When the bailout passes, and the American people begin to dig out from the wreckage of the credit freeze, their first question will be:
What do we do now?
That is the question that can and ought to be John McCain’s focus for the next 33 days, for it gives him the chance to contrast his ideas for strengthening the American economy through low taxes and entrepreneurship with the high tax, statist policies advocated by Obama.
Obama is breathtakingly irresponsible. Making his economic irresponsibility the center of the campaign will sink his entire candidacy.
This is NOT about calling Obama a liberal. That rhetorical trick died a long time ago. It IS about driving home the fact that under the Obama proposals, many small businesses will face effective tax rates of about fifty per cent when they hit $250,000 in profits.
The American people know that taking these profits out of the economy will crush job-creation and consumer spending. They just need to be reminded.
Obama’s proposals are destructive, and McCain needs to repeat this fact again and again. Penalizing those who would invest capital at the very moment we have seen the contraction of bank lending would inflict a devastating double blow on the economy.
We have a capital crisis already. Obama’s imposing additional taxes on those most able to bring new capital into the economy would be unbelievably harmful. That Obama said he would delay raising some taxes is no defense. McCain needs to point out that Obama’s position is that he wants to punish the most productive part of the economy and his “concession” is that’s he willing to wait a little while before he executes his condemned.
If McCain says, “now more than ever, in order to achieve a roaring economic recovery, we need to keep taxes low and wherever possible lower rates on individuals, businesses, dividends, and capital gains”, people will focus on the contrast between McCain’s good sense and Obama’s irresponsibility.
And the awareness of Obama’s economic irresponsibility will connect to other aspects of Obama’s recklessness.
His willingness to meet with Iran is irresponsible and endangers American interests.
His opposition to drilling and nuclear energy is irresponsible and endangers American interests.
And now his continuing addiction to massive tax increases, even in the face of the worst credit crisis in our lifetime is extremely irresponsible.
McCain can make this argument. If he does, he will win both the argument and the election.