett-Packard Co. [Associated Press, 1/7/04]

Promoting Outsourcing, Fiorina Said US Cannot Be Distracted by "Short Term Employment Concerns." She said the country cannot afford to be distracted by short-term financial and employment concerns. "The biggest barrier (to solutions) is our nation's attention span," she said." [Washington Post, 1/8/04]

McCain Is An Ardent Supporter Of NAFTA

McCain Said, "I Know NAFTA Was A Good Idea." "McCain said to the Des Moines Register leading up to the Iowa Caucuses "I know NAFTA was a good idea. It has created millions of jobs and it has helped the economies of all three of these nations. All you have to do is go to Detroit and see the trucks lined up every day or go to our southern border. There have been winners and losers. And that's a problem. But free trade is something that I think is vital to America." [www.bigthink.com interview. [Des Moines Register and www.bigthink.com interview http://www.youtube.com/watch?v=86QwI-6TWic ; accessed 4/8/07]

McCain Supported CAFTA

McCain Voted For CAFTA In 2005. McCain Voted for the Central American Free Trade Agreement. CAFTA cuts tariffs between the US, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. The agreement is similar to NAFTA and does not contain adequate environmental protections or enforceable protections for such core workers' rights as freedom to from unions. [S. 1307, Vote #70, 6/30/05] ["McCain Revealed" AFL-CIO http://www.aflcio.org/issues/politics/mccain.cfm ; Accessed 4/8/07]

McCain Wants To Continue To Expand CAFTA. During a June 2007 speech to the Florida Association of Broadcasters John McCain said, "We need to build on the passage of the Central America Free Trade Agreement by expanding U.S. trade with the region, Let's start by ratifying the trade agreements with Panama, Peru and Colombia that are already completed, and pushing forward the Free Trade Area of the Americas. Too many Democrats have embraced economic isolationism, paying off special interests by opposing trade agreements with our democratic neighbors. They could not be more wrong. My administration would reduce barriers to trade and press for renewed Trade Promotion Authority." [McCain Remarks To The Florida Association of Broadcasters, 6/20/07] ["McCain Revealed" AFL-CIO http://www.aflcio.org/issues/politics/mccain.cfm ; Accessed 4/8/07]

McCain Supports the Colombian Free Trade Agreement

McCain Is An Ardent Supporter Of The Colombian Free Trade Agreement. In a statement, John McCain said "Today, President Bush signed a letter of transmission that will formally send the United States-Colombia Free Trade Agreement to Congress for approval. I strongly support this vital trade pact and urge my colleagues to support its swift passage." [Office of Senator John McCain, 4/7/08]

Labor Leaders Say Trade Agreements Shows Disregard for Human and Worker Rights. AFL-CIO President John J. Sweeney said in a statement that Bush's move to push the agreement "shows an outrageous disregard for basic human and workers' rights." He pointed to the kidnappings and murders of union supporters in Colombia. [Washington Post, 4/8/08]

Chile

McCain Voted For Chilean Trade Agreement. In 2003, McCain voted for a bill that would implement a trade agreement that would reduce tariffs and trade barriers between the United States and Chile. The trade pact would reduce duties and tariffs on agricultural and textile products and open markets for services. It also would establish intellectual property safeguards and require enforcement of environmental and labor standards. The bill passed 65-32. [HR 2738, Vote #319, 7/31/03]

Singapore

McCain Voted For Singapore Trade Agreement. In 2003, McCain voted for a bill that would implement a trade agreement that would reduce tariffs and trade barriers between the United States and Singapore. The agreement would eliminate tariffs on goods and duties on textiles, open markets for services, and establish intellectual property, environmental and labor standards. The bill passed 65-32. [HR 2739, Vote #318, 7/31/03]

Oman

McCain Voted For The Oman Free Trade Agreement. John McCain voted for passage of the United States-Oman Free Trade Agreement that would provide immediate duty-free access for all U.S. consumer and industrial goods and 87 percent of U.S. agricultural products entering Oman. It also would provide immediate duty-free access on all Oman's current agricultural exports to the United States, and both countries would phase out tariffs on remaining products within 10 years. [Vote 190, S. 3569 Passed 60-34 (R 48-5; D 11-29; I 1-0). 6/29/06. CQ, 6/27/06]

NAFTA for Africa

McCain Voted For a "NAFTA for Africa" Voted for Africa trade bill (Opponents of the bill argue that it represents NAFTA for Africa, an expansive free trade bill without adequate labor, consumer and environmental protections.) passage of the bill which authorizes a new trade and investment policy that is designed to encourage increased trade and economic cooperation between the United States and the nations of sub-Saharan Africa; provides quota-free and duty-free treatment from October 1, 2000 to December 31, 2004 to several categories of textiles and apparel imported from Caribbean Basin beneficiary countries; reauthorizes, through September 30, 2001, Trade Adjustment Assistance (TAA) programs that provide assistance to individual workers and firms that are adversely affected by import competition; and extends the Generalized System of Preferences through June 30, 2004. [H.R. 434, Vote # 353, 11/3/99]

Vietnam

McCain Voted To Grant Normal Trade Status To Vietnam. In 2001, McCain voted for a resolution granting annual normal trade relations status to Vietnam. The resolution would allow Vietnamese imports to receive the same tariffs as those of other U.S. trading partners. The resolution passed 88-12. [HJRes 51, Vote #291, 10/3/01]

Other Parts of the World

McCain Voted To Expand Trade To Other Parts of the World. In 2000, McCain voted for a bill that would extend certain tariff benefits to the nations of the Caribbean, Central America and sub-Saharan Africa. The bill passed 77-19. [HR 434, Vote #98, 5/11/00]

Mexican Trucks

McCain Voted Against Stricter Safety Standards On Mexican Motor Carriers. In 2001, McCain voted against the motion to table the Gramm amendment which would prohibit the United States from imposing safety standards on Mexican motor carriers above and beyond those imposed for American and Canadian motor carriers. The motion to table passed 65-35. [H.R. 2299, Vote #250, 7/25/01]

