Monday, October 20, 2008

McCain's hand is in Joe the plumber's pocket

After the last presidential debate, John McCain declared Joe the plumber the winner.

A day later we learned that Joe's name was Sam and he wasn't really a plumber.

More importantly, Joe better watch out. John McCain's hand is in his pocket.

Despite productivity increases of almost 20%, plumbers, pipefitters and steamfitters haven't done well over the last eight years of Bush inspired high income tax cuts, the kind that John McCain wants to make permanent. Almost all of the economic gains of the past eight years have gone to the wealthiest Americans. The richest 1% of Americans, averaging $1,5 million annually, capture more of the nation's income than at any time since 1929. The average working family earns less today in real dollars than they did in 2000.

John McCain's Republican Party has presided over one of the largest redistributions of income and wealth in American history. McCain, one of the richest men in the senate, isn't opposed to redistribution. He just prefers to redistribute it upward. His approach is less like Robin Hood and more like Robin Hood in reverse!

Winner of the Noble prize in economics, Paul Krugman, writes about this and more in his latest NYT's column.

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