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Staying on Bush's CourseHere's some straight talk: McCain's fiscal program is either a joke or a fantasy.

By Daniel Gross
Posted Friday, March 28, 2008, at 2:56 PM ET
John McCain. Click image to expand.

In the last week, the three remaining presidential candidates made big-picture economic speeches that were perfectly in keeping with the tone of their campaigns. Barack Obama delivered his speech, introduced by New York Mayor Michael Bloomberg (a potential Obamacan?), at Cooper Union, a venue long identified with great oratory. Hillary Clinton tactically delivered her speech in the current battleground state of Pennsylvania and offered a list of solutions. Both campaigns have remarkably detailed (and remarkably similar) platforms on how to attack the various economic woes facing America.

John McCain, fresh from a whirlwind tour aimed at demonstrating his foreign-policy credentials, took a somewhat different approach. There's an emerging theme surrounding his campaign: The problem with the last eight years isn't that the Bush administration had the wrong policies or was incompetent. No, the problem is that it lacked intensity. Which is why McCain is bent on offering a more concentrated, sustained, high-energy form of Bushism. Bush has been adamant about staying in Iraq until the end of his presidency; McCain is adamant about staying up to 100 years, if necessary. Bush has taken to carefully cherry-picking facts and metrics (the number of soccer games visible from the air, to cite one) to construct a narrative on how well things are going there. (I bet there weren't many soccer matches in Sadr City today.) McCain prefers simple declarations to data points: "We're winning. I don't care what people say. I've seen the facts on the ground."

The same holds true for the economy. By virtue of his history as a deficit hawk, a foe of earmarks, and an opponent of the Bush tax cuts—not to mention the presence of reality-based advisers like Douglas Holtz-Eakin, former director of the Congressional Budget Office—McCain deserves some benefit of the doubt. Unfortunately, the brains behind the economic operation seems to be former Sen. Phil Gramm, the Texas A&M economist-turned-senator who confidently forecast in 1993 that the Clinton program of spending cuts and tax increases on the wealthy would be "a one-way ticket to recession." And the sections on McCain's Web site about domestic policy reveal, as Matt Yglesias noted, "a nearly astounding level of vacuity."

Reading McCain's economic agenda and listening to his speech, it appears that the problem with the last eight years is that we haven't seen enough tax breaks for the wealthy, that economic royalism hasn't been pursued with sufficient vigor, and that the middle and working classes haven't been stiffed sufficiently.

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Daniel Gross is the Moneybox columnist for Slate and the business columnist for Newsweek. You can e-mail him at . He is the author of Pop! Why Bubbles Are Great for the Economy.
Photograph of John McCain by David McNew/Getty Images.
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