The WSJ editorial board today on John McCain's economic platform:John McCain gave his big economic speech in Pittsburgh Tuesday, and many of the policies he proposed are laudable – the highlight being an optional flat tax for individuals. The weakness – especially heading into a general election amid a struggling economy – is that his pudding still has no theme.Being able to provide a guiding economic narrative is not just a matter of having a catchy soundbite, a la the "ownership society." It's essential for two reasons. First, it offers voters an explanation of how we got to the current moment, which means why the economy is struggling. The two Democrats already have their story: The 1990s were a golden age for the middle class that has been ruined by Republican tax cuts that rewarded only rich lenders and speculators. Mr. McCain needs a different policy narrative.
Second, a guiding philosophy shows voters that future decisions will be made according to a set of principles they can understand. Example: A month ago, Mr. McCain gave a speech saying it wasn't the government's obligation to rescue those who took out loans they couldn't afford. Then last week he, ahem, supplemented that view by supporting an FHA-guaranteed loan-restructuring program in what looked to be a bid to compete with Democrats in the housing bailout auction.
Without some guiding principles, voters are left to wonder whether Mr. McCain's next lurch will be to the populist left, where his instincts sometimes run, or to the fiscally conservative right, where he is also sometimes found.
Read the rest here. George Bush talked about an "ownership society" -- a good narrative sold by a less than stellar salesman. Ronald Reagan talked about the "opportunity society" that lay in wait for Americans. The Journal is right, McCain needs his own narrative.
No comments:
Post a Comment