John McCain delivered a major speech today highlighting portions of his economic policies. Probably the most notable was his call for the federal gasoline tax to be remanded between Memorial Day and Labor Day. He says this would create an immediate economic stimulus.
Here’s a video report on it from ABC News:
Also, here’s a report from Breitbart:
PITTSBURGH (AP) – Republican Sen. John McCain on Tuesday called for a summer-long suspension of the federal gasoline tax and several tax cuts as the likely presidential nominee sought to stem the public’s pain from a troubled economy.
Timed for the day millions of Americans filed their tax returns, McCain offered some immediate steps as well as long-term proposals in a broad economic speech. The nation’s financial woes have replaced the Iraq war as the top concern for voters, and McCain, who has said economics is not his strongest suit, felt compelled to address the problems as he looks ahead to the November general election.
“In so many ways, we need to make a clean break from the worst excesses of both political parties,” McCain told an audience at Carnegie Mellon University. “Somewhere along the way, too many Republicans in Congress became indistinguishable from the big-spending Democrats they used to oppose.”
To help people weather the downturn immediately, McCain urged Congress to institute a “gas-tax holiday” by suspending the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. By some estimates, the government would lose about $10 billion in revenue. He also renewed his call for the United States to stop adding to the Strategic Petroleum Reserve and thus lessen to some extent the worldwide demand for oil.
Combined, he said, the two proposals would reduce gas prices, which would have a trickle-down effect, and “help to spread relief across the American economy.”
I’m glad he brings this up. Everyone knows oil companies have made billions in profit but politicians fail to acknowledge or admit the federal government has also made billions off gasoline for many years. Nobody complains about the government gouging yet politicians feel the need to parade oil executives around congress like they’ve done something wrong.
I’ll support McCain’s “gas-tax holiday” as a much better means to deliver economic “stimulus” than sending out checks like the Bush administration.