Permanent Normal Trade Relations China

McCain Voted For Permanent Normal Trading Relations (PNTR) With China. In 2000, McCain voted for a bill for permanent normal trade relations with the China. The bill contained a measure that would protect U.S. businesses and workers from Chinese import surges. The bill included a provision that would establish a commission to monitor human rights, labor standards and religious freedom in China. The administration would have to report annually on China's compliance with trade agreements and express the sense of Congress that Taiwan should be admitted to the World Trade Organization. The bill passed 83-15. [HR 4444, Vote #251, 9/19/00]

McCain Voted Against Protection Of Human Rights In China. In 2000, McCain voted against the Helms-Wellstone amendment to delay Permanent Normal Trade Relations with China until the President certified that China had protected human rights by taking certain steps. Opponents claimed that offering PNTR to China would actually increase the ability of the US to protect human rights in China by allowing more political and economic leverage. The amendment failed 32-63. [HR 4444, Vote #239, 9/12/00]

1.7 Million Jobs Have Been Displace Due To Trade Agreement With China.. A study by the Economic Policy Institute (EPI) found that from 2001 - 2006, the United States has lost a net of 1,763,000 jobs due to growing trade deficits with China. [EPI, Costly Trade With China, 10/9/07, accessed 05/06/08]

GATT

McCain Voted For Extension Of GATT. GATT was considered the most radical change in trade policy in 40 years, lowering US tariffs by about one-third. The agreement would reduce trade barriers and ensure stricter enforcement of world trade rules through the newly established World Trade Organization (WTO), and expand GATT rules to cover such economic sectors as agriculture, services and intellectual property. The bill also would accelerate tax payment schedules, change eligibility standards for certain federal programs, and make other changes to offset lost revenues from tariff reductions in order to comply with pay-as-you-go budget rules. Proponents said expanded free trade would bolster US exports around the world. Opponents said cheap imports would drive American blue-collar workers out of jobs. GATT extension passed 76-16. [HR 1876, Vote #192, 6/22/93]

Fast Track

Organized Labor Opposed Fast Track Authority. Though organized labor welcomed the concession for laid-off workers, they strongly opposed fast track authority. "Although Fast Track legislation mentions the words ‘labor' and ‘environment,' it does nothing to ensure that enforceable labor and environmental standards will be incorporated into future trade agreements. Fast Track would produce more flawed trade agreements that drain good jobs from this country at a time when unemployment and economic insecurity are at their highest levels in a decade, and the AFL-CIO is strongly opposed." [AFL-CIO Legislative Update, 5/13/02]

McCain Voted Against Requiring Trade Agreements Negotiated Under Fast Track To Prohibit Countries From Weakening Labor Or Environmental Laws. In 2002, McCain voted to table an amendment that would clarify the principal negotiating objectives with respect to labor and the environmental standards. The amendment would extend duty-free status to certain products from Bolivia, Colombia, Ecuador and Peru, renew the president's fast-track authority and reauthorize and expand a program to provide retraining and relocation assistance to U.S. workers hurt by trade agreements. It also would create a refundable 70 percent tax credit for health insurance costs for displaced workers. The motion to table passed 52-46. [S.Amdt. 3428 to S.Amdt. 3401 to H.R. 3009, Vote #115, 5/16/02]

McCain Employs Lobbyists Who Advocate Foreign Trade Agreements

Charlie Black

McCain Senior Political Adviser Charlie Black Lobbied For El Salvador. According to filings with the Department of Justice, Charlie Black lobbied for the government of El Salvador. [FARA Filings, accessed 5/15/08]

Black Lobbied McCain's Office For Trade Bill Favorable To El Salvador; McCain Voted In Favor Of Legislation Hurtful To American Workers. According to a 1999 filing with the Department of Justice signed by Black, Black or one of his associates directly lobbied McCain's office on September 15, 1999. Specifically, Black lobbied McCain's office on "CBI Issues," which was a reference to H.R. 434, the Trade and Development Act, which included the Caribbean Basin Initiative (CBI). According to the U.S. Trade Representative, CBI, which was greatly expanded in 2000, "currently provides 19 beneficiary countries with duty-free access to the U.S. market for most goods." According to Public Citizen, "The Caribbean Basin Initiative is not a trade agreement. Rather, it is a non-reciprocal grant" that provides "special duty-free access to the U.S. market for textiles, apparel and other goods made in the 24-country CBI region," which includes El Salvador. Senator McCain skipped the 1999 vote on initial passage of H.R. 434 while he was campaigning for the GOP presidential nomination. However, back from the campaign trail, McCain voted as Charlie Black lobbied him to in May 2000, in support of passage of the conference report that led to the legislation becoming law. [USTR, accessed 5/15/08, emphasis added; FARA Filing signed by Black, accessed 5/15/08; Public Citizen, accessed 5/15/08, emphasis added; H.R. 434, Vote #98, 5/11/2000]

Black Lobbied McCain's Office Another Other Occasion. According to filings with the Department of Justice, Black or one of his associates lobbied McCain's office in a physical meeting in the Senator's office on March 23, 1999, to discuss a "Senate Resolution" on behalf of El Salvador. [First Half 1999 FARA Filing, accessed 5/15/08]

Peter Madigan

Peter Madigan, A Key Fundraiser For McCain, Lobbies For Foreign Governments. Peter Madigan is one of McCain's top fundraisers and bundlers. He is also a registered foreign agent with the Department of Justice, having represented a number of foreign governments and entities. Madigan has lobbied at two firms. He was previously president and chief operating officer of Boland & Madigan and currently lobbies at Johnson, Madigan, Peck, Boland & Stewart. Madigan served on the Bush/Cheney Transition team as chief-of-staff to the U.S. Trade Representative. During the first Bush Administration, Madigan was the Principal Deputy Assistant Secretary of State for Legislative Affairs, making him "the second highest-ranking officer assisting Secretary James Baker, III with respect to all legislative and policy strategy, as well as political matters." [Johnson, Madigan, Peck, Boland & Stewart, accessed 3/17/08]

