Legal Commentary

Gramm's right, McCain's wrong, but Gramm and I will both vote for the grumpy old man anyway

By Beldar

Okay. I understand why it's politically expedient to throw Phil Gramm under the bus.

But Gramm ? who has a PhD in economics, who taught that subject at Texas A&M for many years before entering the U.S. Senate, and who knows damn well what the definition of a "recession" is, and that under that definition we still haven't been established to be in one (except according to pseudo-economists who are eager to throw long-established bright-line definitions overboard in order to get press interviews) ? is exactly right.

So this, by McCain, is a disgraceful act of disloyalty by a man who should know better.

What McCain ought to have said:

Sen. Phil Gramm is a professional economist, and under the classical definitions of that academic discipline that define the term "recession," he's unquestionably correct. I've known him personally as a close friend for many years, and I value him as an advisor, in large part because he also understands how broad economic measurements taken for the country at large can still be dramatically at odds with what jumps out at us in our everyday lives. In our everyday lives, paying more than $4 per gallon of gas makes us feel poor, even though hundreds of millions of over-taxed Europeans would think that's a bargain. In our everyday lives, someone whose spouse has just lost his job because the company he worked for has moved its manufacturing plant to China feels like her family isn't just in a recession, but a depression, regardless of what the nation-wide statistics say.

I've said over and over again that I'm not satisfied with how our economy is doing, and I intend to make serious changes when I'm president, starting with our energy policies. I need the American public to rally behind me, to whip this do-nothing and always-say-no Congress into shape. Phil Gramm's been taken out of context here, but I count on him to continue giving me economic advice. Regardless of what the press may say, I know he knows both the theory of economics and the practical reality of hard times. And I'm going to rely on his expertise and challenge him to provide every bit of his creativity in returning our economy to its peak performing condition, which has been and will again be the envy of the entire world.

McCain is a grumpy old man. I would bet good money some handler told him he needed to denounce Gramm's remarks, and maybe even Gramm, and McCain gave in when in his heart, he probably knew he ought not. I'm going to vote for McCain, but if I spent a week in his company, while I suspect at the end of it we'd end up good friends, we'd likely have also had at least two shouting matches en route thereto, because I lack the patience and good judgment of someone like John Cornyn. Neither of us would have changed our minds.

I hope McCain is elected, but if he is, I fully expect to harbor these same feelings at the end of his presidency.

Full post as published by BeldarBlog on July 11, 2008 (boomark / email).