Now that Mike Huckabee has dropped out of the race, Republican Presidential Candidate John McCain's economic platform is even more important for you to understand. In a recent interview with the Wall Street Journal, McCain revised his platform. (Source: Wall Street Journal, McCain's Economic Platform, March 3, 2008)

Although McCain said he wanted to balance the budget, his platform doesn't support that. His tax cuts total $400 billion, while efforts to trim spending only total $133 billion.

Furthermore, his answer to the Social Security shortfall is to cut benefits to match projected payroll tax revenues. He may extend the retirement age to 68 and reduce cost-of-living adjustments. He says point-blank that promises to retirees can't be kept. Although his web site says that personal savings accounts won't replace Social Security payments, in the interview he said they they would.

How It Will Affect You

If John McCain is elected President, you can expect a greater budget deficit and a larger U.S. debt. This will lead to a further decline of the dollar, higher oil prices and resultant inflation. Although his proposals will help those who need immediate tax cuts, are currently penalized by the Alternative Minimum Tax, and those who support the war, it will hurt those who are need Social Security to retire. Finally, it will weaken the U.S. economy in the long run by adding to the debt burden.

Read more on the McCain Revised Economic Platform.

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