Madigan Makes A Living Lobbying For Unfair Trade Agreements That Devastate American Workers. Madigan makes a living lobbying for the destructive economic and trade policies that have ravished communities throughout the United States, particularly in the Mid-West. He has lobbied on behalf of foreign governments to pass CAFTA and free trade agreements with Colombia and Panama. [United States Department of Justice Foreign Agents Registration Act, www.fara.gov; Accessed 4/8/08]

Country	Client	Years	Firm
Saudi Arabia	Kingdom of Saudi Arabia	12/30/1996 - 12/31/2000	Boland & Madigan
Morocco	Kingdom of Morocco	5/26/1998 - 12/15/1998	Boland & Madigan
Canada	Her Majesty the Queen in Right of Canada	3/24/1998 - 6/1/1998	Boland & Madigan
Taiwan	Taiwan Research Institute	12/30/1996 - 6/30/2000	Boland & Madigan
Colombia	ProExport Colombia	11/17/2006 - Present	Johnson, Madigan, Peck, Boland & Stewart
United Arab Emirates	Office of his Highness Sheikh Mohammed Bin Rashad Al Maktoum	1/19/2007 - Present	Johnson, Madigan, Peck, Boland & Stewart
El Salvador	Government of El Salvador	10/18/2002 - 4/5/2005	Griffin, Johnson, Madigan, Peck, Boland, Dover & Stewart
Panama	Government of Panama	5/30/2003 - 3/31/2005	Griffin, Johnson, Madigan, Peck, Boland, Dover & Stewart

[United States Department of Justice Foreign Agents Registration Act, www.fara.gov; Accessed 4/8/08]

Madigan is Ultra Free-Trader. Fitting with McCain's repeated theme that "the jobs aren't coming back" to places like Ohio and Michigan, Madigan is an ultra-free trade advocate, having served in the Bush-Cheney Transition Team as chief of staff to the U.S. Trade Representative. Madigan lobbies for Colombia, which the Bush Administration is pursuing a free trade agreement (FTA) with despite chronicled abuse of labor rights and he has lobbied for the Peruvian Asparagus Institute, which pushed the FTA with Peru passed by Congress in 2007 [Senate Lobbying Disclosure Database]. His lobbying bio says he worked to secure passage of NAFTA and Fast Track Authority, and has worked on CAFTA and the U.S.-Panama FTA, among others. [Johnson, Madigan, accessed 3/13/08]

Madigan Lobbied To Pass CAFTA. Peter Madigan lobbied to pass the Central American Free Trade Agreement (CAFTA), an agreement that passed in the U.S. House of Representatives by just one vote, 217-215 [Vote #443, H.R. 3045, 7/28/2005]. CAFTA extended the hurtful trade policies initiated by NAFTA to five Central American countries - El Salvador, Guatemala, Honduras, Costa Rica and Nicaragua. Madigan lobbied on behalf of the Government of El Salvador from 2002 to 2005 to advance its interests in the CAFTA debate over the interests of American workers and farmers. [FARA Database, accessed 3/17/08, Contract between Griffin, Johnson, Madigan, Peck, Boland, Dover & Stewart and El Salvador, signed by Peter Madigan on 1/7/03].

Madigan Hired to Lobby For CAFTA. In the contract he signed to lobby for El Salvador, Madigan agreed to "Maintain an ongoing general support base to drive the FTA negotiations between the United States and Central America," to "Work with the manufacturing community in the United States, as well as economic partners in the United States, to obtain their backing of the FTA between Central America and the United States," and to "Promote public opinion in favor of a United States-Central America Free Trade Agreement." [FARA Database, accessed 3/17/08, Contract between Griffin, Johnson, Madigan, Peck, Boland, Dover & Stewart and El Salvador, signed by Peter Madigan on 1/7/03]

CAFTA Fails To Meet Labor Objectives Set By Congress. According to the AFL-CIO, under CAFTA, "a country that violates workers' rights to gain a trade advantage can avoid sanctions altogether by simply paying a small fine to itself to fund domestic labor initiatives. There is no way to prevent a violating country from also transferring money out of its labor budget so the fine adds to no new resources for enforcement. And nothing prevents a country from wasting the fine money on unrelated or ineffective labor ministry initiatives. As long as the violating country continues to pay itself a fine, even if the fine does nothing to remedy workers' rights abuses, its trading partners are barred from withdrawing trade benefits under CAFTA." [AFL-CIO, via Public Citizen]

Madigan Hired To Push Colombian FTA. According to Roll Call: "The firm Johnson Madigan Peck Boland & Stewart has signed up to represent ProExport Colombia to help advise the client on ways ‘to build support in the Congress' for a trade agreement between the United States and Colombia." [Roll Call, 1/22/07]

Pro-Export Colombia Is Government Agency Pushing Trade With U.S. According to its website, ProExport Colombia is "the institution in charge of promoting Colombian non-traditional exports" and promoting "the effective insertion of Colombian companies into international markets and seek[ing] international trade opportunities." [ProExport Colombia, accessed 3/17/08]

Madigan Lobbies for Colombia and Pushes U.S.-Colombia FTA. Peter Madigan, a lobbyist who "works for the government of Colombia," actively works "to promote a U.S.-Colombia free-trade agreement" and to seek appropriations for the Colombian government. Madigan's firm has even "distributed papers defending Colombian President Alvaro Uribe against allegations of ties to paramilitary groups, and promoting the controversial anti-drug program ‘Plan Colombia' as achieving ‘strengthening human rights.'" [ABC News, 2/1/08]

Colombia has Atrocious Workers Rights Record. According to the AFL-CIO: "Colombia remains the most dangerous country in the world in which to be a union member - 39 trade unionists were murdered in 2007, and another five to date in 2008. Of the more than 2,500 murders of trade unionists since 1986, only about 80 cases - around 3 percent- have resulted in convictions." [AFL-CIO, 3/4/08]

