Does McCain have any proposals to get our economy back on track and to curb inflation?
- Anonymous1 decade agoBest Answer
McCain has endorsed and consulted on a plan announced the US Treasury to underwrite loans in danger of default by issue FHA guarantees to lenders that voluntarily reduce the face value of the loan by a percentage set by formula. It is a trade to make the loan marketable for the bank in exchange for making it smaller -- reducing the risk of default and short sale. He has also endorsed increasing a larger mortgage size for conforming loans in order to get banks and buyers back in the market to reduce unsold housing inventory.
He has also pledged not to eliminate the Bush Tax cuts which provide nearly $2,500 per American Family in tax deductions, child tax credits and tax relief as well as reducing the highest tax bracket to a level inbetween the Reagan and Clinton Tax plans. By maintaining tax continuity and leaving more funds in the hands of americans to spend according to their needs and priorities the consumer economy will not be adversely impacted by declining consumer spending.
As a fiscal conservative he plans to veto all pork spending added to bills by riders -- something he has done during his tenure in the Senate. McCain has a record of standing for a balanced budget even when it has hurt him politically and will have the knowledge and courage to surgically reduce the bloated Bush budgets and address the looming social security and medicare crises.
- ImpskaLv 41 decade ago
He has a couple of things, but by the time November rolls around, the economy will likely be back on track already. Whoever is president will naturally take credit (as the above poster mentioned with Clinton).
But for the long term, McCain has suggested cutting government spending and pork. He also endorses some program where home owners could get mortgages from the government - but that stuff will likely all be sorted anyway in a few months. He said he'll be talking more about the economy this upcoming week (if I recall - I saw him on the View today).
As for inflation - No. And if anyone says they have a plan for inflation, you can laugh. Any real proposal to curb inflation will also curb economic growth. That's not what anyone wants right now. We need the economy to rebound, then we can worry about inflation. Once the economy is back on track, the Fed can raise its rates back up and curb inflation. Theoretically, less government spending means less money out and about, which equals less inflation. But less government spending can also hurt during times of economic hardship. Curbing irresponsible government spending, or spending outside of our country might be able to help inflation without hurting our economy.
- ableegoLv 71 decade ago
McCain's main economic proposals will probably be the result of committee recommendations and the advice of his primary economic adviser. That adviser should not be a tax-and-spend governor or senator. It should not be a fed leader who plays with interest rates. It should be someone with successful experience as an executive in both the executive branch of government and in private industry. Romney comes to mind. If McCain is smart, he would pick him up as a VP or cabinet officer soon.
- martinx07Lv 61 decade ago
Not if he stops the occupation in Iraq, which costs us $3 billion a day to stay there, or makes China pay for it. Either way, the debt grows and leaves the tax burden on us. He has stated he does not want to abolish the IRS, Fed, and other private banks that are ruining the economy/destroying the dollar. At the same time, he threatens Iran with an invasion, and that will require more taxes, taxes, and work in order to keep him filthy rich. So no, McCain knows nothing, nor does he care about the economy,
- How do you think about the answers? You can sign in to vote the answer.
- GiordanoLv 41 decade ago
He does have proposals, but they'll only make things worse, which is hard to believe considering the state of the economy now. Whenever a government or a politician wants to "seem" like they are trying to solve a problem with dire social or economic consequences, they first state that they will appoint a 'committee'. Any committee will do, and thats exactly what McCain said he would do as President; appoint a committee headed by former Federal Reserve Chairman Allan Greenspan, "alive or dead!" (his words) You can read about this debacle here:
Now, appointing the man who had the biggest hand in the current problem to then FIX the problem really speaks volumes about McCain's intelligence, unless of course, he WANTS the economy to go under. For those of you familiar with the SPP and the "Project for a North American Community," McCain's choice to put Greenspan back in power actually makes perfect sense. Another document that reveals quite plainly why the government would desire an American economic collapse is the "North American Future 2025 Project" Which you can read here:
McCain also stated that "interest rates should have been cut sooner" which any honest economist will tell you only prolongs the inevitable collapse of the dollar and actually increases the likelihood of long term inflation and economic depression when it does. His statements can be read here:
You can read about how interest rate cuts make the problem worse here:
McCain also called for even 'less' regulations for lenders involved in the now snowballing home mortgage crisis, which has caused millions of American's to lose their property. And, two of his top advisers were lobbyists for one of these shady lenders. Read about that here:
Unfortunately, whether voting Republican or Democrat, all of the "top tier" candidates either know nothing about economic stability or don't care, and all of them will protect the Federal Reserve (the main cause of inflation and economic turmoil).
To learn more about the Federal Reserve and how it causes inflation and instability, watch the film "America: Freedom to Fascism" here:
Also, don't think for a second that a Democratic President will do any better than McCain on economics. Most likely with their plans for massive stimulus packages, the dollar would collapse even faster. But that's a whole other question entirely................
- AndreeLv 44 years ago
China has been our main banker since before Bush took office. McCain is a Republican in a Democrat run Congress. Congress controls the budget/economy. And the last time I checked Congress had a 17% approval rating.
- Anonymous1 decade ago
McCain has admitted to not knowing anything about economics.
It's understandable that many politicians depend on a teleprompter but c'mon, shouldn't a presidential candidate know at least something about the problem? Is it asking too much for Mr. Straight Talk to actually give straight talk? Telling us we have a problem is obvious to anyone in the country, so we're going to need more than stumbling through a Phil Gramm prepared speech. It's bad enough that on McCain's big issue - the unpopular war in Iraq - he never managed to keep a watch on taxpayer spending but the economy will be so much more critical and McCain has no idea. Maybe it's because of his connection to the Keating 5 scandal/S&L bailout but considering the importance of the credit crisis, he's shockingly out of touch. If anyone ought to remember those problems which were ALSO tied to lack of regulation, it ought to be McCain. But no, he just parrots the "let industry self regulate" rubbish until you want to scream
Over the past 3 months, payroll employment has declined by 232,000.
In March, the number of persons unemployed because they lost jobs increased by 300,000 to 4.2 million. Over the past 12 months, the number of unemployed job losers has increased by 914,000.
About 1.4 million persons (not seasonally adjusted) were marginally attached to the labor force in March. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
- Anonymous1 decade ago
1) Reduce taxes and simplify the tax code. When he does, the economy will be growing faster, and revenues will increase, because less people will evade taxes.
2) Make America oil-independent. It is oil prices that have caused fast inflation.Source(s): John's official webpage
- Anonymous1 decade ago
No. If curbing inflation and preventing another depression is an important issue for you, your only choice is Ron Paul.
Ron Paul is the only one who has proised to take on the Federal Reserve. The other candidates will only protect it and perpetuate the lie that its purpose is to "help" us. The Federal Reserve is THE PRIMARY CAUSE of our economic crisis and the devaluation of our dollar.