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Saturday, June 21, 2008

Economic Illiteracy of Presidential Candidates

Here is a good editorial in the Wall Street Journal on the economic illiteracy (or perhaps pandering with economic nonsense) of McCain and Obama.

I should mention the author was Karl Rove, but Dan Mitchell already commented on the fact that it was Rove who orchestrated the farm bill subsidies, Medicare expansion, the ballooning of earmarks, the Transportation bill that included the Bridge to Nowhere, and the largest growth in government since the Johnson administration under Bush.

On a related note, here is an example of some economic nonsense from Obama. He plans to plan to "spend billions in taxpayer dollars to build roads, bridges and other infrastructure projects that could create jobs." Right, because as we all know taking money from some to give to others "creates jobs," just like splashing water from one end of the pool to the other raises the water level.

He also criticizes McCain's proposal to allow offshore drilling for oil, noting that even though that would make us less "dependent on foreign oil" and would lower gas prices, it would help for many years. Obama instead suggest that he will take more money from taxpayers and "invest" in green jobs, the automotive industry, and technology for electric cars.

Wait, how will that have a meaningful and immediate benefit for the American taxpayer and consumer? Oh, come on - you just have to have Hope.

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