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McCain Economic Plan a Winner, Even If He Loses

Author: Amity Shlaes, Former Hayek Senior Fellow for Political Economy
October 29, 2008
Bloomberg.com

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There are six days left until the election, so maybe voters have six minutes to spend on what is still a big issue: the economy. Or, more specifically, Republican John McCain's economic plan.

Many voters, even the non-Bloomberg types, are spending their spare minutes staring at screens, trying to determine how much money General Motors Corp. is going to get from the government. Or trying to figure out when Russia and China are going to shut out the dollar and create the petro, the world's next reserve currency. Or trying to pinpoint on their 2010 calendar the date when recovery will finally come. McCain? Pronounce those two syllables at your peril.

For those willing to endure the derision, it is worthwhile to take one last good look at the McCain economic program. You will find a serious agenda. McCain deserves his six minutes. Allocating 60 seconds per component, we can review his plan and find much that would doubtless contribute to a recovery.

Minute One: Cutting the corporate tax by 10 percentage points, to 25 percent. A lower corporate tax rate would be a compelling reason for foreign money to want to stay here. It would help ensure that the dollar rally endures. It would drive the cash sitting around in what proved to be unprofitable investments - subprime mortgages, for example - into potentially profitable ones, many of which are as yet unidentified.

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