McCain's Record: A Dangerous Lack of Oversight

Leadership in Washington has been preaching for years that deregulation was the solution.

"But the implosion in financial services—until recently seen as the shining example of U.S-style free market capitalism—is the definitive sign that deregulation has lost its allure." [Business Week, 9/18/08

McCain Mocked Obama's Proposal To Give Greater Supervisory Authority To The Fed, Now He's Turning To The Same Policies.

"In a March speech, [Obama] called for giving the Federal Reserve greater supervisory authority when it acts as a lender of last resort...McCain spokesman Tucker Bounds said in a statement after Obama's speech that the Illinois senator is endorsing the 'failed liberal policies of the past.' In the current environment, though, those policies are looking more appealing, even to McCain who also called for streamlining regulation and appointing a central oversight agency." [Bloomberg, 9/17/08]

2008: Only Weeks Before The Bear Stearns Collapse, McCain Proclaimed Himself A “Deregulator” And Said “I’m Always for Less Regulation.”

McCain told the Wall Street Journal “As far as a need for additional regulations are concerned...I am a fundamentally a deregulator. I'd like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.” [Wall Street Journal, 3/3/08]

2003: McCain: “I Am A Deregulator. I Believe In Deregulation.”

While speaking about the cable and satellite television during an appearance on CNN’s “On the Money,” John McCain said, “I am a deregulator. I believe in deregulation.” [CNN, “In the Money,” 7/13/03]

1993: McCain Spoke In Support of a Banking Bill Because It Eliminated “The Tremendous Regulatory Burden Imposed On Financial Institutions.”

While speaking in favor of bank deregulation on the floor of the senate, John McCain said, “This legislation takes a small but important step toward eliminating the tremendous regulatory burden imposed on financial institutions… One principal reason banks are unable to make loans is the bewildering array of statutory and regulatory restrictions and paperwork requirements imposed by Congress and the regulatory agencies. [Congressional Record, 11/19/93]

McCain Doesn't Care About The Effect Of Free Trade On American Workers

McCain Said He Is “Unapologetic” In His Support of NAFTA.

Republican presidential candidate John McCain, in one of his strongest endorsements of free trade, called himself "an unapologetic supporter of NAFTA," an agreement that many Americans feel has cost them jobs. [Speech at National Council of La Raza, July 15, 2008; CBS News, 7/14/08]

Carly Fiorina, One Of McCain's Top Advisors, Called the Offshoring of American Jobs "Right Shoring."

The San Francisco Chronicle reported: "Labor unions have battled "offshoring," which Fiorina calls "right- shoring," for decades, he said." [San Francisco Chronicle, 1/9/04]

McCain Supports Unchecked Free Trade With Everyone.

"If I were President, I would negotiate a free trade agreement with almost any country willing to negotiate fairly with us. Only risks to the security of our vital interests or egregious offenses to our most cherished political values should disqualify a nation from entering into a free trade agreement with us." [Speech to National Press Club, 5/20/99]

McCain's Doublespeak on Taxes

McCain Vowed To Make Bush’s Tax Cuts Permanent.

During a January 2008 GOP debate, McCain said: “I think it’s very important that we make the Bush tax cuts permanent.” [MSNBC/FAU GOP Debate, 1/24/2008]

• FLASHBACK to 2001: McCain Lamented Bush's Tax Cuts, "I'd Like To See Much More Of This Tax Cut Shared By Working Americans...I Think It Still Devotes Too Much Of It To The Wealthiest Americans"

  [Washington Post, 4/25/08]

McCain Adviser Doug Holtz-Eakin Admitted, Contrary To What McCain Says, That They’re Going To Have To Raise Taxes.

“And now, in a forthcoming book by Fortune columnist Matt Miller, he makes it clear that the next President is going to have to raise taxes....So why does tax-cutting mania persist among Republicans, I asked Holtz-Eakin, the McCain adviser--given...that, as Holtz-Eakin himself explain to me, taxes soon have to go up substantially in any event? ‘It's the brand,’ he said, ‘and you don't dilute the brand.’” [Joe Klein, Time Magazine, 9/12/08]

McCain Would Eliminate The Exclusion Of Health Benefits From Taxable Income That, According To His Campaign, Will Generate Tax Revenue Of $3.6 Trillion Over 10 Years.

