Holtz-Eakin Unsure If ‘Main Street’ Is Hurting, But Certainly ‘Wall Street’ Is ‘In A World Of Hurt’
Holtz-Eakin Unsure If ‘Main Street’ Is Hurting, But Certainly ‘Wall Street’ Is ‘In A World Of Hurt’
Last month, Senator John McCain’s (R-AZ) economic adviser Douglas Holtz-Eakin attempted to promote McCain’s economic plan by explaining that “the Wall Street guys are in a world of hurt,” while “the Main Street guys are hanging in there.”
Today, Holtz-Eakin tried have it both ways. He first justified McCain’s plan to extend the Bush tax cuts by saying that Main Street is “hurting very much.” Minutes later, though, he suggested that on Wall Street “there’s a world of hurt,” while Main Street “has been hanging in there remarkably well.” Watch it:
Holtz-Eakin is wrong about Main Street hanging in there “remarkably well.” He is also citing Main Street’s economic pain as a reason to extend tax cuts that overwhelmingly help the wealthy. In addition to making Bush’s tax cuts permanent, McCain has proposed $300 billion in budget-busting tax cuts for corporations and the ultra-rich.
To ease some of Wall Street’s suffering, McCain has proposed a $175 billion tax cut for corporations. This would give America’s 200 largest corporations $45 billion in tax breaks and send America’s five largest oil companies $4 billion every year.
Just like under George Bush, with McCain’s economic plan Wall Street wins, while American families lose.
4 Responses to “Holtz-Eakin Unsure If ‘Main Street’ Is Hurting, But Certainly ‘Wall Street’ Is ‘In A World Of Hurt’”
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I’m not getting a penny from the Fed, much less a billion dollar bailout. However, I sold the house, dropped cable, and quit driving, unless necessary.
August 7th, 2008 at 6:39 pmClearly state you’re being a bad American…
You’ve dropped cable, and stopped using oil, however is Wall St. supposed to recover if you don’t buy buy buy.
I wish politicians would realize that Wall Street exists at the expense and will of Main Street. It generally makes our lives more enjoyable, and in good times we gladly fork our money in that direction. However in bad times, Main Street fends for itself, and the pipeline of cash into Wall Street shuts off. This is the consequences of Wall Street not looking out for Main Street on a regular basis. Focusing on stock price instead of sustainability. Laying off to the bone to bump the stock price instead of just trimming the fat.
It seems the GOP is only pro free market until the bad times come…
-MBirchmeier
August 8th, 2008 at 9:21 amWe’ll find out August 26th how many more Main Streeters lost health insurance in the last year. Will it hit 50 million uninsureds?
August 8th, 2008 at 2:40 pmThe press release from the Census Bureau on new poverty and health insurance numbers:
http://www.census.gov/Press-Release/www/releases/archives/american_community_survey_acs/012462.html
The DNC convention will be in session when the new numbers come out…
August 8th, 2008 at 2:41 pm