Some of the most economically powerful people in Memphis gathered at The University of Memphis Monday to hear Presidential hopeful John McCain speak about the future of economic policy in America, should he be elected as president in 2008.
Sen. McCain spoke to the invitation-only crowd on the importance of fiscal responsibility in government, revamping Social Security and Medicare and the need for America to continue to be a world economic leader.
"We are the world's leaders and leaders, don't fear change, hide from challenges, pine for the past and dread the future," he said in a prepared speech. "We can compete with anyone."
McCain promised to end "pork barrel" spending and said the failure of congress to restrain spending is "threatening the future of our children."
In front of a backdrop of American and Tennessee state flags, McCain called for a system to hold government agencies accountable for the money they spend by posting contracts and grants on the Internet.
"The government spends more money today than ever before," he said. "Since Ronald Reagan left office, government spending adjusted for inflation has increased by $2,500 for every man, woman and child in the country.
"Wasteful spending has gone from irresponsible to indefensible."
Among other reforms, the Arizona senator said he wanted to see the unemployment program and educational system completely reformed.
Both systems are out-of-date with today's society and Americans can benefit more in the global economy if they are better prepared through the education programs, McCain said.
"We have a lot of work to do on education in America," he said. "I think No Child Left Behind was just the beginning of education reform in America."
The Economic Club of Memphis sponsored the event, bringing together some of the deepest pockets and most influential figures in the Mid-South.
Past speakers for the organization of business leaders and educators include Grizzlies majority-owner Michael Heisley, former U.S. Senate Democratic Candidate Harold Ford Jr., and comedic actor Ben Stein.
Sitting at the head table McCain mingled with FedEx founder and CEO Fred Smith, U.S. House of Representatives Democratic Congressman Steve Cohen, Editorial and opinion director for the Memphis Commercial Appeal Otis Sanford and U of M President and Economic Club board member Shirley Raines.
"He's a man who's gone through a lot, and more importantly, he's learned a lot," Smith said during his introductory remarks. "I can assure you from my experiences over the years, the race to the presidency is a marathon. It is not a wind-sprint."
Although a recent CNN poll placed McCain behind Giuliani by six points - if either former Sen. Fred Thompson or former House Speaker Newt Gingrich enters the race - the Arizona senator has struggled with fundraising efforts when compared with other Republican potential nominees.
Posting $12.5 million for the first quarter of 2007, McCain lags behind Giuliani ($15 million) and former Massachusetts Gov. Mitt Romney ($23 million), who is first in Republican fundraising but fourth in the CNN poll.
"He's got some work to do on the fundraising side," said Bill Giannini, chairman of the Shelby County Republican Party. "In his defense, he is a sitting senator and he has other duties."
Another major issue sometimes blamed for McCain losing money is his unbending stance on the war in Iraq.
Saying it is a "terrible burden" to lead while people are dying, McCain warned of chaos and genocide if Americans do not win the war in Iraq or pull out too early.
"We'll be back and they'll (terrorists) follow us home," he said. "I believe that there are some small signs of progress, and they can continue."
Many popular opinion polls find that most Americans want the U.S. troops in Iraq brought home.
McCain, a prisoner of war for nearly six years during Vietnam, was quoted in The Washington Post Wednesday saying, "I would rather lose a campaign than a war."
"I don't believe that's hurting him with the republicans," Giannini said, "I feel that's hurting him with the democrats."
Giannini said McCain will need democratic votes if he is to win the presidential election.
In his speech, McCain made it clear he is not tired of fighting, but he is tired of losing.
"We Republicans came to power in 1994 to change government and government changed us," he said. "I still believe that our failure to restrain spending is what cost us the last election..."
