McCain’s Energy Policy and an Export Led Recession
Rdan calls this McCain’s economic plan but check out the second bullet point under McCain’s promise to lower gas and food prices:
John McCain’s policies will increase the value of the dollar and thus reduce the price of oil. In recent years, the declining value of the dollar has added to the cost of imported oil. This will change. Americans will have a stronger economy, a stronger dollar and greater purchasing power for oil, gas and food.
Never mind the fact that the oil price increase is not caused by the dollar devaluation. Scroll up to the top of this economic nonsense:
John McCain has a comprehensive economic plan that will create millions of good American jobs, ensure our nation’s energy security, get the government’s budget and spending practices in order, and bring relief to American consumers.
I’ll leave to Kevin Drum to explain why McCain’s call for fiscal balance is built on magic and not reality. I find it absolutely shocking that McCain has adopted the Lawrence Kudlow insanity of calling for dollar appreciation. Does McCain want net export demand to decline? Does he not understand that the reduction in net export demand from dollar appreciation will deepen the recession and lead to less employment growth? If he doesn’t – we do not want him setting economic policy.