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WITH ECONOMY IN TURMOIL, MCCAIN STANDS BY HIS STATEMENT: "FUNDAMENTALS OF THE ECONOMY ARE STRONG"

FOR IMMEDIATE RELEASE                                                              

Sept. 16, 2008

CONTACT:  Scott Jordan  225-336-4155

WITH ECONOMY IN TURMOIL, MCCAIN STANDS BY HIS STATEMENT: "FUNDAMENTALS OF THE ECONOMY ARE STRONG"

In The Aftermath of Yesterday's Bank Failures, McCain Stands by His Statement, Revealing How Out of Touch He is with Louisiana Families

Across America, families continue to struggle under the Bush-McCain economy.  Many Louisianans were dealt another blow yesterday in the wake of the economic meltdown and bank failures, as they now are seeing their savings and retirement shrink.  Instead of talking about the ways he would address this economic turmoil, or acknowledging his role in creating the very policies that led to the crisis, John McCain instead stubbornly insisted that the fundamentals of our economy are strong.  

Louisiana Democratic Party Chairman Chris Whittington says, "The fundamentals of John McCain's economy might be strong, but here in Louisiana our families are spending more on everything from gas to groceries while wages have stagnated.  Despite the clear facts that Louisianans are being crushed under the weight of Bush-McCain economic policies, John McCain has the nerve to tell them what they are seeing in their own lives isn't true.  Of course, coming from a guy who doesn't even know how many houses he owns, no one should be surprised that he thinks the fundamentals of the economy are strong." Louisianans know that John McCain has voted with George Bush 90 percent of the time, and only offers more of the same economic policies that landed us in this mess, not the change we need. 

Even as Americans struggle with decreasing incomes, mounting job losses, and rising costs - and now the consequences of the failure of Merrill Lynch and Lehman Brothers -- McCain is standing by the same out-of-touch rhetoric and failed Bush economic policies. Unemployment is at a 5 year high, gas prices in Louisiana have nearly tripled since Bush took office, and home values are plummeting, according to a July report from the Democratic Policy Committee. John McCain's answer is to do more of the same, with a plan to give away nearly $2 trillion in tax breaks for corporations over the next 10 years but provide no tax relief to 101 million families or to any small businesses. In fact, he'll raise taxes by $3.6 trillion on health insurance for average Americans.

After 26 years in Washington, McCain is out of touch with Americans and offering more of the same failed Bush economic policies that have created the crisis Americans now face. In the second day after the failure of two of the remaining four major investment banks, McCain continues to insist that the "fundamentals of the economy are strong" despite overwhelming evidence to the contrary.

Paid for by the Louisiana Democratic Party, 701 Government St., Baton Rouge, LA 70802. This communication is not authorized by any candidate or candidate’s committee.