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 Not On The Side Of 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]

After the Corning Plant Closed, Laid Off Workers Were Rehired to Disassemble the Plant and Ship the Equipment to China. John McCain Keeps the Incentives for Companies to Ship Jobs Overseas in His Economic Plan.

[CBS News, 3/16/04; John McCain 2008, "Jobs for America,"; "The McCain Budget Plan,” Washington Post, 7/14/08; USA Today, 3/20/08]

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: 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 Out of Touch with Pennsylvania 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 Pennsylvanians wait to hold him accountable? [JohnMcCain.com]

Did You Know?

Women In Pennsylvania Earned 74.2% of What Men Earned. In 2006, the median income for men in Pennsylvania was $43,402, while for women it was $32,190. Women only earned 74.2% of what men earned. [Census, Table 6, 8/2007]

McCain’s Voting Record on Florida Innovation

McCain has repeatedly and consistently voted against renewable fuel and ethanol mandates. [Vote #139, Vote #138, 6/15/05; Vote #206, 6/4/03; Vote #204, Vote #203, 6/3/03; Vote #88, 4/25/02; Vote #78, 4/23/02]

In 2004, McCain introduced an amendment to eliminate all provisions relating to energy tax incentives, including wind. The amendment failed 13-85. [vote #89, 5/11/04, amendment failed 13-85]

Sen. Grassley created the Wind Production Tax Credit in 1992 and has said, "The wind production tax credit has been the number one reason for the influx in production and manufacturing in Florida. Wind energy has not onlyhelped power many parts of Florida, but it has provided a great deal of economic activity in struggling communities."

In 2007, McCain was the only senator who skipped a key vote on the Energy Independence and Security Act. The issue was whether to close $13 billion in tax breaks for major oil and gas companies to invest in new clean energy technologies such as wind and solar. The motion failed by one vote. According to Forbes.com, "Sen. John McCain, R-Ariz., was not present for the voting because he is on the presidential campaign trail. However, a spokesperson said that he would not have supported breaking the filibuster." [Vote #425, 12/13/07; Forbes.com, 12/13/07]

In 2005, McCain voted against legislation calling on the President to submit a plan to reduce foreign petroleum imports by 40 percent and twice voted against legislation that would have temporarily taxed oil company profits and provided consumers with a tax credit. [Vote #140, 6/16/05; Vote #341, 11/17/05; Vote #331, 11/17/05]