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Looking For Leadership: Candidates Tweak Economic Plans

Barack Obama widened his economic agenda today, announcing proposals to create new jobs, give Americans access to retirement savings without penalty, implement a 90-day freeze on foreclosures of homeowners making good-faith efforts to pay lenders aided by the bailout plan, and make loans to credit-hungry local and state governments.

John McCain, set to kick off the week with a comprehensive economic proposal, scratched the idea when a Sunday night strategy meeting collapsed. McCain was planning on rolling out new tax cuts to jumpstart the economy. After rejecting the new economic plans offered by his advisors, McCain delivered an underdog speech, saying Obama was already measuring the drapes and planning to increase taxes with Pelosi. Still, GOP advisors want to see McCain focus on a consistent economic message distinct from Bush's.

Meanwhile, freshly minted Nobel-prize winner Paul Krugman thinks British PM Gordon Brown may have saved the world financial system (maybe we can give Brown a prize, too). Playing an effective leadership role the US presidential candidates dream of, Brown announced a smart plan to inject major equity into British banks and started doing so five days after he announced the plan.

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kastarte2 kastarte2 7 years
So much for civilized conversation. Seriously, can't we discuss a topic with out some one coming down on some one else? Is it really necessary to be condescending and tell people they have no idea what they are talking about so they just shouldn't talk? Honestly, why is that sort of behavior necessary?
Jude-C Jude-C 7 years
Of both their plans, Obama's seems much more likely to help the struggling middle class. As for the penalty-free 401K withdrawals, I've known quite a few people who have had to take money out of their 401Ks just to make rent and stuff like that. It's not a great solution, but giving people a better way to access those funds in an emergency is all right with me.
True-Song True-Song 7 years
Wait...what's incredibly obvious? I'm distracted today, I think I missed something.
Great-Sommelier Great-Sommelier 7 years
I know, it is incredibly obvious.
True-Song True-Song 7 years
I'm a Miss Manners devotee, myself. Judith Martin can do no wrong in my eyes.
Great-Sommelier Great-Sommelier 7 years
And of everyone on this site, I would choose you TS for manner and politeness teachings. :oy:
True-Song True-Song 7 years
I meant one take on whether telling someone not to speak about something is condescending, or telling someone they have no grasp on it. Perhaps whether this is polite conversation varies regionally?
Great-Sommelier Great-Sommelier 7 years
Another take on assuming any business, no circumstances known, can afford higher taxes?
Great-Sommelier Great-Sommelier 7 years
Please do tell another one.
True-Song True-Song 7 years
Well, that's one take.
Great-Sommelier Great-Sommelier 7 years
It isn't condescending to think that someone who says a business that makes a over 250K automatically can afford to pay more taxes, has absolutely no concept of business.
True-Song True-Song 7 years
Sorry, "...there is no reason to be condescending." My copy and paste is on strike today, so I have to hand copy.
True-Song True-Song 7 years
"Don't talk about things you have no grasp on" "...there is no need to be condescending."
Great-Sommelier Great-Sommelier 7 years
And audrey, that seems like a disaster waiting to happen to me as well.
Great-Sommelier Great-Sommelier 7 years
CG, it is true if you look at the parameters for businesses in separate industries to be declared small business. There is actually only a fraction that make below that. That is the true small, small, mostly part time small business. I only have one employee, myself, ergo, small business. My husband has five, small business. We both gross over $250K. Doesn't get much smaller in terms of business. Farms and logging, for example, can make up to 12 million and still be declared small business. And to those saying if we make over that we can automatically afford to pay more taxes for the middle class. We are the middle class. It is awful presumptuous of you to tell someone what they can afford. We pay our household bills, business bills, salaries to employees, benefits to employees, all insurances involved, etc. Don't talk about things you have no grasp on. And Jill, again, there is no reason to be condescending. I may not spend 24 hours a day on the McCain website copy pasting things on here, but that doesn't mean that I get all my information on political ads. In fact, in Texas, they aren't really being run.
audreystar audreystar 7 years
I can't lie. The allowing people to take money out of their 401K's penalty free makes me very nervous. It only seems to be a temporary fix. :shrug: There just seems like there should be a better way.
ilanac13 ilanac13 7 years
i think that the thing that would resonate well with people is the 90 day good faith piece, although i don't know if that will really take away a lot of the stresses to people who are in the precarious position of not being able to afford their mortgage payment. i kind of want to learn more about how they are thinking about cutting the principle for a lot of folks mortgages since that would impact me. as for the 401(k) no penalty piece - i think that a lot of people are left w/o a choice but to dip into it, so it's a smart move to at least make it available for them based on their contribution rather than take even more of their $$ away.
sonya-ina sonya-ina 7 years
A couple very close to me owns a small business and they make less than 250K a year. Point being, if you own a small business and are making more than 250K a year then you can afford to pay slightly higher taxes while the middle class and those making under 250K get a tax break.
kastarte2 kastarte2 7 years
Do most small businesses make less than 250k a year, CG?
CaterpillarGirl CaterpillarGirl 7 years
that isnt true about most small businesses making more than 250,000 a year.
dreamsugar dreamsugar 7 years
And he has the Clintons -- and I remember what life was like during that era!
Jillness Jillness 7 years
http://www.factcheck.org/elections-2008/more_tax_deceptions.html Here is a group of them.
Jillness Jillness 7 years
True, Le E, but look at their advisors. McCain had Phil Gramm, while Obama has the best economic mind on the planet right now, Warren Buffet, on his team. I also think that the proposals from Obama's camp have been far more pragmatic, where as McCain's ideas like the Gas Tax falter under scrutiny.
Jillness Jillness 7 years
" And someone who as recently as last year voted to raise taxes for people making only $42K a year doesn't have my faith that he isn't going to do it again. And voting over 90 times for tax hikes? No thanks" GS, it seems as if you are listening to McCain's talking points and not basing your opinion off of Obama's actual plans. I will post links in a minute, but here is a quote from Factcheck: We've already reported on at least three other ads, in both Spanish and English, from Sen. John McCain's campaign that distort his rival's tax policy. The ads claim that, for example, Democratic Sen. Barack Obama would raise taxes "on the sale of your home" and that he has a "history of raising taxes" and that he wanted to raise taxes on "families" making just $42,000 a year. Claims like these have led us to say that McCain's campaign is engaging in a "pattern of deceit" when it comes to describing Obama's tax plan. This most recent ad fits right into the template.
outofhere outofhere 7 years
Promises, promises, promises. I don't believe anything either one of them is saying right now. They can promise what they like but reality is going to hit them smack in the face when they take over the office and have to deal with the actual economic mess.
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