John McCain does not know economics

On the campaign trail earlier in the year, John McCain admitted he did not know much about economics. Well, he just proved it by proposing a $300 million prize from the government for developing the next generation of improved battery.

Senator, the economy does not work that way. Whoever invents that new battery already stands to make an insane amount of money, not just for automobiles, but also for cell phones, cameras, notebook computers, MP3 players, cordless power tools and many other electronic and electrical devices. Think of the enormous market to replace gasoline-powered lawn mowers and weed eaters with clean and long-running electric ones. An inexpensive means to store power overnight might finally make home solar power take off. And if the technology is good enough, are electric airliners out of the question? There is already a huge financial reward for creating a greatly improved portable power source.

If you really wanted to help, how about proposing that anyone manufacturing the new battery does not have to pay federal income taxes for ten years to hasten getting it to the mass market (making it affordable for most of us)?

Your proposal also spoke volumes about your “big government” philosophy instead of having the government get out of the way of innovation.

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One Response to “John McCain does not know economics”

  1. SheBee Says:

    NewsmaxTV’s Ashley Martella interviews Mitt Romney and finds out his thoughts on becoming McCain’s VP as well as what he thinks of OBAMA!

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