Madigan Hired To Lobby For U.S.-Panama FTA. In the paperwork filed with Department of Justice, Madigan's firm states that members of the firm will "participate in assisting the Government of Panama in developing and implementing a government relations and lobbying program to include establishing communications with policymakers and monitoring and reporting on legislation and executive branch activities which may effect [sic] the development and passage of a Free Trade Agreement." [FARA Database, accessed 3/17/08]

Madigan's Contract Called For Him To Lobby "Important Contacts" In U.S. Government On Panama FTA. In the contract he signed with the government of Panama, Madigan agreed to "lobby, through strategic meetings with important contacts in the government of the United States of America, the United States Congress, the private sector in the United States, the government of Panama and the private sector in Panama, support in favor of the negotiations and subsequent approval of the Free Trade Agreement between the Republic of Panama and the United States of America." [FARA Database, accessed 3/17/08, Contract between Griffin, Johnson, Madigan, Peck, Boland, Dover & Stewart and Panama, signed by Peter Madigan on 5/6/2004]

Madigan Hired To Eliminate Barriers Governing Trade With Canada. In the contract he signed to lobby for Canada, Madigan agreed to work on "policy options that would lead to the goal of reduction and elimination of the U.S. rules and laws that pose barriers to Canadian suppliers in U.S. transportation and infrastructure contracts." [FARA Database, accessed 3/17/2008, Contract between Boland & Madigan and Canadian Government, signed by Peter Madigan on 3/17/1998, emphasis added]

Thomas Loeffler

Fired McCain Campaign Co-Chairman Lobbied For Free Trade With Hong Kong, Former Congressman Thomas Loeffler is the founder and chairman of his own lobbying firm, the Loeffler Group. He was McCain's campaign co-chairman and chief moneyman before being forced out of the campaign because of controversy over his lobbying for foreign governments, specifically Saudi Arabia. He has been an advocate for trade agreements with Hong Kong. [Los Angeles Times, 5/19/08; FARA Database, accessed 6/13/08]

Country	Client	Years	Firm
Saudi Arabia	Royal Embassy of Saudi Arabia	12/6/2002 - Present	Loeffler Group
Mexico	State of Hidalgo, Mexico	1/16/2003 - 9/30/2004	Loeffler Group
Hong Kong	Hong Kong Trade Development Council	5/18/2001 - Present	Loeffler Group
Ivory Coast	Government of the Republic of Cote D'Ivoire (Ivory Coast)	11/27/1991 - 8/30/1993	McCamish, Martin & Loeffler
Hong Kong	Hong Kong Trade Development Council	1/25/1990 - 8/30/1993	McCamish, Martin & Loeffler

Loeffler Lobbies For Saudi Arabia On Trade Issues. Among McCain's fundraisers who lobby for foreign interests is his "campaign co-chair and chief moneyman, Thomas Loeffler," who "has lobbied for Saudi Arabia for five years. Loeffler, a former congressman and longtime Republican fundraiser, chairs the firm that helped the Saudi kingdom join the World Trade Organization, fight anti-Saudi legislation and improve its image in the war on terrorism. The Saudi royals paid Loeffler's firm more than $11 million in two years for its efforts on their behalf." Loeffler said in 2007 that "he would handle ‘all of the work' of his firm while working on the McCain campaign. He also said, ‘I do not find a conflict of interest at this time.'" [ABC News, 2/1/08]

Loeffler Received Nearly a Million Dollars a Year to Set Up Meetings Between the White House and Saudi Arabia. "Loeffler first raised big bucks for [G.W. Bush's] gubernatorial campaigns. Since Bush's election in 2000, Loeffler's firm has signed up several lucrative clients, including the Embassy of Saudi Arabia, which he advises on trade and terrorism issues. Loeffler, whom the Saudis pay about $900,000 a year, has helped arrange meetings between Saudi officials and such senior Bush administration officials as Karl Rove." [National Journal, 1/15/05]

Kirsten Chadwick

McCain Fundraiser Kirsten Chadwick Lobbied For Bahrain Free Trade Agreement. According to filings with the Department of Justice signed by McCain fundraiser Kirsten Chadwick, she lobbies for the Government of the Kingdom of Bahrain. According to the filings, Chadwick and her firm were responsible for providing "strategic development, planning and direct lobbying of the Administration and Congress to help achieve the organizational and policy goals of the Kingdom of Bahrain; including but not limited to the enactment of the Bahrain Free Trade Agreement." [FARA Filing signed by Kirsten Chadwick, accessed 5/12/08]

Chadwick Lobbied For Korea Free Trade Agreement On Behalf Of Korean Business Association. According to filings with the Department of Justice, Kirsten Chadwick represents the Korea International Trade Association (KITA) to advocate for the United States-Korea Free Trade Agreement. Chadwick has directly lobbied a number of Congressional leader and key Congressional staffers, including Minority Leader John Boehner, Minority Whip Roy Blunt, and Rules Committee Ranking Member David Dreier. Chadwick has also met with key Bush Administration officials. [FARA Filing signed by Kirsten Chadwick, accessed 5/12/08]

Chadwick Lobbied For Peru Free Trade Agreement On Behalf of Peruvian Government. According to filings with the Department of Justice, Kirsten Chadwick represents the Government of Peru to advocate for the United States-Peru Free Trade Agreement. Chadwick has directly lobbied a number of key Congressional leaders, including Minority Whip Roy Blunt, Republican Conference Chairman Adam Putnam, and key Bush Administration officials. According to the Service Agreement between Chadwick's firm and Peru, Chadwick and her firm were charged with providing "lobbying services to the Vice Ministry of Foreign Trade and to the negotiating team of Peru in the Free Trade Agreement (FTA) between Peru and the United States of America before the Executive Power and the Congress of the United States of America, specifically before the Republican Group within the Congress, in order to effectively promote the approval of the Free Trade Agreement negotiated between Peru and that country." [FARA Filing signed by Kirsten Chadwick, accessed 5/12/08; Service Agreement, accessed 5/12/08]

