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McCain Thinks We're Better Off Than We Were 8 Years Ago - But Worse Off Than We Were 4 Years Ago (Huh?)

August 05, 2008 3:11 PM

Sen. John McCain's new TV ad (watch HERE) asserts that "Washington's broken. John McCain knows it. We're worse off than we were four years ago."

But the Obama camp notes that this is a somewhat different note than the one Sen. McCain sang during the primaries. The CNN debate January 30 (watch HERE) featured the following exchange:

"Are Americans better off than they were eight years ago?" asked CNN's Anderson Cooper.

"I think you could argue that Americans overall are better off, because we have had a pretty good prosperous time, with low unemployment and low inflation and a lot of good things have happened," McCain said. "A lot of jobs have been created."

"But let's have some straight talk," McCain continued. "Things are tough right now. Americans are uncertain about this housing crisis. Americans are uncertain about the economy, as we see the stock market bounce up and down, but more importantly, the economy particularly in some parts of the country, state of Michigan, Governor Romney and I campaigned, not to my success, I might add, and other parts of the country are probably better off."

"But I think what we're trying to do to fix this economy is important," McCain said. "We've got to address the housing, subprime housing problem. We need to, obviously, have this package go through the Congress as quickly as possible. We need to make the Bush tax cuts permanent, which I voted for twice to do so. I think we need to eliminate the alternate minimum tax that sits out there and challenges 25 million American families."

Observed Cooper: "It sounds like that we're not better off is what you're saying."

"Pardon me?" asked McCain.

"It sounds like you're saying we're not better off," repeated Cooper.

"I think we are better off overall if you look at the entire eight-year period, when you look at the millions of jobs that have been created, the improvement in the economy, et cetera," McCain said.

Can one think that we're currently better off than we were eight years ago, during the Bill Clinton presidency, but worse off than we were four years ago, during the Bush presidency?

Does that make any sense?

McCain is basically arguing that things were best in 2004, are worse than that now in 2008, but were the absolute worst in 2000.

Our unemployment rate is currently 5.7%. That's higher, worse, than it was four years ago -- 5.4%. But it's also worse than it was eight years ago: 4.1%.

Our inflation rate was 5.02% in June of this year.

That's worse than it was four years ago -- in August 2004, the rate was 2.65%. But it's also worse than it was eight years ago. In August 2000, the inflation rate was 3.41%.

ABC News Polling Director Gary Langer points out that in the ABC News Consumer Comfort Index, Americans' ratings of the national economy, the buying climate and their personal finances all are drastically worse than either four or eight years ago.

Housing on the other hand seemed great four years ago...but the housing market has since collapsed, as Dan Arnall in ABC News' Business Unit points out. So four years ago the economy was propped up by that tent pole. And the bubble burst, to mix metaphors. To be fair, Clinton benefited from the tech bubble in 2000 as Bush did in 2004.

In any case, there are any number of economic matrices by which to measure this. I eagerly await the McCain campaign's explanation.

- jpt

August 5, 2008 | Permalink | Share | User Comments (102)

User Comments

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Poor John seems like he is confused again -- do people really want such confusion runing out country?? After this election, I really think both political parties should get together and determine an age cut-off.
I am 64 and McCain has aged sooo much in the past year it's amazing -- unfortunately, this campaign will damage his senate reputation and that is something that it never did against John Kerry. And, I agree with Kerry, I think John McCain is danagerous.

Posted by: Paulet | Aug 5, 2008 5:44:49 PM

McCain by his own admission is not good with economics. If he thinks we are better off he is also not good at listening to the American people. You're just a nuisance to his big oil and war economic plans, the only thing he knows. I guess you can not teach an old dog new tricks.

Posted by: Tom | Aug 5, 2008 5:37:33 PM

Some one had a good idea. We should all buy tire gauges (we should make sure our tires are properly inflated) and buy an extra one and send it to McCain.

Posted by: Iam4thisCountry | Aug 5, 2008 5:27:35 PM

Well said Brian!

Posted by: Mary | Aug 5, 2008 5:21:11 PM

Republicans are great at attack adds and lousy at governing.

Posted by: Will Full | Aug 5, 2008 5:19:38 PM

None of this matters until they get into the debates. Then the real people will show their face to america. Anybody can look good through attack ads and sound bites. John M will show his ignorance on the economy, Obama will show his arrogance. I will remain undecided until after 2-3 debates.

Posted by: Brian | Aug 5, 2008 5:09:50 PM

Republicans have been in charge for 8yrs but what America to beleive Democrats are that fault for the state or America.

Sorry but it is Bush and Chenney and Republicans that set the energy policy and have put America where it is today with lie after lie. History will not look favorably at Republicans.

Republicans = Zero Credibility

They are willing to lie about anything and everything just read their posting here.

Republicans are what is wrong with America!

Posted by: Stupid Republicans | Aug 5, 2008 4:59:05 PM

McCaine IS the laughing stock of the country, NO way will he win

Posted by: braylon | Aug 5, 2008 4:58:06 PM

It seems most people responsing to this article are not interested in Sen. McCain's confusion over the economy. He can't make up his mind, when things were better and when things were worst. However, he did admit, he knew little about the US economy and it really does show... "It's the economy stupid" McCain is obviously weaker in our domestic affairs than he is in our foreign affairs...

