To the Stocks!

TO THE STOCKS!….John McCain is going to prevent oil companies from pocketing the proceeds of his gas tax holiday by publicly shaming them into passing the savings along to consumers? You betcha. I guess he came up with that idea because it’s worked so well with other huge industrial corporations in the past.

And while we’re on the general subject this morning of economic malpractice, here’s a pretty good example: the headline on Jonathan Weisman’s budget article in today’s Washington Post. The Bush administration’s budget accounting has always been an exercise in smoke and mirrors, but that still doesn’t justify calling next year’s deficit a “record.” It’s not even close when adjusted for inflation, which is the only reasonable way to do it — as anyone even faintly familiar with budget reporting knows. Reporting the truth is bad enough. There’s no need to spice it up.

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