McCain: "Economics is Something That I've Really Never Understood"

John McCain says that when it comes to economics he will have to rely upon others because, though he's tried, he doesn't really get it himself:

McCain said ... "The issue of economics is something that I've really never understood as well as I should. I understand the basics, the fundamentals, the vision, all that kind of stuff,'' he said. "But I would like to have someone I'm close to that really is a good strong economist. As long as Alan Greenspan is around I would certainly use him for advice and counsel."

McCain said his staff hates it when he discusses his shortcomings on economics, even though he has read widely and studied the subject. "I've never been involved in Wall Street, I've never been involved in the financial stuff, the financial workings of the country, so I'd like to have somebody intimately familiar with it," he said of a potential vice president. [Note: List of McCain's advisers]. [Update: Felix Salmon comments.]

Comments

[TigerPaw]

This sounds like more of the current trend of being proud of ignorance.

[William Smith]

Looks like he'll get the best advice that movement conservatives and supply-siders have to offer; now they just need to give advice that has a bearing on reality.

[barry payne - economist]

There's really no need to understand economics John. Just treat everything like the Iraq war.

No scarcity. No limits. No restrictions. No end. No auditable accounting. Funding? Just reduce taxes to get more.

A perpetual spending machine that creates its own inertia and reasons to exist, renewable every year. No supply and demand curves necessary.

You're perfect for the job.

[ken]

McCain has been in the Senate for over 25 years and all that time he has never once found anything the government does that he considers worth paying for.

He has taken each and every pay increase but has never had the courage to ask his constituants to pay for them.

McCain is the greatest kind of ignorant coward America has ever produced: McCain is a conservative.

[Uncle Jeffy]

"The issue of economics is something that I've really never understood as well as I should..."

Puts him in company with all of the Republican presidential candidates, doesn't it? Don't Republican voters feel even a little bit embarrassed by this group of economic know-nothings? Didn't the Republican party, once upon a time, stand for something more than "I don't know"?

[anne]

Supposing I am making proper sense of firm budget numbers and projections for Massachusetts, the state has a deficit of $1.2 billion or 4.2% of the general fund for the state but including my projections for the health care deficit should add $150 million for this year and another $1560 million in the coming year. The Massachusetts health care plan will prove sadly to have failed in time if I understand properly.

[anne]

The coming President must have a workable health care plan, because the states do not and will not be able to fare on their own, but John McCain has no such plan or even a ghost of a plan. The Massachusetts plan will almost certainly fail.

* Please read $150 million both times above.

[anne]

The coming President must have a workable health care plan, because the states do not and will not be able to fare on their own, but John McCain has no such plan or even a ghost of a plan. The Massachusetts plan will almost certainly fail.

* Please read $150 million above.

** Forgive what may be a double post, I am having trouble.

[anne]

Essentially what is happening in Massachusetts is private insurers are making a massive windfall as the state adds to their rolls and pays for coverage, but there is no cost saving to be found, and moderately low income persons who are not covered by the state are not enrolling given the absurd charges. What does McCain do?

[ken melvin]

I think there are lots and lots of things McCain never understood but that's OK, he wasn't on my list anyway.

[Kevin]

One thing only I know, and that is that I know nothing.

-Socrates

I am not a Republican, but I would never hold being as smart as Socrates against someone.

[lonesome moderate]

Hmm, how many presidents from the last century or so did we have who understood economics at the level that McCain's talking about here? From what I've read, my best guess is that there were probably two--Hoover and Carter. Strong mastery of these kinds of details doesn't seem to be a very strong asset for a president, and might be a negative.

[gordon]

The total confusion between economics and finance is the saddest aspect of his remarks.

[Bernard Yomtov]

I hope he's not taking investment advice from Hassett.

[notsneaky]

"This sounds like more of the current trend of being proud of ignorance."

It depends on the context, but he doesn't sound proud to me. Just being honest. Or do you think any of the other Republican candidates, and some of the Democratic ones, are less ignorant?

[David]

Bah, economics is just something the liberals use to justify taking the hard earned money from working middle-class Americans and using it to pay for abortions and to fund the war on Christmas. The military doesn't cost money, it runs on patriotism. ;)

[DJM]

Kevin, I believe when Socrates said;
"One thing only I know, and that is that I know nothing." he was not being literal but humble, willing to learn from others and willing to admit he could make mistakes....... that is NOTHING like any of the Republican candidates as far as I can see.

[Mark Thoma]

On the spam filter holding up legitimate comments (far too often):

I let TypePad know about the problem with the filter - I've been pretty shrill over a few things in the past and they kind of know me now, enough that I now have a 20% lifetime discount for using the program, and while I can't report any improvement (yet), I can say they know how I feel about the problem, for sure, and that they will hear from me again and again if it doesn't get better (maybe I'll get another discount...). It's been annoying, to put it mildly. Even more so when you have to type the stupid security code numbers and letters thing, and it takes two or three tries to get past that fun step, only to have it then be held up as spam.

If it happens, i.e. if your comment gets held up, I will approve it as soon as I can. And my apologies that it is happening at all.

