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McCain's Radical Economic Plan

By The Reverend Published: May 14, 2008

On April 15th of this year, John McCain gave a speech focusing on the American economy and what he would do about current economic challenges.

To his credit, McCain mentions the part Big Money has played in the mortgage meltdown....

"Every so often in our nation's capital, we relearn this lesson when the excesses of traders and speculators, and the poor planning of politicians, catches up with them, and the troubles spread far beyond Wall Street and Washington." and..."Americans are also right to be offended when the extravagant salaries and severance deals of CEO's -- in some cases, the very same CEO's who helped to bring on these market troubles -- bear no relation to the success of the company or the wishes of shareholders."

However, that's about as far as it goes. McCain's comprehension and solutions to current economic problems, I mean.

John McCain on taxes:

"Of course, they would like you to think that only the very wealthy will pay more in taxes,.......By allowing many of the current low tax rates to expire, they(the Democrats) would impose -- overnight -- the single largest tax increase since the Second World War."


"Under my opponents' various tax plans, Americans of every background would see their taxes rise -- seniors, parents, small business owners, and just about everyone who has even a modest investment in the market."

John McCain, with these comments, proves he has fallen off the Straight Talk Express. Barack Obama has stated repeatedly he would only raise taxes on those making over $200K per year, which is only a tiny fraction of our tax payers. So, at least in reference to Obama, McCain is not being truthful. Additionally, the alleged Straight Talker (my friends), speaks with forked Bush-like tongue when he obliquely refers to capital gains taxes. McCain is including in his disinformation here all Americans who have an IRA in mutual funds. These Americans are not now paying taxes, nor will they until retirement, on their IRA's. McCain's slick-Willie wording, deceptive like Bush before him, is on face value, a lie.

Allowing capital gains taxes to revert back to their pre-Bush/Cheney junta levels would only affect, as in Obama's $200K and up tax rate increase, a tiny minority of the wealthier in America. McCain knows this.....and if he doesn't, by some chance.....that makes what he said even worse.

To grasp how totally out of touch John McCain is with the little people, despite his rhetoric, one only needs to compare these two statements....

"In my administration there will be no more subsidies for special pleaders -- no more corporate welfare -- no more throwing around billions of dollars of the people's money on pet projects, while the people themselves are struggling to afford their homes, groceries, and gas."

"So I will send to Congress a proposal to cut the taxes these employers pay, from a rate of 35 to 25 percent. As it is, we have the second-highest tax on business in the industrialized world. High tax rates are driving many businesses and jobs overseas -- and, of course, our foreign competitors wouldn't mind if we kept it that way."

When McCain says, "cut the taxes these employers (business) pay" on their huge profits, he doesn't regard those tax giveaways as "subsidies for special pleaders". When big business sends it's "special pleader" lobbyists to D.C. to encourage (read: bribe) a reduction of the corporate tax rate, according to McCain, he won't be rewarding those "special pleaders" when he insists on lower tax rates for the big businesses they represent. You see.....when McCain throws away desperately needed tax dollars for the sake of big business....that's a stimulus, at least in his mind...and not corporate welfare.

The 71 year old McCain states that, "high tax rates are driving many businesses overseas..", without mentioning one syllable about business's race to the bottom in search of the cheapest labor in the world as a more likely justification for why big business is looking "overseas."

"Each year employers pay more and more for insurance, leaving less and less to pay their employees."

Notice the emphasis of out-of-touch, $100 million net worth, owner of 8 houses, John McCain. Those poor employers. They really want to give their employees more wages, but they simply can't because employees health insurance just costs too much. McCain's answer? Corporate welfare. Eliminate employer provided health care altogether and make employees buy it themselves with up to $5000 per year being paid with...wait for dollars. If it costs employees more than $5000 per year for health least the employer won't have to be paying it.....and good luck employees asking for higher wages to offset the loss.

But I've saved the best (worse) for last. I had to read this a couple of times to realize what John "Out of Touch" McCain is proposing....

"We will build a new system, using the unemployment-insurance taxes to build for each worker a buffer account against a sudden loss of income -- so that in times of need they're not just told to fill out forms and take a number. And we will draw on the great strengths of America's community colleges, applying the funds from federal training accounts to give displaced workers of every age a fresh start with new skills and new opportunities."

John McCain must see unemployment insurance as welfare. So, the Arizona multi-millionaire's policy concerning unemployment insurance is to end it. Read closely what the man who has ALWAYS received a check from government is saying. McCain wants to use "the unemployment-insurance taxes" (collected from employers) to pay for job re-training, giving those taxes, those funds, to "community colleges", rather than to the families of the laid off workers, "applying those funds" to offset the cost of retraining rather than pay for the necessities to live.

It's just like those "personal retirement account" proposals of George, the Younger, seeking to cut into Social Security benefits. McCain calls his ending of unemployment insurance plan, "federal training accounts". Same concept.

Read McCain's speech here.

Read about the radical nature and likely devastation of America that will result because of what he proposes here.

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