View Full Version : Economics McCains Economic Plans to Rescue the Middle Class
10-14-2008, 08:37 AM
"McCain is expected to unveil proposals today aimed at helping Americans cope with a sharp plunge in the stock market, including tax relief for senior investors," the AP (http://www.boston.com/news/nation/articles/2008/10/14/obama_proposes_halt_to_foreclosures_business_tax_breaks/)writes. "McCain's economic adviser, Doug Holtz-Eakin, told Reuters that McCain would outline an estimated $52.5 billion in new proposals."
The campaign tells First Read what McCain will unveil today in Pennsylvania: “John McCain will address the ongoing economic crisis, with a special emphasis on those most badly hurt: workers, homeowners, savers, and seniors. He will announce specific proposals to build on his Resurgence Plan, which uses the $700 billion to keep Americans in their homes, stop the drop in housing values, stabilize financial markets and turn the corner on the crisis by charting New Directions for Workers, Seniors, and Savers. Unlike Barack Obama, John McCain understands that in a crisis raising taxes is an especially bad idea.”
More on McCain: “He will lower taxes on seniors tapping their retirement accounts. He will accelerate the tax write-off for the losses that litter the financial landscape and he will reduce the capital gains tax to raise the incentive to save and invest. It is important to restore the value of IRAs, 401(k)s, and the pension funds of companies and governments. While Barack Obama still favors raising taxes, John McCain is committed to addressing this crisis and restoring confidence in our economy without raising taxes.”
10-14-2008, 10:53 AM
Sen. John McCain on Tuesday will outline new economic proposals to help those who are "hurting the most" in the face of the ongoing financial crisis, his campaign said.
<!-- PURGE: /2008/POLITICS/10/14/campaign.wrap/art.mccain.afp.gi.jpg --><!-- KEEP -->Sen. John McCain on Tuesday is laying out his plan to boost the struggling economy.
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McCain's plan, called "the pension and family security plan," builds on the Arizona senator's "American home ownership resurgence plan," which was introduced last week.
That proposal called for using $300 billion of the $700 billion financial bailout package to keep Americans in their homes, stop declining housing values, and stabilize the financial markets.
McCain's new plan includes specific proposals to help seniors, those saving money, and homeowners.
The plan will help seniors by lowering taxes on withdrawals from their retirement accounts and suspending tax rules that force them to sell their stocks during the financial crisis, the campaign said.
The plan will help those saving money by accelerating the tax write-offs for those forced to sell stocks at a loss in the current market and reducing capital gains taxes for 2009 and 2010 to raise the incentive to save and invest, according to the campaign.
<!--startclickprintexclude-->To provide relief for homeowners, the plan includes a proposal to purchase mortgages directly from the homeowners and mortgage servicers and replace them with manageable, fixed-rate mortgages.
To assist workers, the plan would eliminate taxes on unemployment benefits, according to the campaign.
McCain will lay out his plan at a rally in Blue Bell, Pennsylvania.
Obama's campaign said McCain's proposals are "a day late and 101 million middle-class families short."
The campaign said McCain's plan doesn't offer enough tax relief for working families and small businesses.
"His trickle-down, ideological recipes won't strengthen our economy and grow our middle-class, but Barack Obama's pro-jobs, pro-family economic policies will," said Obama-Biden campaign spokesman Bill Burton.
McCain has his work cut out for him when it comes to the economy (http://topics.cnn.com/topics/National_Economy), according to recent polls.
The most recent CNN/Opinion Research Corporation poll suggests that Americans think Obama would do a better job than McCain when it comes to the economy. Fifty-seven percent of those polled said Obama would do a better job dealing with the economy, with 37 percent saying McCain would do better.
Some conservative leaders have warned that if McCain doesn't step it up on the economy, he'll lose the election (http://topics.cnn.com/topics/U_S_Presidential_Election).
"Either McCain wins the argument over the economy or he loses," Newt Gingrich, the former speaker of the House, told Politico.
Republican pollster Whit Ayres said McCain needs to convince voters he can make things better.
"It's not important for John McCain to give a 17-point plan in a speech. It is very important voters believe he has a plan for making the economy better," he said.
Some conservatives say McCain blew it when he joined Obama in supporting the president's bailout plan. But as polls showed a bailout bump for Obama, Ayres said there could be a corresponding bounce for McCain should the markets continue to recover.
And if the markets don't stabilize, Ayres said, McCain will have a tough road ahead.
"But one thing I've learned -- you don't count out John McCain prematurely," he said.
<!--endclickprintexclude-->The economy will likely dominate the conversation during the final presidential debate, which takes place Wednesday in Hempstead, New York.
Obama has no public events scheduled for Tuesday. He is spending the day preparing for the debate in Toledo, Ohio
10-14-2008, 11:04 AM
His plan is going to cost $53 billion dollars. I am wondering what all the McCain lovers think about that.
10-14-2008, 12:11 PM
The Arizona senator, who trails in the polls on economic issues (http://firstread.msnbc.msn.com/archive/2008/10/14/1542422.aspx), said, "The moment requires that government act. And as president I intend to act, quickly and decisively."
McCain said President Bush's $250 billion plan to buy shares in the nation's leading banks (http://www.msnbc.msn.com/id/27161138/) should be short-term and last only until the institutions are reformed and put on a sound footing again.
"When that is accomplished," McCain said, "government will relinquish its interest in these private companies. We're going to get the government out of the business of bailouts and equity stakes and back in the business of responsible regulation."
More than 3.6 million Americans received unemployment benefits, according to the McCain campaign. If the government eliminated taxes on unemployment benefits, recipients would see an increase on average of nearly 10 percent, the campaign said.
McCain also called for cutting the tax rate on capital gains in half, down to 7.5 percent for two years. "This vital measure will promote buying, raise asset values, help companies and shore up the pension plans for workers and retirees," he said.
McCain proposed lowering the tax rate on Individual Retirement Accounts and 401(k) plans to the lowest rate, 10 percent, on the first $50,000 withdrawn. The McCain campaign estimated it would affect 9 million people over the age of 60.
"Sen. McCain also shows how little he understands the economy by offering lower capital gains rates in a year in which people don't have an awful lot of capital gains," Obama campaign spokesman Bill Burton responded. "His trickle-down, ideological recipes won't strengthen our economy and grow our middle-class." Burton added that the McCain plan provides "no tax relief at all to 101 million hardworking families, including 97 percent of senior citizens, and it does nothing to cut taxes for small businesses or give them access to credit."
Democratic rival Barack Obama (http://www.msnbc.msn.com/id/16438329/) announced his economic plan Monday, calling for suspending the tax on unemployment benefits as well as extending benefits. The Democrat also proposed allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next, a 90-day moratorium on home foreclosures at some banks, and a two-year tax break for businesses that create new jobs.
McCain kept up a drumbeat of criticism for Obama's economic plans, particularly his promise to cut taxes for everyone making less than $200,000 a year.
Obama "now presents himself as a tax cutter and champion of middle-class America," McCain said, "But he can't turn a record of supporting higher taxes into a credible promise to cut taxes. What he promises today is the opposite of what he has done his entire career."
The two candidates unveiled their plans ahead of Wednesday's third and final presidential debate and with just three weeks to Election Day.
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