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Obama Weighs in on McCain Economic Proposals

By Shailagh Murray
TOLEDO, Ohio -- Sen. Barack Obama gave a mixed review to Sen. John McCain's new economic plan.
"I think the idea of making sure that people aren't forced to sell their 401(k) or IRA accounts at the age of 70 when the market is in the tank, I think that makes sense," Obama said, referring to one measure the GOP nominee is backing, a version of which Obama also had endorsed. 
But McCain's proposal to cut the capital gains for two years didn't make much sense to the Democratic nominee. "Nobody really has capital gains right now," Obama told reporters during a brief press conference. "So if the idea is to cut capital gains taxes, when I don't know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains, that probably is not going to be particularly useful in solving the financial crisis."
But, he added, "I'm sure that Senator McCain will have more to say about it tomorrow," when the two candidates meet for their final debate.

By Web Politics Editor  |  October 14, 2008; 5:00 PM ET
Categories:  Barack Obama , Economy  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Obama Comments on ACORN Controversy
Next: McCain Plays Down Va. GOP Leader's Remark Linking Obama and bin Laden


It now boils down to voting the "Talker" Obama or the "Doer" McCain.

Posted by: frankinlaw | October 15, 2008 6:38 AM | Report abuse

John McCain has Hank Williams preform at his rally, Foul language and vulgar lyrics makes people boo and leave. watch clip.

Watch the debate tonight, then participate in a national poll, on the issues, at

Posted by: pastor123 | October 15, 2008 5:19 AM | Report abuse

See the winner of best Sarah Palin Impersonator

Want to see what Happens when MTV hosts the debate.

Posted by: pastor123 | October 15, 2008 4:49 AM | Report abuse

To dcwsano

You say retirees don't pay taxes? What planet do you live on? I am a 74 year old retiree...I wonder why I sent the IRS thus far in 2008 3 quarters worth of estimated taxes of $5250, $6600 in 2007, $6200 in 2006 and $5400 in 2005....because I am a nice guy and want to help the Democrats give away more money to the people who Obama wants to give tax cuts to that do not pay any tax at all? Gee whiz...can I get my money back from the IRS ...or will you send it to me since you say I don't pay...will you?? Get real Zero !

Posted by: Taxjunkie | October 14, 2008 9:25 PM | Report abuse

“I THINK WHEN YOU SPREAD THE WEALTH AROUND, IT’S GOOD FOR EVERYBODY.” What Barack means is for government taking from one group of people (the people who worked hard and earned it) and giving it to those who did not earned it (welfare cheats).

WELCOME TO BARACK HUSSEIN OBAMA’S NEW AMERICA, IT’S CALLED REDISTRIBUTION OF WEALTH and his tax cuts for 95% of America is nothing more than Government welfare for people that don’t pay taxes at all. Haven’t we already been down this path ? This was done in the 70’s and the Democrats are bent on bringing it back.

One of Barack Obama’s most potent campaign claims is that he’ll cut taxes for no less than 95% of “working families.” He’s even promising to cut taxes enough that the government’s tax share of GDP will be no more than 18.2% — which is lower than it is today.
It’s a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he’s also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of “tax cut.”

Will hard working Americans support to cater to the ”parasite class” and bury the American worker further? Mission almost accomplished.

Posted by: Manolete | October 14, 2008 9:02 PM | Report abuse

I also have a plan: let’s give the banks money, let’s give the homeowners money, let’s give the automakers money, let’s give small and big businesses money, let’s give the poor money, let’s give the sick money, and let’s give anybody money! Government has already done that! Sen. Obama has already promised that as well! So what is left to do? Now, we have to find that money that we are going to give away. That’s right. Somebody has to find this money that the government and Sen. Obama are giving away. Let’s ask Sen. McCain to find some money for us. That’s a great idea. How come the government and Sen. Obama have not thought about it?

Posted by: Wiel | October 14, 2008 7:26 PM | Report abuse

southernvet, it's more than "nobody" as some elderly retirees will no doubt be forced to sell long-held capital assets in order to make up for decreased retirement income. Regardless of how big the percentage is, one such person is more than "nobody."

Posted by: MarkInAustin | October 14, 2008 6:11 PM

The plan is directed towards saving the tens of billions that hedge fund managers would save will help the several dozen people that you hypothesize exist.
Obama is an idiot.

Posted by: MarkInAustin | October 14, 2008 5:10 PM

You insult the intelligence of reading audience while failing to mention the fact that you are a person with fringe views and not to be taken seriously.

