McCain proposes $52.5 billion economic plan

[maddezmom]

Source: AP

BLUE BELL, Pa. (AP) — Republican presidential candidate John McCain on Tuesday proposed a $52.5 billion economic plan that would eliminate taxes on unemployment benefits and cut the capital gains tax while warning voters about taking a chance on Democratic rival Barack Obama.

"Perhaps never before in history have the American people been asked to risk so much based on so little," McCain told a suburban Philadelphia audience about his opponent.

McCain also promised that as president he would order the Treasury Department to guarantee 100 percent of all savings for six months.

The Arizona senator, who trails in the polls on economic issues, 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 should be short-term and last only until the institutions are reformed and put on a sound footing again.



Read more: http://ap.google.com/article/ALeqM5iE2JCSH5p9r2GBkQWS9TWAMzmuvQD93QCF880

[dipsydoodle]

1. Perhaps Senator Obama should ask him

to prove the figure of $52.5 billion by justifying exactly how it was derived.

Maybe Mccain would say "Palin told me" :rofl:

[Zenlitened]

2. "As president I intend to act, quickly and decisively...

... as soon as my political handlers have reviewed what Sen. Obama is already doing."

"Oh, and what the rest of the world is already doing."

"Then I'm all over it!"

:crazy:

The man is a complete fool. Seriously, he finds a new way to humiliate himself every day.

[madmom]

3. "guarantee 100% of all savings for six month", now tell me who is that going to help? I

don't know anyone with over $250,000 in their savings. This needs to be shown for the crock that it is! Savings are already guaranteed for up to $250,000.

[JCMach1]

18. Exactly...

[Schema Thing]

4. LOL! Ever sell a car?

you have angst over exactly what to price it; "do I put it at $10,900 and risk sounding like a car dealer? I really need to get 11K or very close....hmmm, I think I put $11,250 and see what kind of offers I get".


That's how McCain came up with that extra 2.5 billion on top of the 50 billion.

[stoge18]

6. No.

52 cards in a deck and he threw in an extra half billion in the "let them eat cake" tradition.

[shadowknows69]

5. Didn't Obama roll out some kind of plan yesterfay?

Did it get any press?

[struggle4progress]

17. Indeed he did. While McCain was refusing to talk economics, in fact:

No New Economic Proposal Expected From McCain
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=393240&mesg_id=393240

[stoge18]

7. capital gains, schmapital gains

A capital gains tax cut makes very little differnece in my life. I'm worried about the price of groceries, gasoline, health care, everday things that my family needs just to get by. Are middle class folks really all that jazzed about a capital gains tax cut? Is this the cornerstone of McSame's plan?

[WriteDown]

8. Actually...

this is the single aspect of his plan that i like. Would be nice to see a little pick me up in my 401K. I'm a small time investor and the capital gains tax does prevent me from making some investments. Also won't be really great when I sell my house.

[BootinUp]

10. There is already a tax break when you sell your primary residence

that allows up to 250,000 gain for single people and 500,000 for married couples without tax liability.

Unless something has changed I am unaware of (don't think so).

[stoge18]

14. Oh, I don't mean to condemn a CG cut.

But, if that's the highlight of the plan, then I think most middle class people won't be all that enthusiastic about it. Most of the people I know have very little (if anything) left for savings or investment at the end of the month.

[torbird]

9. ...aaaaaaand the market is down 142 pts.

Good job, shoring up that confidence, Johnny Mac!

[AlphaCentauri]

11. what is 52 billions compare to 700 billions n/t

[earth mom]

12. 52 BILLION is Chump Change. I want 700+ BILLION for the people. nt

[AlphaCentauri]

13. me too n/t

[Orrin_73]

15. 52.5 billion is a drop on a hot plate

That figure is 0.5% of the US economy, what effect will that have?????

[struggle4progress]

16. McCain: "Ain't talkin about economics no more." Obama: "I got an economic stimulus plan."

McCain: "I .. um .. uh .. hope everbody seed my new economic stimulus plan!"