McCain to come out with a NEW economic plan

[DavidS]

Well, okay, his campaign has so far introduced more economic ideas than there are members of congress, BUT I can't chastize his team for trying. So far, Obama has not offered us any solutions. McCain's $300 billion housing rescue would mean that the United States government bails out every single bank that made the loans and they make all of the money back... completely dismissing that they shouldn't have made those bad loans to begin with. So the idea he introduced last week was a terrible one that has been chastized by the left and right. But I heard on Meet the Press that McCain is going to introduce a new plan for the economy on Wednesday. I for one would be interested to see his idea.

According to politico.com, Exclusive: McCain to unveil new economic plans - Mike Allen and Jonathan Martin - Politico.com :

As part of a plan to reinvigorate his flagging campaign, Sen. John McCain (R-Ariz.) is considering additional economic measures aimed directly at the middle class that are likely to be rolled out this week, campaign officials said.

Among the measures being considered are tax cuts – perhaps temporary – for capital gains and dividends, the officials said.

“The market’s the focus,” a McCain adviser said. “You want to stop the fleeing.”

No more bailout money is being contemplated, the adviser said. “We’ve written a check to everyone in sight,” the adviser said. “We’re not in that game.”

McCain advisers hope that by being specific, he can pose a contrast to Sen. Barack Obama (D-Ill.), who has been benefited from taking a vague but consistent approach to policy during the economic crisis.

Top McCain supporters have been agitating for a more robust economic package. It would give McCain something fresh to talk about on the stump, and dilute the perception that he’s relying mostly on attacks in the final stretch.

The McCain team is trying to stave off panic at a time of trouble for the nation - and for the campaign. He's doing this with an issue that has tormented him, as he has taken a patchwork approach to addressing the top issue on voters’ minds.

McCain has careened from stance to stance on the economy, starting with saying the fundamentals are sound, focusing on earmarks, applauding new powers for the Treasury Department, then advocating a bailout for homeowners.

In a matter of weeks, McCain has gone from being a conventional tax-cutting conservative to a big-government interventionist.

Officials could not say what the package might include because more than 30 ideas have been put in front of McCain during the current crisis, and they said he has to choose what to unveil and when.

“That’s up to McCain,” one official said.

Among the ideas that have been considered are a bigger tax deduction for middle class mortgages, and more a more robust loan program for small businesses. But officials said the front-burner ideas all dealt specifically with markets.

McCain’s new package would amount to a do-over from the hasty introduction of McCain’s mortgage buy-up program, which was widely criticized by conservatives and was seized on by Obama as a fresh target.

So top McCain advisers want him to throw more out there, hoping it’ll stick.

McCain and his inner circle will consider the possibilities at a meeting Sunday, officials said.

The measures being considered are aimed at jump-starting the economy by helping the middle class and bolstering trust and confidence in financial markets, the officials said.

On Friday, without fanfare, McCain during remarks in LaCrosse, Wis., proposed that Congress suspend the current U.S. Tax Code requirement that seniors begin selling their retirement assets at age 70 ½.

“Current rules mandate that investors must begin to sell off their IRAs and 401Ks when they reach age 70 and one half,” McCain said. “To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, those rules should be suspended.”

If McCain's idea is a GOOD idea, he will win this election. I, for one am happy to see McCain to focus on the economy again.

 

[jschuck12001]

Whats his plan for Thursday and Friday, any word on that, his $300 billion dollar plan is terrible and wont help bring the housing market or raise home values like he said it would.