N & O Editorial
April 17, 2008

John McCain is running for president on his character and integrity. Indeed, the qualities of courage and many others in the former Vietnam prisoner of war are stellar. But McCain's early speeches on the nation's economy are troublesome indeed in a man who wants to be president -- of all the people.

One of the more disturbing aspects of a McCain speech on the economy Tuesday, in Pittsburgh, was his suggestion of a federal gas tax holiday, from Memorial Day until Labor Day. That would cut 18.4 cents from a gallon of gas. It also would cut billions of dollars from federal highway revenue. Ordinary folks are stressed by the price of gas. But what would prevent oil companies from just raising gas prices even more to take up the slack?

McCain's ideas about how to replace the money -- part of an account that's dwindling, by the way -- include cutting waste and eliminating pork-barrel spending. The problem is, since he also wants to make President Bush's tax cuts for the wealthy permanent, and cut corporate taxes, he'll have to find about $200 billion a year -- at least -- to replace that money in the treasury.

McCain also wants to increase the personal exemption for dependents on income tax forms to $7,000, from $3,500. He'd throw the middle class another bone by shoring up college loan programs. But mainly, the senator's cloudy economic vision -- specifics on how to pay for lost money are vague indeed -- is worrisome after the reckless policies of the Bush administration, now presiding over what feels like a recession whether it wants to admit it or not. And it's sad to see McCain back off of his earlier opposition to extending the Bush tax cuts and his stated determination to balance the budget early in the next presidential term.

This one-time maverick apparently is a maverick no more. His economic outlook sounds like Ronald Reagan's supply-side game plan, which President Reagan's one-time opponent and future vice president, George H.W. Bush, once called "voodoo." Though McCain says he's not going to copy the failed hands-off, every-man-for-himself, high-deficit policies of George W. Bush, it certainly seems there are more similarities than differences. John McCain can do better, and before this campaign has run its course, he must.