Posted on 04/14/2008 1:02:48 PM PDT by NYC Republican
Sen. John McCain (R-Ariz.) said Monday that he believes the country is in a recession, adding that “these are very, very tough times in America.”
“Americans are hurting today,” McCain said at an Associated Press forum in Washington, D.C. “They’re hurting in the towns and cities across America. They’re sitting around the kitchen table, saying, ‘Are we going to be able to make our home loan mortgage payments? Are we going to be able to -- do I have to try to get a second job? Can I keep my job? Why was I laid off?’”
While McCain, the presumptive Republican presidential nominee, said he thinks the country is in a recession, he noted that he is more worried about helping people who are facing “enormous challenges,” rather than figuring out what the technical definition of a recession is.
The senator indicated that both Congress and President Bush are partly responsible for the situation, but argued that others are also playing a role.
“I think that there’s plenty of that blame to go around, including very greedy people that happen to be in Wall Street today ... like the CEO of Bear Stearns who decided the day before he was bailed out by the federal government to cash in millions of dollar's worth of stock,” he stated, adding that there needs to be “a lot more accountability” on Wall Street.
If they are that old then they should not have their 401Ks full of stocks. They should have been gradually moving them over to bonds.
“Hind-sight”=50/50
Exactly! It’s a RISK. Plain and simple... If they don’t want the risk, go into bonds, or better yet, money market funds... Jeez, next thing, they’ll expect a handout or government bailout...
How much did the government grow during that time? The revenue increases were largely due to government spending, and industries where there were bubbles.
It's not hind-sight, it's wise investment strategy. Enron should have taught everyone that lesson by now. The stock market is volatile, everyone knows that, and people nearing retirement age have no business having their 401Ks stuffed full of stocks.
Revenues grew 47% in that time (2003-2006). Federal revenue is from 1) income taxes, 2) corporate taxxes, 3) custom duties. All three combined grew by 47% in 3 years.
The recession starts tomorrow. A large number of tax returns that I've prepared this spring have more AMT, and substantially more capital gains taxes from capital gains distributions in mutual funds.
That means a larger tax bite than was expected by these folks. Money that may have been set aside for a summer trip is now going to Uncle Sam and state and local governments.
OTOH, I could be full of BS. At least I'm willing to admit it, unlike our Senators in the House of Lords.
You are correct - and we can all thank the Federal Reserve Board and it’s ludicrous monetary policies..
I don’t know if it is any of W’s fault, but there is most certainly a significant economic slowdown. Inflation, albeit not registering as I see it first hand, is out there as well. Forget the gas prices as a part of the economy and there is little if no growth.
To clarify, when the government spends money that ends up being someone's income and taxes are paid on that. Combine that with taxes paid in the bubble industries and that accounts for a lot of revenue.
The government let us keep more of our money. I personally have $4K more of my salary per year under the Bush tax cuts becuase the entire federal income tax rate was reduced twice. When people have money, the economy grows as does the federal revenue.
In the words of W, which he repeated hundreds of times, his tax cuts were designed to put money in the hands of consumers. That’s demand side economics. Combine that with outsized government growth, and you’ll always end up in a situation with higher prices, shortages, and economic growth that can’t be sustained.
Not sure what you are arguing at this point? Do you want to raise the federal income tax rates on individuals?
Agreed....but everyone does not have the same level of investment expertise.......bank stocks seemed safe to them.
Again...don’t be so quick to judge; people of different educational/skill/experience levels make different decisions and MANY have been hit hard in this downturn. McCain is simply identifying with them.
Of course not. My point is W is a big government demand sider.
How's W's record on regulations?
i said we were heading into a recession, which is *certainly* true.
“How’s W’s record on regulations?”
In regards to what?
You seem quite confused. Pres. Bush pushed for and got a cap gains tax cut.
This is one of the main factors that has caused the economy to perform strongly.
Prove it. You can predict the future?
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