June 12, 2008 - 12:36
News: Ohio

McCain booster Fiorina talks economics

[img_assist|nid=190|title=Carly Fiorina|desc=Politicker Photo|link=none|align=left|width=420|height=220]

John McCain supporter and former Hewlett-Packard CEO Carly Fiorina answered economic questions in an interview with PolitickerOH.com today as she toured Ohio in her role as RNC Victory chair for McCain's presidential campaign.

Fiorina said the economy faces a set of problems, primarily job losses, record high gasoline prices, rising food prices, fears of foreclosure and the "credit crunch" reaching into the college-loan industry.

When asked what McCain will do to lower gas prices before next summer, Fiorina said suspending the federal gas tax would be the first step. The tax levied on a gallon of regular gasoline is 18.5 cents and on diesel 24.5 cents. Would people be satisfied if the tax were suspended and paying $3.82 for gas instead of $4?

"First of all...18 and a half cents a gallon isn't enough but it's better than nothing," Fiorina said, adding that McCain's larger energy plan seeks to create a diverse energy market that sees using more natural gas, coal and nuclear power, as well as the greater production of electric cars. A diverse, broad energy market is the only thing that will consistently and appreciably lower gas prices over time, Fiorina said.

Fiorina followed-up by noting McCain isn't alone in his support for the gas tax holiday.

"Hillary Clinton supported it, the American Trucking Association supports it, the majority of Americans support it, Barack Obama opposes it," she said.

As for oil prices themselves, much attention had been paid to the practice of investors moving money out of the weak dollar and into strong commodities, like oil. Such speculative trading can be partially curbed by strengthening the dollar through international trade, Fiorina said. Speculators must do business transparently, she added.

McCain would fund basic research into cleaner coal technology and not add taxes on coal as Obama would, Fiorina said. Southwest Ohio, much like neighboring West Virginia, is a coal producing area.

Fiorina went head-on at questions about the auto industry and McCain a week after General Motors announced it would close a plant near Dayton. McCain has repeatedly said some jobs, once lost, aren't coming back. In April, McCain told a Youngstown crowd its steel jobs weren't coming back but that he was committed to job retraining and placement to keep them working.

"John McCain is always going to tell voters the truth, and the truth is that we cannot create jobs in this country unless as we are investing in innovation... unless we help small businesses grow... unless our workers are trained to step up to these new jobs. That's not a gaffe, that's the truth," Fiorina said.

For all of the attention given to manufacturing jobs, more than 50 percent of all Ohioans work in the service sector of the economy - one only need look at bank towers in Columbus, the headquarters of Procter & Gamble and Kroger in Cincinnati, or the massive Cleveland Clinic in its namesake city.

Fiorina said the health care, information and bio technology sectors are growing because they are innovative. As such, the country must continue to invest in them to create jobs but also invest in workers to fill those jobs.

Fiorina said she agreed with McCain that corporate shareholders should vote on CEO pay, making the chief executives accountable to the company's owners.

"By the way, many CEOs pay are excessive. Many CEOs pay is not approved by share holders and boards ought to make CEO pay approved by shareholders," she said.

Justin Miller is a PolitickerOH.com Reporter and can be reached via email at noreply@politicker.com.

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