Tuesday, October 14, 2008

McCain doesn't know much about the economy?

From Barack Obama:

"I haven't looked at all the details of his [John McCain's] capital gains proposal. I will tell you that nobody one really has capital gains right now – so if the idea is the 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 I will review the plan and I’m sure that Sen. McCain will have more to say about it tomorrow."

"And I continue to emphasize that this is just one phase of a rescue package that's needed because we still need a rescue package for the middle class. And the proposals I’ve put forward to create jobs, to make sure that families are able to ride though these difficult times, to help homeowners those are all issues that await action by congress and if we don't get it don't in the lame duck session then they’re going to be some of my top priorities when I am president."

We are in a so-called "economic crisis." The way to get out of this crisis is by encouraging investment and strengthening our markets. Obama says it would be useless to cut the capital gains tax, since apparently no one is experiencing capital gains right now. Really? Please tell me how else you plan on convincing people to invest in a market that isn't exactly stunning right now.

And please tell me how the middle class with whom Obama is having this economic love affair is going to benefit from his fabled "job growth" when investors have no incentive to put their money into companies.

No comments:

Post a Comment