Barack Obama’s Tuesday-night debate promise to simultaneously raise taxes and cut spending would be an economic disaster. John McCain, by contrast, committed to cut taxes while at the same time taking the greatest burden off the mortgage market by refinancing “under water” residential mortgages.
Today, McCain repeated the mortgage refi proposal and floated another great idea that should resonate with retirees. Current tax rules force retirees (more of that regulation that everyone seems so enamored with) to begin selling their retirement assets no later than age 70 1/2. McCain proposes to suspend that rule to allow retirees who so choose to avoid selling ravaged retirement assets into the market trough without being penalized. Good for McCain.
Barack Obama said . . . nothing. America’s “loquacious Luo” is speechless when we most need his omniscient, earth-healing ideas. His best so far is “fire those guys at AIG”. Yeah. Like that’s gonna do anything.
{ 2 comments… read them below or add one }
Cosmo 10.10.08 at 5:30 pm
That would make excellent sense. I never understood the mandatory distribution part. I understand not allowing premature distributions, but it doesn’t make sense to require seniors to close down their accounts on a set schedule based on their life expectancy.
Kleiglights 10.10.08 at 10:41 pm
Obama does one better than John Kerry. He is for various rights and causes, such as second amendment rights while he is for gun control, WHILE he is against them. He is better than even Houdini at slight of hand.