10/19/2008 05:12 am ET | Updated May 25, 2011

The Truth On Economic Politics

Raise your hand if you earn less than $250,000 per year. You are targeted by the McCain-Palin campaign for a lie. The lie - that the Obama-Biden ticket will raise your taxes. The truth is Obama's tax plan will cut taxes for those who earn less than $250,000 per year.

Instead of telling you the truth, however, McCain plays on your fears of a worsening current economy and an insecure future with a lie. At the same time, he hides the fact that the richest people in this country, those that earn in excess of not just $250,000 per year but rather, millions if not billions of dollars a year will get more tax cuts under McCain than under Obama.

Doesn't sound like "straight talk." Doesn't sound very populist. Sounds more like the privileged taking care of themselves.

Raise your hand if you remember that a Republican has controlled the White House over the last seven years and that until two years ago Republicans controlled both Houses of Congress. Under the Republican administration our national debt has soared to record heights. What does this mean? It means that the Republicans have strapped us and our children with a debt that continues to grow.

Before our children have even graduated from high school or college they will have a financial ball and chain around their necks affecting their future. Programs that have formed the fabric of American life since the Great Depression, like Social Security, will grow more vulnerable with each passing day. And, this comes from a party, a sitting president, and a presidential candidate that all claim to be fiscal conservatives.

They claim not to spend money that they don't have but run up billions in debt. They believe that giving the super-rich more and the middleclass and the working poor less is good economic policy. Bush/Cheney have funded two wars by borrowing hundreds of billions of dollars from foreign countries instead of cutting government spending or raising revenue from Americans for whose security the war is ostensibly being fought.

And, John McCain supports it all.

Raise your hand if you remember that McCain's economic advisor, Phil Gramm, sponsored the law that deregulated all of the toxic investments that have now led to record foreclosures and the worst economic crisis since the Great Depression. Deregulation means that government oversight of those investments was eliminated.

And, to put a human face on the effect of the law and the economic crisis, remember that foreclosures mean that people lose their homes and accumulate negative credit ratings which affect their future ability to borrow money for new homes or college loans for their kids.

Bank failures mean that savings are wiped out making us more vulnerable to economic downturns and, upon retirement, more dependent on a disappearing Social Security account. Given his advisor and his privilege, it is no surprise that McCain claims that our economy is fundamentally strong.

Raise your hand if you remember the Bush/Cheney lies about Saddam's WMDs, Iraq's connection to al Qaeda and 9/11, and the many shifting reasons given for sending our men and women to war.

Raise your hand if the current spate of lies from McCain/Palin sounds too familiar for comfort.

Now vote.