Saturday, September 20, 2008

McCain’s Change is All We’ll Have Left in our Pockets

So McCain is for change, huh?

Republican supporters of the McCain/Palin ticket have got to be scratching heads in utter amazement that McCain, at an economic time like this, would be defending retirement accounts for social security. WOW. From AP:

Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong. It also left him defending his support for privately investing Social Security money in the same markets that had tanked earlier in the week. The aides tried to soothe voters concerned about the bankruptcies, takeovers and bailouts on Wall Street by declaring McCain favored only the option of such accounts, just for younger workers, and most likely in a conservative investment vehicle such as bonds … Advisers say … personal retirement accounts like those President Bush pushed in 2005 but abandoned in the face of Democratic opposition.

Wait a minute, did McCain’s advisors just say the private accounts were like those Bush pushed. Oh please thank you God. I would also like to see them explain the following headline in the N.H, Union Leader, “Pension funds for workers take a hit,” and the “roughly $500 million decline the past three months in the state’s public pension fund.” Critics also note that one of McCain’s top economic advisers is former Texas Sen. Phil Gramm, a free-marketeer who pushed the idea of a privatized retirement system as far back as 1988.

Everyone knows pension funds are put in risky investments, right? Wrong. Let’s see what Obama wants to do: Democrat Barack Obama opposes the accounts and has warned they could be a precursor to eliminating the government entitlement program. Obama has suggested shoring up the program by imposing the 6.2 percent Social Security tax on earnings above $250,000.

Freeloading Republicans hate paying their fair share when they have more disposable income, so is it any surprise: McCain calls such a tax punitive and counterproductive.

McCain resurrects Bush’s discredited scare tactic clichés: The Social Security system is going to go broke. It will not be there for present day men and women who are working.

If nothing is done, which is very unlikely, it might run out of money in 30 some years, but it will still be there and thriving because there will be fewer baby boomers collecting payments. He added: “We have to realize that the worst thing we can do is continue to allow these unfunded debts to mount.” That simply means Social Security will be gone by then anyway, that is, if Republicans have anything to do with it.

McCain will try to mislead everyone by fabricating this ridiculous accusation: “He’s not ever talked about outsourcing Social Security into the private sector. What people talk about with regard to personal accounts is giving the American people an ability to have a greater return on an investment.” Oh, you mean investments on Wall Street? No one ever said Soc. Sec. would be “outsourced,” but the money would be going to private sector investments.

McCain outlines plans for economy

John McCain promises change, but what he means may surprise those who may have a different idea of change. McCain wants the same things in place now, just different people in place. He may want to regulate CEO payment packages, impossible to do but that’s change.

Sen. John McCain said the Federal Reserve needs to stop bailing out private businesses, but at the same time he said the government has a role to play in helping solve the crisis on Wall Street.

I loved this one: He accused Obama, who has been in Congress almost four years, as being a Washington insider incapable of solving the problems. McCain has been in Congress 26 years.

McCain said “We don’t need a dozen federal agencies doing the job badly, we need the best federal agencies to do the job right.” About 200 local business leaders at the meeting seemed to like his message, applauding throughout his speech. Palin said “elements of a perfect storm” including high taxes and gas prices could come together “that will not be good for the future of America.”

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