"To end the disadvantage to those who do not buy insurance through employers, Mr. McCain proposes to eliminate the exclusion of health benefits from taxable income. In exchange, he would provide refundable tax credits of $2,500 to single people and of $5,000 to families, with the goal of stoking competition in the individual insurance market. The elimination of the exclusion would generate $3.6 trillion over 10 years, according to the McCain campaign, and that money would pay for the tax credits.” [New York Times, 5/1/08]

McCain’s Neglect of Rural Health Care

2003: John McCain Provided The Deciding Vote Against Fair Medicare Reimbursements for Rural Health Care Providers.

In 2003, McCain voted against Senator Harkin’s amendment that would have reduced Bush’s enormous tax cuts given to the wealthiest American tax payers in order to give a fair reimbursement to rural health care providers under Medicare. The amendment failed by one vote.[2003 Senate Vote 89, 3/25/03]

2005: McCain Voted to Cut $6.4 Billion from Medicare.

In 2005, McCain voted for the budget reconciliation bill that cut funding for Medicare by $6.4 billion by requiring that beneficiaries purchase medical equipment and cutting payments to home health care providers. The motion passed 50-50, with Vice President Cheney casting the deciding vote. [2005 Senate Vote 363, 12/21/05]

2008: John McCain Opposed a Bipartisan Bill that Provided Nearly $2 Billion to Rural Health Care.

McCain was the only senator to miss a key vote on a bipartisan bill to stop a cut in Medicare payments to physicians and provide almost two billion critical dollars to rural America. He later issued a press statement opposing it. [NRHA, 7/15/08; 2008 Senate Vote 169, 7/9/08; McCain press release, 7/9/08]

McCain’s Plan Would Reduce Incentives For Employers To Provide Health Insurance.

According to the New York Times, McCain’s health care plan calls “for eliminating the tax breaks that currently encourage employers to provide health insurance for their workers.” They added that, “His proposal to move away from employer-based coverage was similar to one that President Bush pushed for last year, to little effect.” [New York Times, 4/30/08]

The McCain Plan is Similar to the Bush Proposal that “Flopped” In Congress.

“McCain's proposal is similar to one that Bush put forth in his 2007 State of the Union address. That plan, which would have replaced employer tax breaks for health insurance with a $15,000 tax deduction for married couples, flopped in Congress, failing to get even a committee hearing.” [Washington Post, 4/30/08]

McCain’s Out of Touch with Minnesota Women

Ledbetter Lost Supreme Court Case. Lilly Ledbetter worked at a Goodyear Tire Rubber Co. plant in Gadsen, Alabama, for 19 years. By the time Lilly retired as a supervisor, she was making $6,500 less than the lowest-paid male supervisor. When she made a claim for pay discrimination, the Supreme Court dismissed her case, telling her she should have filed her complaint within six months of the discrimination - even though she didn’t know she was being discriminated against at that point. National Women’s Law Center

Senator Obama and other Democrats in Congress supported the Lilly Ledbetter Fair Pay Act to allow women more time to make their claims. But John McCain supports the current regime: unless a woman makes a claim within 180 days of initially being discriminated against, she could go her whole career being paid less than her male counterparts with no legal recourse. When questioned about his opposition to the equal pay bill, he said women needed more “education and training.” Disagreeing with women’s organizations across the country, McCain later said the equal pay act wouldn’t do “anything to help the rights of women.” [USA Today, 4/23/08; National Committee on Pay Equity; Washington Post, 5/7/08]

On the day of the Ledbetter vote, John McCain held a town hall in Inez, KY, where he said, “I will not offer talk as a substitute for action. I will not make promises I intend to forget. And I will not make this my last visit to Inez. If I'm elected, I will come back here in the course of my administration; hold another town hall meeting, and invite you to hold me accountable for the decisions I have made and the promises I have sworn to keep.” But why should Minnesotans wait to hold him accountable? [JohnMcCain.com]

Did You Know?

Women In Minnesota Earned 77.8% of What Men Earned. In 2006, the median income for women was $35,000. Women only earned 77.8% of what men earned. [Census, Table 6, 8/2007]