Yesterday I shared some thoughts on Gramm’s statements that we are a nation of whiners. Both candidates were quick to back away from his statements and quick to paint themselves as empathetic towards our economic plight. Frankly, the candidate who addresses the American people with plan to help people spend within their means (in addition to some short and long term plans), gets my vote. Unfortunately, that doesn’t describe McCain or Obama.
McCain was quick to distance himself from Gramm’s comments saying that he “strongly disagrees” with Gramm’s remarks. He apparently has a plan.
Plan at the Pump
Some distinctive of McCain’s gas plans are a summer holiday tax, and to stop filling the strategic petroleum reserve to help reduce demand. To me, this makes much more sense than drilling for more oil. There is ample supply in the SPR for some time. However, I think that the solutions need to be a little more far reaching as it assumes that the price will eventually come down and frankly, with all that is happening in the Middle East–I am not convinced we‘ll see better gas prices anytime soon.
The McCain HOME Loans
Under McCain’s HOME loans plan, those families who are unable to meet their mortgage obligation can apply for a loan from the FHA. To qualify, the family has to have been credit worthy at the time of the original loan, the loan has to be for the primary residence, and they have to already be behind on their existing loan.
While I’ve heard people criticize this as another meaningless government hand out I do have to point out that your neighbor’s foreclosed home affects your home’s property value. Helping your neighbor out, has direct personal benefit as well.
McCain Taxes
In general, you can sum up McCain’s tax views as “no newer or higher taxes for the middle class”. Some distinctive are that he wants to double the dependent exemption from $3500 to $7000. He also wants to make it harder for Congress to raise taxes by requiring more of majority vote.
In addition he has ideas on taxes for research and development and businesses that will actually encourage growth. He is not a big proponent of governmental supplements on a personal basis.
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