Thursday, September 04, 2008
What He Said, Pt IV
Larry Kudlow is an affable guy in a sometimes jerkish business. Sometimes he confuses his wishes with reality but today's article is pitch-perfect. The Republicans cannot afford to be too giddy, or even look that way, when the 1932-scenario is very much in play.
If I were John McCain, I'd do some kind of back-of-the-envelope calculation to price out Obama's middle-class tax cut in terms of the price of oil, let's say it's worth $25/bbl for the median tax cut beneficiary. Then I'd point out that the price of oil has dropped $40/bbl since President Bush and the Republicans have put exploration and drilling on the political agenda. Combine that with the emphasis that the government doesn't control the price of oil, it only hopes to contain it.