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McEconomics
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ShareApril 10, 2008 3:46 PM
ABC News' Bret Hovell Reports: John McCain laid out what he called a "tangible, near term plan" to spur economic growth which would address economic concerns on three fronts: mortgages, unemployment, and the rising costs of energy.
"I have a plan of action to get the American economy back on track," McCain, R-Ariz., said at a small business roundtable event in the Bay Ridge section of Brooklyn, NY.
McCain's speech outlined a plan to help struggling homeowners restructure mortgages that have gotten out of control and provide lenders with federal backing to support the new loans. He also called on the Department of Justice to investigate wrongdoing in the mortgage market.
McCain also said the United States should stop buying oil for its Strategic Petroleum Reserve to lesson demand. And the presumptive Republican nominee argued for revamping unemployment insurance to include job training programs, paying particular attention to older workers who have been displaced.
Democrats immediately criticized the plan, saying it does not do enough to address the country's economic woes.
"I'm glad he's finally offered a plan," said Sen. Barack Obama, D-Ill., in Gary, Indiana. "Better late than never. But don't expect any real answers. Don't expect it to actually help struggling families. Because Senator McCain's solution to the housing crisis seems like a lot like the George Bush solution of sitting by and hoping it passes while families face foreclosure and watching their home values decline."
McCain, who will receive the nomination of the Republican party in September, will give a speech next Tuesday where he will lay out his plans to help the economy over the long term.
ABC News' Sunlen Miller contributed to this report.
April 10, 2008 in Bush, George W., Hunter, Duncan, Kucinich, Dennis, Tancredo, Tom, Thompson, Fred | Permalink | User Comments (11)
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It was McCain, then McNasty and now McEconomics, that latter is a great title for somebody who does not know economics and cannot make a difference shia and sunni or AlQaeda and Iran but who knows well wars and military might. America's greatness is in its economic stand and political leadership. God bless America and God bless Obama. OBAMA08.
Posted by: BKMC | Apr 10, 2008 3:59:00 PM
Just wonder when Senator Obama will announce himself is the most experienced candidate on economy....
Posted by: True Truth | Apr 10, 2008 4:05:14 PM
The issue is no longer just one of helping families stay in homes, it is one of helping families that have already lost thier homes and have no hope of homeownership over the next decade. A foreclosure on your record virtually eliminates purchasing a new house under any reasonable terms. Exorbitant interst rates, hefty down payments or both are just the beginning, and that is assuming you would be given consideration at all.
Posted by: Louis | Apr 10, 2008 4:06:44 PM
McBush will just continue to drive our country into deeper debt, while making the rich even more rich.
We can't afford 100 more years in Iraq!
Obama 2008 -- Yes, WE CAN!!!
Posted by: Jackt51 -- Vietnam Vet and Proud Liberal | Apr 10, 2008 4:19:51 PM
Obama is unelectable. And no one thinks Obama is better experienced in anything (including economics) than McCain. People might not be crazy about McCain, but they know he's better than the novice, associates-with-kooks Obama.
Posted by: Jo | Apr 10, 2008 5:07:00 PM
BKMC, even Obama is laughing at what you think he's capable of doing.
He can't even unite the people of his community/church, and he's going to unite the country?!
You're hilarious.
Posted by: Jo | Apr 10, 2008 5:08:40 PM
John's plan for the economy is just like his plan for the war... either way we suffer for the next 100 years.
Posted by: ha! | Apr 10, 2008 5:27:53 PM
Jo, millions of very good American women and men, white and black, old and young, rich and poor have voted for Obama during the primaries, because we are certain of his capacity, the values Obama has embraced and the leadership skills and role he has played and will continue to play to get America to be a better place in a world where it will be better to live in. That is the reality you HillLovers have to live with. Hill the Bosnian General is saying now that she is frustrated with the DNC, because she cannot with her 109 million buy the presidency even with the 800 000 from the Government Urube of Colombia, she is not getting anywhere. Obama is a winner, you better come and help him beat McCain-WBush as a drum come November 2008. God bless America and God bless Obama. OBAMA08.
Posted by: BKMC | Apr 10, 2008 5:55:30 PM
McClueless should be his name, he has no clue, and it no better than Bush.
Posted by: Tess | Apr 10, 2008 6:49:42 PM
For any of you thinking of crossing over to McCain out of spite here is his healthcare plan explained-
To lower costs of insurance not healthcare, which means by cutting benefits
To privatize insurance , which means we are on our own to find coverage OUR PLACE OF WORK NO LONGER HAS TO SUPPLY IT, which in turn means if you have a preexisting condition you will
A) Not be able to afford your premiums or
B) Will not be accepted by the insurance companies
To give a $5,000 tax credit per FAMILY for health insurance, which means if you have a healthy family maybe you will be okay..but just hope no one gets sick unexpectedly.
This is not a plan and people deserve to know the truth about it. I am not spouting lies and my opinion here. I work for Big Insurance and can honestly say that all this does is decrease the chances of any lower to middle class family being able to afford Healthcare to about zero.
Think about what pre existing conditions encompasses- everything from Autism to Asthma.
Without regulations on the insurance companies to provide for Americans regardless of race, gender, or pre existing conditions, without regulations for what the doctors and hospitals can charge for the care they provide..this plan is disastrous. It will leave us in a worse position then we are now.
Enough fighting within the party people- either of the Dems plans for Health care blows this out of the water, please stop..and think
Posted by: whatever | Apr 11, 2008 9:32:50 AM
If anyone thinks that Obama or Clinton will ever get elected is way off base. The Democrats can't even choose between them because they don't want to, its a best of the worst case. Look at the foriegn policy of Obama, talk about inexperienced. McCain might not be perfect, but witht he media coverage we see today, everything gets over-analyzed and it will be a while before we see another Kennedy-esque president.
Posted by: Shorty240 | Apr 11, 2008 9:36:39 AM
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