McWAR SUPPORTS REAGANOMICS

AKA, voodoo economics.

Asked About the Deficit, McCain Cites Reagan’s Example
By Michael Cooper
April 9, 2008, 7:34 pm
NY Times

Mr. McCain did not explain how he plans to balance the budget, but spoke generally about hoping to stimulate the economy – and cited President Reagan.“I don’t believe in a static economy,’’ Mr. McCain said. “I believe that when there’s stimulus for growth, when there’s opportunity, when people keep more of their money — and the government is the least efficient way to spend your money — that economies improve.’’

“When Ronald Reagan came to office,’’ he said, noting that few in the audience were old enough to remember, “we had 10 percent unemployment, 20 percent interest rates, and 10 percent inflation, if I’ve got those numbers right. That was when Ronald Reagan came to office in 1980. And so what did we do? We didn’t raise taxes, and we didn’t cut entitlements. What we did was we cut taxes and we put in governmental reductions in regulations, stimulus to the economy, and by the way, Jack Kennedy also did that as well – and so my answer to it is a growing economy. And I think you best grow the economy by the most efficient use of the tax dollar.’’

Mr. McCain – who has said that he wants to balance the budget while making the Bush tax cuts permanent, cutting additional taxes, and keeping troops in Iraq – said: “I believe we can grow this economy, and reduce this deficit.’’