McCain: Stimulus is "generational theft"

[Masquerouge]

http://thehill.com/leading-the-news/mccain-stimulus-is-generational-theft-2009-02-08.html

President Barack Obama’s Republican rival for the White House last year hardened his opposition to the administration’s planned economic recovery package Sunday.

“I think this can only be described as generational theft. What we are doing is amassing multi-trillions of dollars,” said Sen. John McCain (R-Ariz.), speaking on CBS’s “Face The Nation” with Bob Schieffer.
Schieffer pressed McCain on whether he would support the bill considering economists from across the political spectrum have recommended a large stimulus package to rejuvenate the economy. But the Arizona senator said he could not, seeing the legislation not necessarily as a stimulus for the economy but rather as a vehicle for spending programs and policy prescriptions long desired by Democrats.

“Well, I can't, Bob. And I can't because I think it's the greatest transfer of not only spending but authority and responsibility to government,” McCain said. “I think it's a massive — it's much larger than any measure that was taken during the Great Depression. I think it has policy changes in it which are fundamentally bad for America.”

All I have to say is that the next generation's money has already been stolen by the Bush deficit.

And that, yeah, McCain's strength is definitely not his economic fluency:

McCain constructed his own stimulus package last week, which was about half the size of the roughly $800 billion proposed stimulus and consisted mostly of tax cuts. Offered on the Senate floor as an amendment, McCain’s plan failed to gain approval.

 

[Cattivo]

All I have to say is that the next generation's money has already been stolen by the Bush deficit.

Then why make things considerably worse? Hyperinflation is a scary enough reason to vote down this package.

 

[JerichoHill]

Okay, so if 1 trillion is generational theft, then whats 7 trillion? Where was McCain to speak out on that?

Im sorry Republicans, but you're sorely lacking the ability to complain about fiscal prudence right now. Perhaps a more gradual shift back to fiscal responsibility rather than the abrupt about face would be a better strategy?

 

[amadeus]

Okay, so if 1 trillion is generational theft, then whats 7 trillion? Where was McCain to speak out on that?

Im sorry Republicans, but you're sorely lacking the ability to complain about fiscal prudence right now. Perhaps a more gradual shift back to fiscal responsibility rather than the abrupt about face would be a better strategy?

An about-face would be OK if we get rid of these old guard "neo-conservatives" (mostly Jewish ex-Marxists from the 60s/fundamentalist Christian Zionists that came to support U.S. foreign policy as a means of supporting Israel) and replace them with actual fiscal conservatives like Ron Paul and Mark Sanford.

 

[Patroklos]

That 7 trillion is hardly all on Bush. Face it, we have all from the President and Congress selling pork/tax cuts for votes down to the joe shmoe kicking back in front of his plasma in equity tapped house have been living well beyond our means regardless of party.

McCain is absolutely right. No stimulus, ride this out and learn to be more cautious/responsible with your money next time around.

 

[kronic]

It's interesting to see that economists too have once again diverging views on the issue of the American stimulus. It doesn't even seem to be a matter of the school of thought people are subscribing to. Take for instance two renowned professors: Krugman and Buiter. Krugman claims that the stimulus is far too small (even more so since the latest draft contains lots of tax cuts which he considers useless) whereas Buiter says that countries like the US or the UK (basically all countries with big capital account deficits) shouldn't go for stimulus packages at all as they rely on borrowing from foreigners.

 

[I'm Cleo!]

But think about where McCain's coming from. He can see that the fundamentals of the economy are strong, so the stimulus bill is entirely unnecessarily.

Cleo

 

[Patroklos]

The fundementals are stong, we are not about to collapse or anything. This is minor pain compared to what a real meltdown would be.

Thats really what is mind boggling about the "sky is falling" crowd, to honestly think we are even close to out and out in our current state is exageration to the highest extreme.

 

[Phlegmak]

McCain: Stimulus is "generational theft"

So is the Iraq war, and the entire Bush presidency. Regarding the economic stimulus thing the Democraps are making these days, I don't like it either, but I don't know what to do about the economic woes. However, it definitely looks like any Republican complaining about government spending is just a goddamned hypocritical maggot.

 

[Masquerouge]

Then why make things considerably worse? Hyperinflation is a scary enough reason to vote down this package.

The ROI on the stimulus is much better than the ROI on, say, a war.

 

[ArneHD]

Then why make things considerably worse? Hyperinflation is a scary enough reason to vote down this package.

Speaking of Hyperinflation, given that the US is in such great debt already, would it be to their advantage to let the dollar loose value? Watering down the loans as such.

 

[Maimonides]

http://thehill.com/leading-the-news/mccain-stimulus-is-generational-theft-2009-02-08.html

All I have to say is that the next generation's money has already been stolen by the Bush deficit.

Okay, so if 1 trillion is generational theft, then whats 7 trillion? Where was McCain to speak out on that?

Im sorry Republicans, but you're sorely lacking the ability to complain about fiscal prudence right now. Perhaps a more gradual shift back to fiscal responsibility rather than the abrupt about face would be a better strategy?

I TOTALLY agree. The Republican party gave up it's right to claim to be economically conservative.

Other than Christianity, I have no idea what platform that party has anymore & it can barely claim that with so many of it's leaders caught texting sexual messages to teenage boys, with prostitutes, in gay relationships, harassing female co-workers & having children out of wedlock.

An about-face would be OK if we get rid of these old guard "neo-conservatives" (mostly Jewish ex-Marxists from the 60s/fundamentalist Christian Zionists that came to support U.S. foreign policy as a means of supporting Israel) and replace them with actual fiscal conservatives like Ron Paul and Mark Sanford.

WTH? Jews are less than 1% of the population (& declining) & mostly Democrats. Not to mention that it doesn't make sense that a Marxist hippy would become a conservative...

I didn't think I'd ever see you pull the Jewish conspiracy card, Amadeus.

If America has a political party that is fiscally conservative, it needs to hire a PR firm because I haven't heard of it.

 

[Abaddon]

McCain still exists?

 

[scherbchen]

boy am I glad I dropped out of economy (major) back in the days... it has a a "science" about as much cohesion as modern dance. no offense to dance majors intended.

seriously, make a claim and you'll find somebody to back your theories. just ignore the other end of the spectrum that labels you a heathen and go about your business.

 

[Erik Mesoy]

Republican. Doesn't get to be listened to on such issues at present.

 

[general_kill]

I'd think McCain would have learned not to comment on the economy after his loss against Obama. First off, it's theft if we borrow the money and burn it. But it's an investment if we use the money for capital goods, improve infrastructure, improve education, etc. Second, even if we are borrowing from the future generations, we will repay the future generations as well. The money we borrow from their parents will be repaid to their parents.

 

[FriendlyFire]

Isnt "fiscal responsibiility" cutting taxes increase spending and adding massive debt ?

 

[Cutlass]

It's 10% of the amount of money the Republicans have stolen from the future and simply flushed down the toilet over the past 28 years

 

[Orange Seeds]

until the American public changes its views on taxation, this whole debt things is just going to get worse and worse.

 

[Godwynn]

He's finally gone senile.