Sen. John McCain has long battled the perception that he didn’t pay attention in economics class.

Unfortunately for the GOP, the economic plan he released this week isn’t “A” work either.

Or “B” work. It is more like … well, let’s just say McCain had better start studying harder for the final exam.

His plan (see www.johnmccain.com ) seeks to assure average American workers and retirees that the Republican presidential candidate feels their economic pain. But as soon as McCain gets down to specifics, some obvious contradictions pop out.

Take oil and gas prices.

His plan says the United States “will be telling oil-producing countries and oil speculators that our dependence on foreign oil will come to an end – and the impact will be lower prices at the pump.”

Tough talk. But the Saudis have heard all this before:

We Americans are sick and tired of these ridiculous gas prices, and we are just not going to tolerate – oh, is this pump open now?

And foreign oil producers have no doubt noticed that McCain also wants a federal gas tax “holiday.”

That’s a sure way to increase, not decrease, the demand for oil. And who should then pay for the highways – taxpayers who don’t use them?

Remember, class: Lower prices will increase demand. John, are you listening back there? John?

McCain also promises to simplify the income tax system. Yet he wants to create another set of rules that people could file their returns under if they chose to do so.

That’s not simpler. Taxpayers would have to figure their taxes both ways each year to know which would result in lower taxes for them.

This is exactly the problem we have now with the Alternative Minimum Tax, which McCain says he doesn’t like.

There’s a more comprehensive contradiction between McCain’s fervent promise to balance the federal budget and his proposed subsidies and tax cuts for just about everybody.

That includes not just every driver on the road but homeowners, college students, cell phone users, Internet shoppers, the unemployed, Medicare recipients, parents, small business owners … and “middle class families,” of course.

It’s enough to recall the plaintive question from budget hawk Pete Peterson: “If we’re all on the wagon, who is going to pull it?”

Granted, Sen. Barack Obama and the Democrats are busy loading just about everybody onto the wagon, too.

But if McCain wants the Republicans to stand for greater fiscal responsibility, he will have to do better than this.

The federal budget, after all, is already hundreds of billions of dollars a year in the red – and will face unprecedented demands as more and more baby boomers start collecting Social Security and Medicare.

So where would McCain find the money he’d need?

“The McCain administration,” his campaign says, “would reserve all savings from victory in the Iraq and Afghanistan operations in the fight against Islamic extremists for reducing the deficit.”

So to balance the budget, first we just assume victory not only in Iraq – we’re still having a little trouble over there, as you may have heard – but in Afghanistan, where our under-strength forces are actually losing ground?

McCain’s plan does offer some good ideas, like cutting prescription drug subsidies for wealthy retirees. And he has a decent record in fighting wasteful spending in Washington, where he has often embarrassed and angered his Senate colleagues over their earmarking habits.

But a presidential candidate’s economic plan ought to at least theoretically add up. This one does not.

Steve Winn is deputy editorial page editor at the Kansas City Star. E-mail at [email protected].