Pre-Game

Tonight is the final of the three Presidential Debates. As people already know Obama has been calm and cool and it seems to be working for him as evidenced by his poll numbers. I'm guessing that McCain will finally go on the offensive. But what will he attack with?

If the undecideds are anything like the base of the Republican party then the Bill Ayers and Jerimiah Wright issues will be the wise course. Unfortunately, for John McCain, the undecideds are more concerned about the economy. So you would expect McCain to focus on his plan for the economy. Again unfortunately, for John McCain, all he has to offer is the same tired Republican ideas.

"If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this - with tax cuts...."

He has said he wants to cut the coporate tax rate from 35% to 25 % giving some of the biggest coporations huge tax reductions at a time when we are running record deficits. This weakens the dollar and it's buying power...therefore cost of goods and services go up. Furthermore where are we going to get the money for this tax cut?

"McCain called for reducing the maximum tax rate on long-term capital gains by half, from 15 percent to 7.5 percent in 2009 and 2010 -"

Ok this maybe the most ludicrious of all the proposals. Lets cut the tax rate on "gains" made outside of earned income. Has he even been looking at the stock market? Whose making any gains? So let me get this straight 7.5% of zero is exactly the same as 15 % of zero. This one is nothing more than window dressing

"McCain called for lowering the tax rates on withdrawals from IRA and 401(k) accounts to 10 percent, the lowest rate, in 2008 and 2009."

I thought part of the point of the bailout was to shore up the mortgage backed securities which are included in most money-market funds and discourage shortselling. This proposal would encourage people to take money out of their retirement funds which are largely made up of money-market funds thereby "short-selling". This in turn would drive the value down which could cause a panic in retirement funds encouraging others to "short-sell" negating any and all positive effect of the bailout. Really does this guy have any idea what's going on?

I've criticized John McCain for his negative attacks but with an economic plan like this I commend McCain for diverting attention from it.......