Chadwick Lobbied For Vietnam To Normalize Trade Relations. According to filings with the Department of Justice, Kirsten Chadwick has represented Vietnam in an effort to pass Vietnam PNTR. Chadwick directly lobbied then-Majority Whip Roy Blunt, key Congressional aides and key Bush Administration officials on behalf of Vietnam. [FARA Filing signed by Kirsten Chadwick, accessed 5/12/08]

Susan Nelson

McCain National Finance Director Susan Nelson Lobbied For Hong Kong Economic And Trade Office. According to filings with the Department of Justice, Nelson lobbied for the Hong Kong Economic and Trade Office. Filings show that Nelson met with Texas Governor Rick Perry, Texas House Speaker Tom Craddick, Texas Office of State and Federal Relations officials, and Texas Secretary of State Roger Williams to discuss Texas and Hong Kong's business and political relationship. [FARA Filing, accessed 5/13/08]

McSame As Bush: McCain Economic Plan Offers More of the Same

Tue, 03 Jun 2008 00:00:00 -0700

McCain Proposed Today	Warmed-Over Bush Policy
McCain Proposed Means-Testing Prescription Drugs Benefit. John McCain said, "Many retired Americans face the terrible reality of deciding whether to buy food, pay rent or buy their prescriptions. And their government should help them. But when we added the prescription drug benefit to Medicare, a new and costly entitlement, we included many people who are more than capable of purchasing their own medicine without assistance from taxpayers who struggle to purchase their own. People like Bill Gates and Warren Buffet don't need their prescriptions underwritten by taxpayers. Those who can afford to buy their own prescription drugs should be expected to do so." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	The Bush Administration Sought To Limit The Number Of Seniors Receiving Prescription Drug Benefits. According to the Washington Post, "The Bush administration is advancing a proposal to levy higher premiums and deductibles on upper-income seniors enrolled in Medicare's new prescription drug benefit, raising fees on beneficiaries with incomes over about $80,000 a year." [Washington Post, 10/5/07] McCain Proposal Is Similar to "Controversial Bush Proposal. The Washington Post reported, "McCain will propose today that affluent seniors pay more for government-provided drug benefits as a way to control health-care spending, aides said in previewing a major speech on economics that the Arizona Republican will deliver in Pittsburgh. The proposal is similar to a controversial one put forth last fall by President Bush, in which married retirees who make more than $160,000 a year would pay increasingly higher costs for the newly established Medicare prescription drug plans." [Washington Post, 4/15/08]
McCain Proposed A Freeze Of Discretionary Spending. John McCain said, "As president, I will also order a prompt and thorough review of the budgets of every federal program, department, and agency. While that top to bottom review is underway, we will institute a one-year pause in discretionary spending increases with the necessary exemption of military spending and veterans benefits." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	McCain Policy "Mirrors" Bush. According to the Washington Post, "McCain will also call for ‘a pause' in discretionary spending increases to allow for a ‘top-down review' of all government programs and agencies except veterans benefits and military spending. That proposal also mirrors the freeze in discretionary spending that Bush has had in place the past several years." [Washington Post, 4/15/08]
McCain Proposed Corporate Tax Rate Cut. John McCain said, "The great goal is to get the American economy running at full strength again, creating the opportunities Americans expect and the jobs Americans need. And one very direct way to achieve that is by taking the savings from earmark, program review, and other budget reforms -- on the order of 100 billion dollars annually -- and use those savings to lower the business income tax for every employer that pays it. So I will send to Congress a proposal to cut the taxes these employers pay, from a rate of 35 to 25 percent. As it is, we have the second-highest tax on business in the industrialized world." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	Bush Signed "Sweeping" Corporate Tax Rewrite, Giving $136 Billion in Corporate Tax Breaks. In 2004, the Associated Press reported, "With no fanfare, President Bush Friday signed the most sweeping rewrite of corporate tax law in nearly two decades, showering $136 billion in new tax breaks on businesses, farmers and other groups." [Associated Press, via MSNBC, 10/22/04] MCCAIN FLIP-FLOP: McCain Opposed Corporate Tax Cut Bill. In 2004, McCain denounced President Bush's corporate tax break package, calling it the "worst example of the influence of the special interests I have ever seen." [Akron Beacon Journal, 10/12/04]
McCain Advocated Free Trade, Criticized "Hid[ing] Behind Walls." John McCain said, "Opening new markets for American goods and services is indispensable to our future prosperity. We can compete with anyone. Senators Obama and Clinton think we should hide behind walls, bury our heads and industries in the sand, and hope we have enough left to live on while the world passes us by. But that is not good policy and it is not good leadership. And the short-sightedness of these policies can be seen today in Congress' refusal to vote on the Colombian Free Trade Agreement. When new trading partners can sell in our market, and American companies can sell in theirs, the gains are great and they are lasting. The strength of the American economy offers a better life to every society we trade with, and the good comes back to us in many ways -- in better jobs, higher wages, and lower prices." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	Bush: "Walling Off America From World Trade Would Be A Disaster For Our Economy." During a speech on Wall Street, President Bush said, "I know there's going to be a vigorous debate on trade, and bashing trade can make for good sound bites on the evening news. But walling off America from world trade would be a disaster for our economy. Congress needs to reject protectionism and to keep this economy open to the tremendous opportunities that the world has to offer. [Economic Speech in New York City, 1/31/07; Public Papers of the Presidents]
McCain Proposed Allowing Businesses to Expense Equipment. John McCain said, "So I will propose and sign into law a reform agenda to permit the first-year expensing of new equipment and technology." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	In Stimulus Bill, Bush Supported Allowing Businesses to Speed Up "Expensing of New Equipment." In 2001, Bush supported the House-passed stimulus bill, which included expensing equipment. Bush said, "The House plan allows businesses to speed up the expensing of new equipment. And it reforms the corporate Tax Code, so that companies do not face higher effective rates as their profits decline. Together, these two changes will persuade many companies that time has come to reinvest in America. And when we invest in America, we create jobs for American workers." [Bush Remarks to Business, Trade, and Agricultural Leaders, 10/26/01, emphasis added] MCCAIN FLIP-FLOP: McCain Previously Criticized House-Passed Stimulus Bill. During the 2001 economic stimulus debate, John McCain said, "The House bill would give billions of dollars in tax money to big corporations ... No one believes that if Ford Motor Co. received a $1 billion check from the federal government that they'd spend it immediately." [Arizona Daily Star, 11/29/01]
McCain Pledged To Hold Government Agencies Accountable, Change The Way of Thinking. During his speech at Carnegie Melon University, McCain said, "‘Discretionary spending' is a term people throw around a lot in Washington, while actual discretion is seldom exercised. Instead, every program comes with a built-in assumption that it should go on forever, and its budget increase forever. My administration will change that way of thinking." He added, "We will make sure that federal spending serves the common interests... that failed programs are not rewarded." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	Bush: "We Worked With Congress To Focus On Those Programs That Work And Do Away With Those That Don't Work." During a budget speech in October of 2006, President Bush said, "I want to applaud the Congress for making hard choices. Every program sounds fantastic in Washington, until you actually determine whether or not they're working. And a lot of times, the nice-sounding programs are not delivering the results that the people expect. And so we worked with Congress to focus on those programs that work and do away with those that don't work. It's not easy, by the way, to get rid of somebody's pet project that's not working." [President's Speech on the Economy, 10/16/06]
McCain: CEO Pay And Perks "Bear No Relation To The Success Of The Company Or The Wishes Of Shareholders." During his speech at Carnegie Melon University, McCain said, "Americans are also right to be offended when the extravagant salaries and severance deals of CEO's -- in some cases, the very same CEO's who helped to bring on these market troubles -- bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct." [McCain Remarks on the Economy at Carnegie Melon University, 4/15/08]	Bush: CEO Pay "Should Be Based On Their Success At Improving Their Companies." As reported in the Christian Science Monitor, "Addressing business leaders on Wall Street in February, President Bush said, ‘The salaries and bonuses of CEOs should be based on their success at improving their companies and bringing value to their shareholders.'" [Christian Science Monitor, 4/30/07]

