Thursday, September 4, 2008

What I Want to Hear Tonight

Tonight, John McCain accepts the Republican Party's nomination for president.

He is sure to talk about foreign policy — how he feels about the war in Iraq, how he feels about security issues, his personal saga during his service in Vietnam.

We will hear much of McCain's personal story.

Much of it, I've already heard.

Did you hear the news today? The Dow Jones Industrial Average dropped 344.65 points today — that's 3%.

For everything, there is a reason ...

And, in this case, the plunge in the stock market may well be connected to an increase in unemployment claims last week.

"The bad news outweighed a jump in worker productivity and a report showing growth in the nation's service sector," write Howard Schneider and Neil Irwin in the Washington Post.

Michael M. Grynbaum writes, in the New York Times, that some investors will be watching Friday's monthly employment data for clues as to why recessionary concerns that have been lurking for months would have a seemingly sudden impact on the stock market.

"Speculation focused on fears about the direction of the economy, though it remained unclear why anxieties that have been around for months would suddenly take hold. Some investors said they were worried about the unemployment report for August, which will be released Friday. Economists expect the economy to have shed another 70,000 jobs last month; a worse-than-expected showing would be an ominous sign for the economy’s health in the rest of the year."

New York Times

In a complex economy, everything is connected.

I know McCain has said that economics isn't his strongest area. But the economy affects average Americans. So, while he's preaching to the choir on Iraq, it would be helpful for voters if McCain set aside a few minutes to talk about unemployment and high prices.

They might not be his biggest applause lines. But McCain's economic strategy is important.

There are voters who are struggling. They need to hear what the Republican who wants to be president intends to do about the economy.

I want to hear what McCain is going to do.

Does he have a plan for stimulating the economy and producing new jobs?

Is he going to rely on a team of economic experts to help him make decisions?

Does he propose a proactive or reactive presidency?

Before the voters go to the polls, they will want answers to these and many other questions.

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