[jeff hoffman]

No wonder he's confused: 36 economic advisors. He'd have a better chance of swimming the Sargasso Sea.

[Cosi]

Headline: "The issue of economics is something that I've really never understood"

Actual quote: "The issue of economics is something that I've really never understood as well as I should..."

Fair?

[John M 307]

Cosi: Thank you for pointing out the actual quote. The last qualifier makes a big difference. As far as I can tell, McCain is admitting to a regrettable ignorance -- not something to be proud of. Contrast this with our current pResident who can't admit making mistakes, and who can't say, "Shame on me." (Recall his attempt at the "Fool me once" quote.)

[calmo]

Please, the man is after your vote. He needs to demonstrate that not only is he a tortured war hero but also that he is a tortured civilian who has to appeal to ordinary (but extraordinarily durable I make it, you?) voters. What does he know about economics? Well no more than you do dear voter. He trusts his able staff to inform him of the complex machinery so that you dear voter can manage your financial affairs knowing that real experts are on the job.
So modest, so humble, so candid...damn near honest.

Compare Huccabyebaby. He knows as the situation arises. Bein that in touch with God is such an advantage...its a miracle that there are other candidates...it's only God's Test of his humbleness.

[lonesome moderate]

Why all the negativity, all the cheap shots? McCain is acknowledging an obvious truth, which is really applicable to just about all the candidates. I find the candor refreshing (even if it is no doubt calculated, as calmo says) candor. McCain's not going to be the next president, and probably shouldn't be. But I wish there there were more candidates who, just once in a while, said something other than the focus-group Cheez Whiz that passes for political discourse nowadays.

[pgl]

I'd rather have someone who admits he needs help with economics than some bozo who thinks that by reading the National Review that he knows more about economics than real economists. Oh but Robert Novak isn't running for President. Here's my problem, however, is when the text of this article starts to list his advisors - we don't see a star until we get done to John Taylor, third and list listed. OK, the follow-up longer list has a couple of other first rate economists as the advisors. But the principle advisors to McCain are low lights even compared to Larwence Lindsey. When George W. Bush choose Dr. Lindsey as his guru back in 2000, I knew then that good economic advise would not be followed if Bush became President. McCain does not need a degree in economics to be a good President but he does need to assemble and LISTEN to a better crop of economic advisors if he wants my vote. Oh wait - I'll never vote for "bomb, bomb, Bomb Iran" McCain but then that's a whole 'nother story.

[Alex Tolley]

I'm with lonesome on this. What exactly do the other candidates know about economics? (Or science for that matter). Good advisors are key, with a good process to use the advice.

[Callahan]

The economy is stupid.

No, wait, it's the economy stupid.

[calmo]

Snort. Callahan makes it by the robot tender as if it were child's play.
Me, I always like a challenge...so here comes Alex:Good advisors are key, with a good process to use the advice. and I fess up to Webb (ok, so who's your adviser?) steering me off Obama on the basis of his advisers.
Absolutely. (Not subject to immediate consult with Webb)
Such a disheartening realization to register the fact that The President of The United States is primarily a speech reader...confirmed in spades with Ronnie, (not to forgetPoland the current President) but also "Ask not what your country can do for you ('nothing' is what brings the illegals here), but what you can do for your country." (those jobs real Americans don't like to do ...the ones that require effort) is written by someone other than JFK.

Ok, do me robot.

[Ken Houghton]

pgl already said, so I'm probably just testing the spam filter, but with that crowd (Taylor, btw, was an abject disaster as US of the Treas, no matter how bright his light in economicsdom), he would be Better Off without advisors—or perhaps he needs the Money Bunny and the Stephen Colbert of TDS, who make more sense than that compilation if you think the goal is economic GROWTH.

[nyuk]

Since economics is the study of choice under scarcity, a person could easily come to understand economics by taking no more than 5$ to a mall and spending 7 or 8 hours shopping. If the person is wise, he/she will window shop until hunger hits, find the food court, eat frugally, and perhaps make it through the day in relative comfort, having demonstrated an understanding of economics. If he/she blows the $5 on anything else, and has to go hungry, the day was a valuable opportunity to gain an understanding of economics. Life lessons are repeated on an individual basis until they are learned.

[Bruce Webb]

Obama=Goolsbee, Liebman, Cutler.

And keep yourself away from sharp objects when Googling "Edwards economics advisor" true enough the guy has a MBA but didn't someone upthread point out the difference between economics and finance? The day some candidate throws a couple hundred grand at Baker or Sawicky is the day I regain some confidence in the progressive economic program. Weak beer only begins to describe the current state of affairs.

[Bruce Webb]

Which doesn't I am in the bag for Clinton. Given the presence of union busting Mark Penn running her polling I am just scared shall we say spitless at what "economics advisor Hillary" would pull up in Google. And this even given I kind of like Rubin. A good guy to fight off Newt, not exactly the next coming of FDR. If we take the White House and maintain control of Congress I am hoping. We retire the word 'triangulation' for good.

[Joefucious]

I agree with Tigerpaw. Should this be even remotely acceptable?

[kthomas]

calmo! Where the heck have you been?