Unbending on Spending
McCain could become the Reagan of fiscal discipline.
By Deroy Murdock
Before my more conservative friends start leaping from buildings over Senator John McCain’s presidential primary victories, let me try to coax them back in from the ledge. Despite his myriad apostasies (e.g. McCain-Feingold’s free-speech limits, anti-ANWR-oil-drilling votes, a mixed tax-cut record, creeping Kyotoism, and cold feet on waterboarding), the Arizona Republican could do for fiscal responsibility what Ronald Reagan did for tax relief.
Thanks to the Gipper, tax reduction is as central to the Republican faith as the Resurrection is to Christianity. True, McCain heretically opposed President Bush’s 2001 and 2003 tax cuts. However, he now appears penitent and observant. He proposes to make Bush’s tax cuts permanent and slice corporate taxes from 35 to 25 percent, among other reforms.
For nearly a decade, Republicans have indulged in a spending bacchanal that shredded their moral authority and shocked Republican believers. Like a latter-day Martin Luther, a President McCain may nail his own 95 Theses to the U.S. Capitol’s front door and shame Congress, before it spends again.
Cato Institute researcher Michael Tanner illustrates how Washington’s spending has waned and waxed since 1980. Under President Reagan, overall federal outlays decreased from 22.2 percent of Gross Domestic Product, to 21.2. On President G. H. W. Bush’s watch, spending increased to 21.4 percent. During the Clinton years, expenditures fell to 18.5. And during President G. W. Bush’s tenure, spending boomeranged to 20.7 percent of GDP.
“Reagan had a Democratic House to contend with, so anything he achieved was to the good,” Tanner explains. “The elder president Bush was sort of a non-event. Clinton and a Republican Congress represented the most fiscally conservative period. And this President Bush and a Republican Congress were a disaster.
McCain largely has refused to be led into temptation. He supported 2001’s $143.4 billion No Child Left Behind Act, but fought 2002’s $180 billion farm bailout, 2003’s $558 billion Medicare drug entitlement, and 2005’s $286.4 billion highway bill, which contained 6,371 earmarks worth $24 billion.
“Those were the four biggest budget-busting bills of the Bush presidency,” notes Heritage Foundation fiscal analyst Brian Riedl. “And McCain voted against three of them.”
Wouldn’t it be refreshing for a President McCain, at last, to give America’s farmers the straight talk they so richly deserve?
“My friends,” McCain might declare before some Midwestern barn, “when it rains, you cry for flood relief, and it cascades in. When the skies are cloudless, you scream for drought assistance, and it arrives. When your prices are low, you demand help, and the checks soon follow. Since January 2007, corn prices have climbed 123 percent. Soy beans are up 176 percent, and spring wheat has risen 274 percent. And yet Washington stands ready to grant your howls for $286 billion in yet another farm-welfare bonanza. Enough already. Please stop farming the government and go till your fields. The party is over. The trough is empty. Goodbye.”
Hayekian fantasy? Hardly.
McCain courageously opposed the wasteful, environmentally destructive federal ethanol program — while battling his Republican rivals in Iowa.
“I will open every market in the world to Iowa’s agricultural products. I’m the biggest free marketer and free trader that you will ever see,” McCain said at the December 12 Des Moines Register debate. “And I will also eliminate subsidies on ethanol and other agricultural products. They are an impediment to competition. They’re an impediment to free markets. And I believe that subsidies are a mistake.”
McCain has stayed tightfisted on the hustings. According to a January National Taxpayers Union study of presidential candidates’ promises, McCain wants $6.9 billion in new spending. Former Arkansas governor Mike Huckabee advocates $54.2 billion in government-funded initiatives. Huckabee’s folksy profligacy should worry taxpayers.
“You would not have to look hard for reasons to dislike McCain,” says Cato’s Michael Tanner. “But if spending is what you care about, he is far more conservative than either Romney or Huckabee.”
— Deroy Murdock is a New York-based columnist with the Scripps Howard News Service and a media fellow with the Hoover Institution.
© 2008 Scripps Howard News Service |
