McCain Economics — Reality, Be Damned

Since it was first discussed months ago, the gas tax holiday proposed by McCain has been rejected by just about everyone with a pulse, economists included. And while we cannot believe everything economists say, there is something to be said about an idea so bad that not a single economist will agree to endorse it. Whoever said a consensus among experts is nearly impossible, obviously never anticipated the barreling trainwreck that is Sen. McCain’s economic plan.

This Sunday on ABC News, George Stephanopoulos, asked McCain about his proposal. Here is a summary from this longer transcript:

Stephanopoulos: Not a single economist in the country said it’d work.

McCain: Yes. And there’s no economist in the country that knows very well the low-income American who drives the furthest, in the oldest automobile, that sometimes can’t even afford to go to work.

Stephanopoulos: But they all say that … the oil companies, the gas companies are going to absorb … any reduction.

McCain: … they say that. But one, it didn’t happen before, and two, we wouldn’t let it happen. We wouldn’t let it — Americans wouldn’t let them absorb that.

Stephanopoulos: How would you prevent that?

McCain: We would make them shamed into it. We, of course, know how to — American public opinion. And we would penalize them if necessary. But they wouldn’t. They would pass it on.

Now that is a sound policy for sure. Next, we’ll just try shaming health care companies into offering affordable coverage. How did I not think of a plan so brilliant? At least Mr. Straight-Talker is doing a great job at one thing–dodging the important question by ignoring it. McCain seems to be quite skilled at ignoring the evidence when it doesn’t suit his agenda. But, most importantly, is that while a tax holiday may sound good to you, it will undoubtedly do nothing to help relieve gas prices–or your ever-shrinking wallet.

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