Posted by: Gator-ron | October 14, 2008 6:30 PM | Report abuse

The problems we are experiencing today could have been avoided by having never had the Bush tax cuts of of 2001 and 2003. If instead there was a tax credit for those who purchased a primary residence with a 20% down payment and the capital gains tax had been raise to 28% on those with a capital gains of greater than say five million, except if it resulted from the sale of a start up small business we would be in a better situation today. Also the regulation of mortgage lenders should not have been dependent on whether the lender was a bank or non bank. Lastly the regulation of futures markets should have been no different than the securities market.

If the added tax receipts from the hedge fund managers and those wasted in the Bush tax cuts was plowed back into the economy by starting an infrastructure renewal project there would not be a collapsed credit market. The economy would not be in peril today.

What is most important for Americans to grasp is not to let extremists into the government. Bush was such an extremist and it was apparent by 2004. Our worry now should be extremism from the left.

Obama wants to have a long term effect on the future of this country. That can only be achieved by governing from the center, working with Republicans as he has promised to do and not getting caught up by the fringe on the left who will in fact want us to reward the non productive.

Posted by: Gator-ron | October 14, 2008 6:23 PM | Report abuse

southernvet, it's more than "nobody" as some elderly retirees will no doubt be forced to sell long-held capital assets in order to make up for decreased retirement income. Regardless of how big the percentage is, one such person is more than "nobody."

Posted by: MarkInAustin | October 14, 2008 6:11 PM | Report abuse

Who was that masked man? I don't know but he left a silver bullet. Obama is the man. ..........

Posted by: glclark4750 | October 14, 2008 5:52 PM | Report abuse

Most retired people pay little, if any income tax. The only part of McCain's plan that would help working people is the lifting of the tax on unemployment benefits. Even there, if someone is unemployed for any length of time, they will probably not owe taxes.

I bet when it is all calculated out, most of the benefits from this plan will go to the top 5% wage bracket as usual.

Posted by: dcwsano | October 14, 2008 5:51 PM | Report abuse

This is an election with a real choice between these two polar opposites. A conservative servant of the corporate world, forced to submit to government takeover of private financial firms. A liberal organizer of urban Chicago minorities who associated himself with the far left in order to move up, now forced to disown the same people, in order to stay up.

If the election was being held a year ago, McCain would win, with the fears about Obama's ties with the extreme left in the Democratic party. As it is, he's losing because he won't change with the times fast enough. And he's losing because he would have been clever to pick Palin in normal times, but it's turned out sour for him to pick someone so inexperienced, with all these catastrophic events.

President Obama will be flexible, at least we've proof of that. Let's hope he really is as smart as he is clever.

Posted by: karwash | October 14, 2008 5:47 PM | Report abuse

Twit. If you are over 70 and have been sitting on assets for over 53 years, sit on them two more... What idiot thinks that there is a significant portion of the population that fits your description ? We need action that will impact the entire nation, not a fraction of a percent.

Posted by: southernvet | October 14, 2008 5:42 PM | Report abuse


The Obama supporters, blind sheep, are acting very disruptive to any suggestion that Obama is unqualified, which a blind man can see! Or that McCain is by far the most qualified for any reason, again, which a blind man can see.

Just for proof, here is a link to an article of how the Obama camp conducts business! Think Hitler Youth or Stalin's Political Officers... I tell ya, if this no account hood-wink gets in office say good by to freedom!

Posted by: AverageAmerican1 | October 14, 2008 5:40 PM | Report abuse

It's the end of the Greedy Oil Party as we know it ...and I feel fine.

"Our economy is structurally sound for the long term"
George W Bush - Feb 11, 2008

"The American people can remain confident in the soundness and the resilience of our financial system"
Henry Paulson - Sept 15, 2008

"The fundamentals of our economy are strong"
John McCain - Sept 15, 2008

"The economy is fundamentally sound"
Herbert Hoover - October, 1931

McCain does not have the ability to fix this economic crisis. After declaring the fundamentals of the economy strong, he created a political circus in Washington by mucking up bailout negotiations; a deplorable stunt, considering he and his political cronies helped cause the current meltdown.

It was McCain and his economic adviser Phil Gramm who pushed for the deregulation that helped lead to the banking crisis, and it was McCain's crony Rick Davis who had deep lobbyist ties to Freddie Mac. Don't let others be fooled by McCain's economic grandstanding because the reality is his policies and principles will only exacerbate our financial hardships.

McCain is being deceitful with his sudden populist message and support for regulation; his economic policies still favor our nation's wealthy elite.

Posted by: DrainYou | October 14, 2008 5:28 PM | Report abuse

Nobody has "capital gains"?! Even elderly retirees age 70 and above who have held on to assets since 1945? Obama is an idiot.

Posted by: MarkInAustin | October 14, 2008 5:10 PM | Report abuse

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