Posted by: Bruce | Aug 5, 2008 4:58:00 PM

Ha ha. The McCain campaign can't think past their next childish stunt. They can only go so far before they've tied themselves in a knot. Shortsighted amateurs. The gang that couldn't shoot straight. I don't want them anywhere near the White House!

Posted by: SpaceCat | Aug 5, 2008 4:56:17 PM

House conservatives, engaging in a third day of political stunts on the floor of the House, are now claiming that gas prices across the nation have dropped in response to their theatrics calling for a vote on offshore oil drilling. “I think the market is responding to the fact that we are here talking,” said Rep. John Shadegg (R-AZ) in a GOP press conference today.

Shadegg claimed that “gas prices have gone down” because of the “pressure” coming from pro-drilling conservatives:

“Gas prices have gone down, and they’ve gone down in part because the market is realizing that this kind of pressure from the Congress may actually cause a change in American policy,” said Rep. John Shadegg (R-Ariz.), one of the ringleaders of the protest demanding that Speaker Nancy Pelosi (D-Calif.) bring Congress back to vote on oil exploration measures.

But actual experts don’t believe the political stunts have anything to do with the drop in prices. In fact, oil and gas prices are down because of simple economics as the high energy prices and the weak economy are “curbing consumer demand” for gas:

Oil prices kept falling Tuesday, sinking as low as $118 a barrel on growing concerns that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products

One analyst told the Los Angeles Times that demand has “finally hit a wall” while another put it more bluntly to the AP: “$4-a-gallon gasoline has clearly killed demand.” As evidence of this decreased demand, the Transportation Department recently reported that Americans drove nearly 10 billion fewer miles in May 2008 than May 2007.

Conservatives have previously tried to give credit for lower prices to President Bush’s call for offshore drilling, but even the White House rejected that logic. Though they’re crediting their theatrics for the drop in prices, The Hill reports that the conservatives refused to “answer questions about whether they would take the blame if gas prices go up again.”

Posted by: BlueJersey | Aug 5, 2008 4:51:28 PM

Something else to contend with this year

18 million Hillary supporters who loathe Obama and are mad as hell at her treatment.
Just another reason Obama will lose.

Posted by: Jo | Aug 5, 2008 4:24:36 PM

Jo, first and foremost Hillary didn't still have the 18 million voters that voted for her, alot of them who voted fro her in Ohio and Texas stated they wish they could change there votes after some of the negative campagining she did. Look dream all you want Barack will beat McCain just like he beat Hillary, and there is nothing you can do about it.

Posted by: atl | Aug 5, 2008 4:49:23 PM

Polls only reflect the turnout at any one given time. It certainly doesnt include the mass majority of younger and minority voters either as far as I'm concerned. Polls shmolls. It's a carrot for people in power to manipulate the stupid types.

Posted by: Eruc | Aug 5, 2008 4:48:32 PM

I would like to say that I am not sure which way I am voting this year but I can't really understand how people can look at the party in power right now and say hey they have done a great job. Maybe I am in a different country right now and not seeing what is going on but my goodness. Please wake up.

Posted by: Dennard | Aug 5, 2008 4:47:15 PM

Stop taking for granted everything the media reports! Everyone, with the exception of most Americans, know how biased the media is!! Americans are so easily, and stupidly led, like a bunch of sheep!!


Posted by: Diane - Dallas, TX | Aug 5, 2008 4:46:36 PM

jock - Great point! Obama didn't say it would bring down the cost of oil. It would decrease usage, so we wouldn't need to buy as much.

Here's the problem with that position - OPEC doesn't oversee an open market. It's an organized cartel to control supply.

When demand is high, they say "we're at full production capacity!" When demand falls, they get together and pinky swear to decrease production.

I've said it before. The US has a 150 million car problem. You can't just wish the internal combustion engine away in the next couple months or years. Even if there was a suitable replacement, the average American cannot afford to ditch their current car - esp if it's financed.

We have to invest in alternate energy sources. But we also need to decrease our dependence on foreign oil. We buy Wal-Mart cr@p from China because the labor is cheaper there. But we can get some of our own oil here - so we're not at the mercy of OPEC forever.

Posted by: FishMonger | Aug 5, 2008 4:45:52 PM

On that tire inflating comment from Obama...

that same exact idea has been raised by big-wigs in NASCAR and the Bush administration. The overall savings of oil is in the millions of barrel turf if people would just keep their cars tuned up and tires properly inflated... Fact.

Posted by: Eruc | Aug 5, 2008 4:45:44 PM

Jo

Obama never said inflating your tires would bring down the cost of oil.

Posted by: jock59801 | Aug 5, 2008 4:35:11 PM

I don't think anybody really thinks the polls mean much at this stage; but I'm still pretty sure it is better to be ahead than behind.

Posted by: jock59801 | Aug 5, 2008 4:33:24 PM

Has anyone seen my tire gauge? I want to bring down the cost of oil.

LOLOL.

Posted by: Jo | Aug 5, 2008 4:31:08 PM

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