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Home > BizTimes Daily > Archives > April 16, 2008
McCain rolls out economic plan at Bucyrus
Published April 16, 2008 - BizTimes Daily
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Presumptive Republican presidential nominee John McCain outlined his economic plan with a panel discussion at the headquarters of Bucyrus International Inc., a South Milwaukee mining equipment manufacturer.
The Arizona senator said his plan proposes extending President George W. Bush's tax cuts, providing a temporary break from federal gasoline taxes and helping homeowners caught in the subprime lending crisis.
However, McCain also listened to the economic panel he gathered for the event this morning. The panel included: Paul Jones, chairman and chief executive officer of Milwaukee-based A.O. Smith Corp.; William Petasnik, CEO of Froedtert Memorial Lutheran Hospital and the Medical College of Wisconsin; Curt Culver, chairman and CEO of MGIC Inc.; John Torinus, chairman of Serigraph Inc.; and Michael Knetter, dean of the Business School at the University of Wisconsin. The panel discussed a wide range of business and economic issues.
"Free trade is important to the future of America - it has been in the past and it will again in the future," McCain said. "Bucyrus has shown that they can compete around the world effectively. Of course there is stiff competition, but I believe that protectionism and isolation don't work. I believe that the American worker can compete with any worker around the world."
The panelists discussed the importance of making higher education, including technical colleges, affordable and accessible for workers. They also talked about the need to lower health care costs and improve health care access for all Americans. The panel discussed the need to maintain open borders, both in terms of recruiting international students for universities and for free trade.
"We have a factory in China, where we make water heaters for Chinese consumers," Jones said. "And we have 100 jobs in Tennessee making parts for that plant."
McCain and the panel discussed what states can do to promote economic development, how the federal government can improve education in America and McCain's proposal to reduce corporate taxes. The candidate said all of his proposals will require cooperation between both Democrats and Republicans, as well as input from citizens and the businesses they own and work for.
"We must continue this dialogue with America," McCain said. "We have to act. The time for partisan debate is over. It's time for congress and the president to work together for the good of this country."
To view an exclusive slideshow of photographs from this morning's event at Bucyrus International Inc., visit the latest edition of SBT Around Town.
For more information about McCain's economic plan, visit http://www.johnmccain.com/Informing/Issues/4dbd2cc7-890e-47f1-882f-b8fc4cfecc78.htm.
McCain's plan to eliminate the federal gas user fee drew immediate criticism today from the Association of Equipment Manufacturers (AEM), the Milwaukee-based international organization representing off-road equipment manufacturing (agriculture, construction, forestry, mining and utility interests).
AEM president Dennis Slater said eliminating the federal gas tax would further delay badly needed road and bridge repairs and improvements. He said an estimated $9 billion dollars would be lost ($7 billion for highway improvements and $2 billion for transit).
Removing the federal user fee, even temporarily, will have a ripple effect on state and local governments, as they match federal spending to make local surface transportation improvements, Slater said. He estimated that the Wisconsin federal highway funding at risk by such a plan surpass $137 million dollars.
If the "Gas Tax Holiday" was enacted, drivers would spend even more of their summer holiday stuck in congested traffic, Slater said.
