From Think Progress‘ transcript of McCain’s interview with Neil Cavuto:
CAVUTO: I think you know, Senator, we’ve been in and out another all time high for oil and gas prices today. Oil hovering around 113, 114 dollars a barrel. Many are sort of jumping on your proposal to nix the federal gas tax — a little north of 18 cents — throughout the summer. Are you afraid though, by the time we get to the summer, we’ll be up that much and more in gas prices?
MCCAIN: I’m very concerned about it, Neil. And obviously the way it’s been going up is just terrible. But I think psychologically — and a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home. This might give them a little psychological boost.
Yes, John. The problems are psychological. When someone earning $8.00 an hour has a hard time making it to work or buying enough food for his or her family because of the inflation of food and energy prices, that situation is psychological. An extra three dollars in his pocket per fill-up during McCain’s gas-tax holiday will make low-income people FEEL so much better than they’ll stop worrying about the economy or inflation during the Summer of No Gas Tax and that psychological relief will have an economic multiplier effect and the recession will end.