Spring Break
McCain says Bush wrong on economy
AP
Issue date: 10/28/08 Section: News
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"I will protect your savings and retirement accounts and get this stock market rising again," said McCain, after huddling with economic advisers and pledging a break with Bush administration policies.
Aides said that McCain's call for cuts in the capital gains tax and tax breaks for seniors who invest would help the market rebound, a nod to the top issue on voters' minds little more than a week out from Election Day.
"A stronger economy with greater investor confidence would help turn the stock market around," said Tucker Bounds, a McCain spokesman. "That would help drive up stock prices and the market recover."
In his closing argument of the marathon election, McCain tread a thin line between bashing Democratic rival Barack Obama and making clear that he would steer a different course than the current GOP administration.
"We both disagree with President Bush on economic policies," McCain said. "My approach is to get spending under control. The difference between us is he thinks taxes have been too low, and I think that spending has been too high."
His most dramatic claim was a pledge to turn around a plunging stock market. Most of the progress he promised would come from the economic stimulus sparked by big tax cuts he's pushing, McCain said.
"I will create millions of jobs through tax cuts that spur economic growth," McCain said. The capital gains tax cut he's proposing would encourage investors, Bounds said.
Before he spoke, McCain met with economic advisers including former rival Mitt Romney and former Housing Secretary Jack Kemp. The event was designed to focus his message on the economic meltdown that has dominated the campaign and left him on the defensive. The downturn has helped boost Obama to a lead in the polls, both nationally and in key battleground states like Ohio.
"The difference between myself and Sen. Obama is my plan will create jobs, it's a difference of millions of jobs in America," McCain said. "My approach will lead to rising stock market prices, a stabilized housing market, economic growth and millions of new jobs."
Obama campaign spokesman Bill Burton responded, "A day after John McCain said that he agreed with George Bush's economic philosophy, he continued to parrot the same failed policies that give billions to billionaires and big corporations while providing no relief at all to more than 100 million middle-class Americans."
Viewing Comments 1 - 2 of 2
Mr. Jones
posted 10/28/08 @ 8:49 AM EST
This man has always been very good at putting his finger in the air and determining which way the polls are blowing and taking a position. Four years ago, he was against the Bush tax cuts, now he wants to make this permanent. (Continued…)
Ms. Republican
posted 10/28/08 @ 1:31 PM EST
Go go McCain!
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