Wed Jul 9, 3:06 PM Pacific • posted by Jed Lewison
McCain Targets Social Security in Deficit Cutting Plan
Earlier today, a reporter asked John McCain how he planned to keep his promise to balance the budget by 2013. McCain's explanation (full statement after jump):
Through revenue and economic growth, by keeping taxes low, by reforming Social Security and Medicare, by making sure that we provide jobs and opportunities for all Americans, by free trade, by increasing economic activity, by creating jobs.
That's right -- McCain is pledging to cut the deficit and balance the budget in part "by reforming Social Security" -- a program that he described on Monday as "an absolute disgrace."
Keep in mind that the budget deficit is now more than $400 billion. So the question for John McCain is this: how much of that $400 billion is going to come from his Social Security 'reforms'? And how will voters respond to McCain's new plan?
Transcript (from CNN):
QUESTION: Senator McCain, on Monday your campaign put out a policy paper talking about your desire to balance the budget at the end of a first term in office. Can you talk about how you're going to achieve that?
MCCAIN: Sure. Through revenue and economic growth, by keeping taxes low, by reforming Social Security and Medicare, by making sure that we provide jobs and opportunities for all Americans, by free trade, by increasing economic activity, by creating jobs. Technology here, right here at CONSOL, that's being developed here is capable of creating and will create hundreds of thousands of jobs as we adopt clean coal technology.
Seven hundred thousand jobs can be created with the construction of 45 new nuclear power plants. By revenue, by increasing revenue, by keeping taxes low, and stimulating our economy. And I am convinced that we can do that.
Our economic plan has been supported by 300 economists and five Nobel laureates. Now, they have supported our economic plan.
There are those who don't agree with it or don't believe it, who don't believe our economy can improve, who don't believe that ingenuity and entrepreneurship of Americans can be unleashed. I do.