McSame as Bush on the Economy

Tue, 03 Jun 2008 00:00:00 -0700

Bush	McCain
Bush: "The Fundamentals Are Strong." While speaking about recent economic troubles in Kansas City, President Bush said, "The fundamentals are strong. We're just in a rough patch." [Los Angeles Times, 2/2/08; emphasis added]	McCain: "I Still Believe Our Fundamental Underpinnings Of Our Economy Are Strong..." In a report on CNN McCain said, "I still believe our fundamental underpinnings of our economy are strong, but it's obvious that we are facing challenges, which will require actions such as the Federal Reserve took today." [CNN, 1/22/08; emphasis added]
Bush: "I Don't Think We're Headed To A Recession." According to CBS News, President Bush said, "I don't think we're headed to a recession, but no question we're in a slowdown." [CBS News, 2/28/08; emphasis added]	McCain: "I Don't Believe We're Headed Into A Recession." While speaking at a Fox News Republican debate, McCain said, "I don't believe we're headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong." [Fox News GOP Debate, South Carolina, 1/10/08; emphasis added]
Bush: "We're Just In A Rough Patch." According to the Los Angeles Times, President Bush said, "The fundamentals are strong," Bush said. "We're just in a rough patch, as witnessed by the employment figures today. And I'm confident we can get through this rough patch." [Los Angeles Times, 2/2/08; emphasis added]	McCain: "This is A Rough Patch."' While speaking at a Fox News Republican debate, McCain said, "I believe the fundamentals of this economy are strong, and I believe they will remain strong. This is a rough patch, but I think America's greatness lies ahead of us." [Fox News GOP Debate, South Carolina, 1/10/08; emphasis added]
Bush: "We Need To Make the Tax Cuts Permanent." While speaking about the state of the economy, President Bush said, "one thing's for certain, is we need to make the tax cuts permanent." [President's Speech on the Economy at the EEOB, 2/19/04; emphasis added]	McCain: "I'll Make the Bush Tax Cuts Permanent." While appearing on Meet the Press, McCain said, "I'll make the Bush tax cuts permanent... I've said 500 times that I want the tax cuts to be made permanent.." [NBC, "Meet the Press," 1/27/08; emphasis added]

McCain Out of Touch on the Economy

Wed, 23 Apr 2008 00:00:00 -0700

On economic issues, John McCain’s record and agenda promise more of the same raw deal American families have gotten from President Bush. And It’s no wonder, McCain has professed to not knowing much about the economy, and thinks ‘the underpinnings of our economy are strong.’ McCain didn’t know the President had the power to appoint the FED chair, and admits the he doesn’t pay attention to economic issues. With Unemployment up, the economy in the midst of a recession, and a housing crisis Americans can’t afford a President who thinks our economic problems are “psychological.”

