A Rescue Plan for the Middle-Class

[Lurker]

I say want and don't sugar coat it, simple as that.

So, saying you aren't a monkeys uncle because there are no half-ricans in your family is an example of not sugar coating. Interesting. Well, thanks for keeping your racist tendencies out in the open.

[Harlowe]

He's not a racist he's just summarzing a bias that he's heard...he's just calling it like he see's it, a spade a spade, not sugar coating his intolerance.

[Harlowe]

McCain released his new economic plan today - I think it's 52 billion vs. Obama's 60billion, but I haven't had the chance to see commentary on it.

The Motley Fools dissect the mortgage plan from his previous debate.
http://www.fool.com/investing/dividends ... -plan.aspx

[Harlowe]

http://marcambinder.theatlantic.com/arc ... ly_sec.php

Messaging:

Obama unveiled his "Middle Class Rescue Plan" yesterday; McCain unveils his "Pension and Family Security Plan."

Substance: 5 parts.

1. Lower taxes for seniors tapping their retirement accounts and suspend rules that force seniors to liquidate their accounts during economic crisis. (1/2 New)

2. Accelerate the tax write-offs for those forced to sell at at a loss in the current market. (New)

3. Reduce capital gains taxes for '09 and '10.

4. His Homeowner Resurgence Plan, where mortgages would be purchased directly from homeowners and mortgage services and replaced with manageable fixed-rate mortgages.

5. For workers, eliminate taxes on unemployment benefits.

Analysis:

Depending on how much McCain's mortgage purchase plan actually costs and where the money actually comes from, his proposals could wind up costing more than Obama's. McCain has more targeted relief for seniors and, like Obama, proposes to avoid taxing unemployment benefits. The McCain campaign estimates that those making less than $100,000 who get canned would see their unemployment benefits rise by as much as 10%. Obama and Congressional Democrats want to extend the length of the benefits, which they say would help these folks more.

Obama' proposals are targeted more precisely at incentivizing job creation, where McCain's doesn't cut taxes for small businesses or give them more access to credit. That said, McCain would charge that Obama's marginal tax hikes would hurt small business owners earning more than $250,000.

Also: lower capital gains...... they're not exactly essential to getting the economy going in a year in which people do not have an awful lot of capital gains, although the McCain program calls this measure an incentive to do just that.

More later...

[Embar Angylwrath]

Word is coming out that part of the bail-out money will go to stemming foreclosures, which is absolutely the thing they need to do. Essentially, the government will buy the bad mortgage, and refinance it for the homeowner. Details are sparse, and I think Paulson doesn't want to do it, but hoepfully most of the economists that are pushing this can persuade him.

Never thought I'd say this, but for now, free-market economic principles have derailed, and if we're going to get our hands dirty by meddling with them to fix the crisis, Paulson can't take a bifurcated approach. If the government has to get involved, Paulson should jump in with both feet and get the job done.

[Harlowe]

I agree, they need to jump in with both feet and not half-ass their attempt.