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Ear to the Ground

McCain Announces Economic Plan

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Posted on Oct 14, 2008
McCain
Flickr / soggydan

John McCain has laid out his plan for how to help Americans recover from the recent shocks to the domestic and international markets. He took the action on Tuesday, a day later than he initially said he would and a day after Democratic presidential rival Barack Obama released his own economic plan—and McCain’s timing was not lost on the Obama campaign.


The New York Times:

In a plan in which most of the benefits would go to older voters, Mr. McCain proposed that people 59 and up who withdraw money from IRAs or 401(k) retirement plans in 2009 and 2010 pay a tax rate of 10 percent on the money rather than their higher normal rates. That part of the plan would cost $36 billion, based on the McCain campaign’s internal estimates.

In addition, Mr. McCain proposed a reduction in the tax on long-term capital gains to 7.5 percent from 15 percent in 2009 and 2010 at an estimated cost of $10 billion; an acceleration in the tax write-off for stock losses, allowing Americans to deduct $15,000 in losses a year for the tax years 2008 and 2009 (current rules allow deductions up to $3,000 in losses); a suspension on the tax on unemployment insurance benefits in 2008 and 2009; and a government guarantee on 100 percent of all savings accounts for six months.

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By Gmonst, October 14, 2008 at 5:24 pm Link to this comment

Mr. McCain, your plan sucks.

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By BaxterJ, October 14, 2008 at 5:07 pm Link to this comment

Do you think this will change even one voter’s mind?
http://www.entertonement.com/collections/4700/John-McCain’s-New-Economic-Plan

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By Alan, October 14, 2008 at 3:37 pm Link to this comment
(Unregistered commenter)

Now you too can bluster, huff, puff, and
hyperventilate like a pro, like a hero, with
McGoo’s Home Hyperventilation Workout.
My name is McGoo and I approved this message.
(squint, puff, hunch, scowl) You’ll tough out
any election after you’ve mastered my
Home Hyperventilation Workout.  Scowl when you
say that partner!  Send 19.99 to the RNC and
feel your life get all the hyperventilation you
need. Prices slightly higher in Aridzona, Alaska,
and Asuncion.

Report this

By Alan, October 14, 2008 at 2:11 pm Link to this comment
(Unregistered commenter)

My friends, Ayyy, Ayyy just can’t tell you how much
consideration I’ve been giving to your economic
well-, well-, well-being.  I’ve decided to stop
the terminal phase of my campaign temporarily again
to put your interests first.  I will go to Asuncion!
and I will make sure that all bank deposits are
backed up by the full faith-based credit of the
United States government, until my plane lands
in Asuncion.  Yes my friends, as a loose cannon , I
am your straight shooter!  Thank you all my
friends and may god bless!

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By Big B, October 14, 2008 at 12:27 pm Link to this comment

skulz

the best part of all of these bailout plans is that they really are not being paid for with our money, because it’s not even money yet! The boys at the federal reserve are just printing it ahead of time with the hope that we the people will someday be able to create the wealth to back it up.

I suggest we put everything we’ve got into canned food and shotguns.

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By Louise, October 14, 2008 at 12:01 pm Link to this comment

I’m not a boomer. I’m in that lost generation that has no title. wink

But, I have kids that are boomers, and some who are not, and grandkids who are smart. And all of them are fed up!

Back when 401k’s were first introduced my employer made it possible for those of us who wanted to, to invest. I did for the four years before I retired, and made enough money to pay off my debts when I cashed it out, but certainly NOT enough to retire on. Social Security does not cover all the costs of retirement, not even close. But it sure as heck is better than absolutely nothing, which is where we would ALL be now, if McCain and Bush had been successful and privatized Social Security!

My heart aches for those who have lost so much of their 401k value, but I think it’s important now to stay calm and leave what’s left where it is. It will come back. Remember, when much of that money was put in, it was at then current dollar value. Over the years of Bush misleader-ship the dollar, like real estate has been over-valued, so keep that in mind. Eventually your 401k will reflect actual value. And the dollar, once we get rid of republican fiscal policy will once again have actual value. The credit crunch is based on the market having to recognize today’s Bush-based actual devalued dollar! Uncontrolled Market gambling and a national debt that has devalued EVERYTHING we once valued!

But my heart grieves most for those who put their faith and savings into corporate based retirement accounts. Accounts which, thanks to republican pushed De-regulation were raided and gambled away. For them there is no recovering their savings. And that’s been going on for years! And that is downright criminal!

And remember one other thing folks. While there are many in both party’s who played this game of De-regulation, the lions share of responsibility lies in the den of the republicans. And McCain and all those candidates across the nation [who have opted to identify themselves as GOP, which actually IS republican] are part of the pack of Hyenas that must take credit for the shit they are now rolling in, and dragging the rest of us through. And that’s a fact!

Oh my gosh, I am hearing the painful Palin repeat, literally, almost word for word, Obamas speech defining the cause of the economic meltdown, as though discovery of the truth was because of her and McCains insight and wisdom! [Like either one of those corrupt republicans HAS any insight and wisdom!] Then like your typical shit covered repub, she twists all the truly bad stuff away from the repubs and McCain who CREATED it and tries to blame it ALL on Obama’s raising taxes 44 times! Another bald-faced lie! This women is truly vile.

Read the fine print in McCains plan, “My friends what we need is more regulation,” and you will discover, what he is actually calling for is MORE DE-REGULATION, allowing the smallest and wealthiest percentage of those among us to make even MORE profit from our pain! A truly sickening reality.

My friends, [ smile ] we need to get those smelly repubs out of here!

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skulz fontaine's avatar

By skulz fontaine, October 14, 2008 at 11:55 am Link to this comment

Okay okay so, here’s the plan. Get the Amerikan taxpayer to pony up mountains of THEIR money and then and then, I’ll give it to my bestest buddies and then and then, I’ll need a time out in Sedona for some r and r and then and then, I’ll have Sarah-Barbie do that patented ‘wink-and-a-nod’ cutesy thing and then and then, I’ll need a little more r and r in Sedona and then and then, I’ll get the GENIUS Hank Paulson to give EVEN more taxpayer money to his pals and then and then of course, we’ll have to give a couple trillion taxpayer dollars to Israel. Cause you know see, we can’t bailout Wall Street without remembering our Israeli friends. Then of course I’ll be needing a nap in Sedona and THEN (take a deep breath here) it’ll be time for a necessary war of preemptive aggression on Amerika’s number one MOST dangerous enemy in the world and then and then that would be Iran. Bomb bomb bomb Iran! Then it’s back to Sedona for some more r and r. Thank you my fellow Amerikans.

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By Alan, October 14, 2008 at 11:50 am Link to this comment
(Unregistered commenter)

My friends, Ayyy hav-a plan!
Those poor folks who have been paying 15 percent
capital gains tax on their poor millions and billions,
those poor folks who used to pay 20%, they should only
pay 7.5 percent! My friends, and I do call you
my friends, and there’s one of you born every minute
my friends, my fuehrer! I have a plan! make that
‘friends’, my friends!

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