McCain Out of Touch with American Families, Believes Economy is Still Strong

McCain Said U.S. is not Heading into a Recession. “I am not convinced that we are necessarily going into a recession. . . . And our economy, I think our fundamentals are strong and America’s greatest days are ahead of us economically and every other way,” said John McCain. [Rally, Hilton Head Island, SC 1/18/08]

McCain said Economy is Still Strong. “By the way, I don’t believe we’re headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong,” McCain said at the January 10 Republican debate on Fox. [Fox Republican Debate, 1/10/08]

McCain: “I Still Believe Our Fundamental Underpinnings Of Our Economy Are Strong…” In a report on CNN, McCain said, “I still believe our fundamental underpinnings of our economy are strong, but it’s obvious that we are facing challenges, which will require actions such as the Federal Reserve took today.” [CNN, 1/22/08]

McCain Said Economic Problems Were “Psychological.” During a town hall McCain said, “Now, as far as putting additional money in American taxpayers’ pocket, that’s fine, because a lot of this is psychological. A lot of it’s psychological. Because I believe the fundamentals of our economy is still strong.” [McCain Town Hall, 1/24/08, West Palm Beach, Florida]

McCain said Families’ Economic Problems are “Psychological” at GOP Debate. “And finally, could I just mention on the issue of rebates, fine, because part of this is psychological. Part of the problem we have, of course, in any recession is psychological. And I’m still optimistic that nothing is inevitable.” [CNN Debate, 1/30/08]

McCain Admitted he Doesn't Understand Economics

McCain Said He Doesn’t Understand the Economy. McCain admitted to reporters “[t]he issue of economics is not something I’ve understood as well as I should.” [Boston Globe, 12/18/07]

2000: McCain Said he “Didn’t Pay Attention” to Economic Issues. In 2000, Jonathan Chait of The New Republic, conducted an interview with John McCain in which McCain admitted not paying attention to economic issues. When asked about his sudden shift in economic policy, McCain said, “In the interest of full disclosure. I didn’t pay nearly the attention to those issues in the past. I was probably a ‘supplysider’ based on the fact that I really didn’t jump into the issue.” [New Republic, 1/31/08]

Russert Pushed McCain on Admitting Lack of Economic Knowledge. On NBC’s “Meet the Press,” Tim Russert reminded McCain of a quote from a 2005 Wall Street Journal article: “McCain is refreshingly blunt when he tells me I’m going to be honest, I know a lot less about economics that I do about military and foreign policy issues. I still need to be educated.” [NBC, “Meet the Press,” 1/27/08]

McCain: “I Don’t Know Where You Got That Quote From. I’m Very Well-Versed In Economics.” When asked about the quote at the Republican primary debate in Florida, McCain said, “Actually, I don’t know where you got that quote from. I’m very well versed in Economics.” [NBC, “Meet the Press,” 1/27/08]

Gerson: McCain Is Intellectually Uncurious on Domestic Issues. In a Washington Post Op-ed, Michael Gerson wrote, “[T]hose who know Mccain report a general lack of interest in domestic policy compared with his engagement in foreign affairs. ‘It’s sometimes unfairly argued that Bush is intellectually uncurious,’ says one former member of Congress, ‘but on domestic issues that is really true of McCain.’” [Washington Post, 2/6/08]

McCain Has Relied On Phil Gramm To Shape Domestic Policies. Phil Gramm has shaped McCain’s policies on taxes, the economy, and healthcare. According to CNN, Gramm is “McCain’s chief economic adviser… and is the ultimate pure play in free market faith,” and his healthcare plan “bears the Gramm imprint.” [CNN, 2/19/08]

McCain Plagued by Nervous Laughter When Discussing the Economy. During an appearance on ABC’s This Week, McCain was repeatedly plagued by nervous laughter when asked about the economy by George Stephanopoulos. [ABC, “This Week,” 2/17/08]

McCain Didn’t Know the President would be Able to Nominate a Fed Chair. During an appearance on ABC’s This Week, McCain was unaware that Ben Bernanke’s term as Chairman of the Federal Reserve would expire during the next president’s tenure. When asked if he would reappoint Bernanke, McCain said, “Oh I think… um, those terms of office…er…” George Stephanopoulos then told McCain that Bernanke’s term expires in 2010. [ABC, “This Week,” 2/17/08]

McCain Criticized For Lack Of Economic Knowledge. E. Thomas McClanahan wrote in his column, “Economics is clearly not McCain’s strength. He has admitted as much. But it’s the implied sneer that rankles. It doesn’t seem to occur to him that at some point, the existence of every business in the American economy depended on the willingness of an entrepreneur or group of gutsy investors to risk scarce capital in an uncertain future. Memo to McCain: Without the profit motive, none of us out here in the private sector would have jobs. Lacking a real understanding of the process of economic growth, a President McCain would be in a poor position to articulate and defend an effective economic program.” [Op-Ed, E. Thomas McClanahan, Kansas City Star, 2/9/08]

Bad Advice: McCain's Economic Advisors

Wed, 23 Apr 2008 00:00:00 -0700

After admitting that he didn’t understand the economy, one would think McCain would assemble a top notch team of economic advisors. Instead he has assembled a who’s who of dog eat dog economic advisors who believe the solution to Americans’ economic ills is to do nothing. His top economic advisor admitted that the Bush tax cuts are easily two to three times the costs of the wars Iraq and Afghanistan, and yet McCain advocates extending the Bush tax cuts. Phil Gramm, a fierce opponent of any sort of government regulation, is widely regarded by many economists as being directly responsible for the current housing crisis. Knee deep in the Enron scandal, he’s hardly the poster child for economic good sense. Another top advisor, Carly Fiorina, is best known for being fired from her job as CEO of Hewlett Packard, for failing to achieve any of the objectives for which she was hired. She suggested McCain was adopting a do-nothing approach to the housing crisis, and said that the Iraq war had nothing to do with the current economic crisis.. With key advisors like these, it’s no wonder McCain seems out of touch.

