October 30th, 2008
12:11 PM ET
14 years ago

Biden: GDP, ExxonMobil proof McCain’s policies ‘upside down’

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/24/biden1.jpg caption=" Biden claims that the Republican ticket's economic policies are 'upside down.'"]
ARNOLD, Missouri (CNN) – Thursday’s news of a shrinking GDP and record quarterly profits for ExxonMobil have added fuel to Barack Obama and Joe Biden’s attacks on John McCain’s economic proposals in the election’s closing days. The developments are evidence, Biden says, that the Republican ticket has their economic priorities “upside down.”

“Here the entire economy of America is shrinking, and the oil companies are, this one in fact, made the largest profit in its history in a quarter,” said Biden. It was reported Thursday morning that Exxon Mobil made $14.83 billion in this year's third quarter.

“Ladies and gentlemen, what more evidence do we need that the Exxon Mobils of the world don't need a tax break?” he asked, speaking to supporters in a half-empty high school gym. “That $4 billion should go to middle class taxpayers, people who need the money. John and Governor Palin have this upside down. They literally have it upside down.”

As he regularly does, the Delaware senator said the election is ultimately about jobs and pointed to a closing Chrysler plant in nearby Fenton where production has halted indefinitely and 1,700 workers lost their jobs after rolling out the last 2009 Dodge Grand Caravan.

“These workers, at that Chrysler minivan plant took pride to the very, very, very end to produce the best product,” said Biden as the crowd applauded.

He added a personal touch, saying that he stood in the parking lot of a Delaware General Motors plant, greeting workers as it closed. “My plant,” he called it. (Biden noted the plant re-opened a year later.)

In the first few minutes of his speech, Biden had lighter moment that was straight out of last weekend’s Saturday Night Live open that made fun of him for going off-message and recognizing people in the crowd during his speeches.

“Now look folks,” he said, preparing to launch into a criticism of McCain before spotting Fox High School’s band. “Hey, I didn’t even see the band up there. Hey, folks, how you guys doing? Thanks for being here. That’s really nice of you. Thank you.

“That’s what you call getting off-message. But I tell ya, you guys look good.”

Filed under: Joe Biden
soundoff (240 Responses)
  1. Patrick

    There isn't a special tax break going to Exxon; McCain wants to give a tax break to all corporations. We have the 2nd highest corporate tax rate in the world, why would anybody be defending this? The point of being in business is to make money, the higher their profits the better. Lower corporate tax rates mean more jobs and higher pay for the rest of us.

    October 30, 2008 02:48 pm at 2:48 pm |
  2. aware

    To Independents for McCain: This former democrat and Hillary supporter, now Independent, voted for McCain/Palin 08!

    The democrats revealed their dark side in the primaries by viciously cannabalizing their own, Hillary.

    Camp Obama is continuing the process of thuggery with Palin. The purpose of ridicule is to elicit an angry reaction but when it is received with a smile the perpetrators appear thuggish! Palin keeps smiling! 🙂

    Anger just breeds more anger as you can see in the blogs by Obama converts! 🙁

    October 30, 2008 02:48 pm at 2:48 pm |
  3. Who is WOWWOW

    WOWWOW –


    October 30, 2008 02:50 pm at 2:50 pm |
  4. Mark

    For that one guy who thinks PA is a dead heat, McCain actually lost almost 3 points from the last Mason-Dixon poll

    October 30, 2008 02:50 pm at 2:50 pm |
  5. john


    October 30, 2008 02:50 pm at 2:50 pm |
  6. two cents-independent

    Jeff, your comment does contain validity to it, hence my post about systematic risk. But i'm not entirely certain how many people posting on here have experience/knowledge/education about economies of scale. Keep in mind the affect in the long-term that policies have on the economy, or if they merely can fluctuate the price.

    October 30, 2008 02:50 pm at 2:50 pm |
  7. Sam

    all the other posts have closed, I wanted to post something about Sarah Palin. I don't understand how she can be presidential quality for 2012.. Are the Republicans really that stupid? I have not met one republican person yet that thinks she is competent for anything. Who are those people they are talking about in the media..Is it that wierd Mrs Dole or examples of her? I am so baffeld by all this, I cannot believe the ignorance.

    October 30, 2008 02:50 pm at 2:50 pm |
  8. Ella

    Jeff, if what you say is true about oil company profits= lower gas prices= lower transport prices= cheaper foods, clothes, etc., then why is the price of these things getting/have gotten higher? The only product that has gotten lower is gasoline, and that's because it's an election year. Your "basic train of thought" is flawed. You must be a Republican. Oh, by the way, where are the trickle down jobs?

    October 30, 2008 02:51 pm at 2:51 pm |
  9. Tom, KS


    The Financial Times and now The Economist have both endorsed Obama for the presidency. Why is it none of the Main Stream Media outlets have covered this while allowing McShame and Failin to keep up their attack about Barack being a socialist. Clearly the top economic magazines in this country understand that that is simply not true and that Obama has the right plan to lead us into a more prosperous future. Please CNN start doing your job and call out McCain when he is clearly lying.

    October 30, 2008 02:51 pm at 2:51 pm |
  10. seah

    Shows the majority of Dems in the Senate and House, are behind it.

    Funny that Soros Bought all bush oil years ago.

    Soro's is now the big Money Behind Obama.....................................

    October 30, 2008 02:51 pm at 2:51 pm |
  11. john


    October 30, 2008 02:51 pm at 2:51 pm |
  12. Desmond Sequeira

    CNN Fact check: McCain tax cuts give $200 billion to corporations, $4 billion to oil companies?
    The Verdict: True. Obama's statement accurately reflects two studies of McCain's tax proposals.
    Posted: 06:00 PM ET 28 October, 2008-10-28

    October 30, 2008 02:51 pm at 2:51 pm |
  13. Vince

    Bill: The Republicans are even more so relying on the lack of intelligence for their voting base and that of the undecideds...even more so than the Democrats. They both do it but the GOP even more so. Nice try my friend.

    October 30, 2008 02:52 pm at 2:52 pm |
  14. Matt: honestly

    It is so silly to see people defend big oil, the ones responsible for high gas prices. When they post record profits, that is coming directly out of your pocket, whether it goes to improving the business or not, Brenda, it shows that the prices of gas were at an unrealistic level. And you all think it is a coincidence that gas prices are falling right before the election??? I said that was going to happen months ago! It happend in '04 too!

    October 30, 2008 02:52 pm at 2:52 pm |
  15. Paula

    Overwhelming majority of our soldiers overseas are voting Obama. What does that tell you???

    Obama '08

    October 30, 2008 02:52 pm at 2:52 pm |
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