McCain Was Right
I asked McCain what might happen if Obama and Orszag get their way. First, the U.S. could have to print a lot of new money, "running the huge risk of inflation and returning to the situation of the 1970s, only far worse," McCain said. The second option is to raise taxes.
Just this week, former Clinton budget director Alice Rivlin conceded that Obama's budget could present a "scary scenario" that would "raise deficits to unsustainable levels well after the economy recovers." The solution, she wrote, is higher taxes, and not just for the richest of the rich.
Of course, that's what McCain said during the campaign. And it's what the much-maligned Joe the Plumber said, too. Remember when he took so much flak for objecting to Obama's plan to raise taxes only on those Americans making more than $250,000 a year? Joe didn't make anything near that, the critics said, so why was he worrying?
But I'm sure Bob will tell me that McCain was wrong and Obama was right. He certainly seems to be quite the Obama fan.
Update: Quoth the Bob: "Nope McCain is wrong about nearly everything but when it comes to talking of printing money and raising taxes he takes a backseat to no one."
Obviously Bob feels we're better off under Obama.
Labels: Barack Obama, Byron York, John McCain