Controversial Former CEO Carly Fiorina to Head RNC Victory Fund, Advise McCain

Fiorina the Public “Face” of the McCain Economic Team. According to the Washington Post, “[Carly] Fiorina may soon be more closely identified with him. Since McCain installed her last month at the Republican National Committee, the once-high-flying chief executive has held conference calls, made near-daily television appearances and become the face of McCain’s economic team.” [Washington Post, 1/2/08]

Fiorina Was Fired As CEO Of Hewlett Packard After “Rocky” Tenure Marked by Scandal. “But until recently, Fiorina’s claim to fame was 5 1/2 rocky years at Hewlett-Packard, where she battled the company’s founding families to push forward with a $19 billion purchase of Compaq Computer in 2002, then failed to create the profitable computer giant she had promised. In February 2005, she was publicly ousted by HP’s board, but not before she ordered the first of a series of leak investigations that would spin into a highly publicized scandal.” [Washington Post, 4/2/08]

Fiorina Said Iraq War Had Nothing To Do With Current Economic Crisis. During an Appearance on the Joe Scarborough Show, Fiorina suggest the war in Iraq had nothing to do with our current economic crisis. “There’s no question that the Iraq War is costing us a lot of money,” Fiorina replied. “But it’s also the case that the housing crisis has nothing to do with the Iraq War. High fuel prices have nothing to do with the Iraq War, per se. And high food prices, in particular, have nothing to do with the Iraq War. ... It’s not fair ... to try and make the Iraq War the cause of our current economic difficulties.” [MSNBC, Morning Joe, 4/7/08]

Nobel Prize-winning economist Joseph Stiglitz has blamed the Iraq war for sending the United States into a recession. “On Wednesday, he told a London think tank that the war caused the credit crunch and the housing crisis that are propelling the current economic downturn. Testifying before the Senate’s Joint Economic Committee the following day, he said our involvement in Iraq has long been “weakening the American economy” and “a day of reckoning” has finally arrived.” [Mother Jones, 2/29/08]
9 in 0 Americans Believe the Iraq War Has Contributed to U.S. Economic Problems. In a New York Times/CBS poll released today, 89 percent of those surveyed believe the cost of the war has contributed “a lot” or “some” to U.S. economic problems. [New York Times, 4/4/08]

March 2008: Fiorina Defended McCain’s Lack of Response To Housing Crisis, Warned Against “Overreact[ing].” Fiorina: “However, I do also think that John McCain, by virtue, frankly, of his experience with the economy, understands that sometimes in a period of crisis we can overreact, we can do too much. And when too much is done, we create the next generation of problems for the next generation of taxpayers to have to deal with. And so, I think he’s wanted to be judicious in his response. I think he’s wanted to see what the effect of the vast array of stimulus measures that have already been taken -- what the effect of those are before we continue to throw stuff out into the marketplace.” [McCain Campaign Teleconference 3/27/08]

Fiorina Said McCain Supported ‘Private Accounts for Reforming Social Security. During an appearance on the Bill Bennet Show, Fiorina said McCain was supportive of Social Security privatization. “Well, I know that he has been very favorably inclined to the report that came out a little bit ago, the Republican party made a number of suggestions which he embraced. He has on other occasions said that he supports private accounts as one of the ways to reform the system. But I think he, and I think he will continue to be supportive of those.” [Think Progress, Accessed 4/22/08, emphasis added]

McCain's Chief Economic Advisor Douglas Holtz-Eakin

Holtz-Eakin Admitted Bush Tax Cuts Are “Easily Two to Three Times” The Cost of War. When asked by NPR host how to characterize the costs of the war and the size of the tax cut, Mr Eakin elaborated: “From a narrow budget perspective, the war adds, say, on the order of a hundred billion dollars to the federal budget, probably a little bit less. The tax cuts, they’re easily twice, maybe three times that, depending on the year in which take place. So it’s real clear that the tax cuts are bigger than the war costs, from a straight budget perspective.”[NPR, Fresh Air 1/26/06]

Yet McCain Said He Would Not Let Democrats Roll Back Bush Tax Cuts. According to the Phoenix Business Journal, at an Americans for Prosperity Summit in Michigan, McCain said he would not “…let the Democrats roll back the Bush tax cuts.” He added, “I believe we should protect the American family against tax increases by requiring a three-fifths majority in Congress to raise taxes…But I will cut middle class taxes and keep them low the right way – by also cutting spending so we don’t add to the debt we leave to our children.” [Phoenix Business Journal, 1/14/08]
McCain Said Nation Could Afford Tax Cuts and Spending on the War. According to the Miami Herald, “…the so-called ‘Bush tax cuts.’ McCain voted against them in 2003, noting that cutting so many taxes in a time of war and increased spending would widen the budget deficit and hurt the economy. The deficit widened. The economy is getting worse. But McCain now says the tax cuts should stay. The reason: Eliminating a tax cut is a tax increase, he says. Asked about his former logic -- whether the nation could afford tax cuts and spending on the war -- McCain said: ‘Sure, with a healthy economy, absolutely.’” [Miami Herald, 1/24/08]

Phil Gramm

McCain and Gramm Have Long History Together McCain and Gramm have a long political history. The two became close when they worked together as senators to defeat Hillary Rodham Clinton’s 1993 health care plan, holding meetings at hospitals and clinics across the country. In 1996, McCain was national chairman of Gramm’s unsuccessful presidential bid. [Politico, 3/28/08]

Gramm Involved in the Current Housing Scandal:

Gramm Helped Deregulate the Financial Services Industry in the 1990’s and Now Sits In the Corporate Suites of Swiss Banking Giant UBS. “The spiraling crisis in the credit and housing markets has kept Gramm in focus, fairly or not. His employer, UBS, revealed yesterday that investment losses tied to the U.S. housing market reached $37 billion over the last six months. For the last three months, UBS posted a $12 billion loss.” [Washington Post, 4/2/08]
Gramm ‘Totally Unaware’ of Bank’s Subprime Holdings. Gramm, UBS’s vice chairman, said yesterday he was “totally unaware” of his bank’s massive holdings of securities tied to subprime mortgages, but, he added, “I’m confident we’ll recover.” [Washington Post, 4/2/08]
Gramm Led the Charge to Deregulate Banking and Financial Services Industries, Many Economists Believe This Set the Stage for the Current Crisis. More to the point may be Gramm’s aggressive efforts when he was chairman of the Senate Banking Committee to deregulate the banking and financial services industry. That culminated in passage in 1999 of a sweeping financial services law that tore down the Depression-era Glass-Steagall wall separating regulated commercial banks from largely unregulated investment banks. And little regulation was put in to replace it. [Washington Post, 4/2/08]