McCain's rhetoric about significant savings through cutting earmarks is just that...empty rhetoric. Earmarks represent about
1% of the federal budget.
His claim to cut 20% in discretionary spending is dubious since more than half of discretionary spending is DoD and "terrorism response" (DHS, State and related). The next biggest discretionary spending is VA and HHS...the rest is insignificant.
He either significantly cuts war funding, anti-terrorism funding, vets funding (which is expected to increase for years to come in order to care for Iraq vets) or funding for health/welfare programs....to reach that 20% mark.
So who do you think might bear the burden if he were to follow through with his promise? My guess would be the working poor and middle class who benefit most from HHS spending. Not gonna happen.
Maybe he could start with restoring the $billions lost in lease payments by big oil companies that Bush/Republican Congress waived in the 05 energy bill
IMO, the best approach is get out of Iraq ($10 billion/month) by 2010 along with reasonable (low impact) spending cuts (or freezes) across the board
AND restoring the pre-2000 tax rates (particularly on top bracket) to generate significantly increased revenue.
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added:
Charles Barkley for Secretary of Treasury?
BLITZER: If Obama has his way, you would spend another $701,885 in taxes. $700,000 above and beyond – you pay a lot of taxes right now if you’re making millions of dollars a year as you are. How do you feel about that?
BARKLEY: Well, I think that if you’re rich — I thank God I’ve been very successful — if you’re rich, you’re always going to be rich. If we pay more in taxes, I got no problem with that. If you’re making that kind of money, a couple hundred thousand dollars here or there are not going to change your life.
Let’s be realistic. I’ve been very fortunate and blessed. I did a great job of saving my money. But I got no problem if I’m making that type of money, paying more in taxes to be honest with you.
Despite Blitzer putting up on the screen only a portion of the comparison of the Obama/McCain plans...not showing the savings for the lower brackets...cheap shot!