McCain’s “Pension and Family Security Plan”
This is pretty much the whole speech.
The basic points are good, except for #4…
1. Lower taxes for seniors tapping their retirement accounts and suspend rules that force seniors to liquidate their accounts during economic crisis. (1/2 New)
2. Accelerate the tax write-offs for those forced to sell at at a loss in the current market. (New)
3. Reduce capital gains taxes for ’09 and ’10.
4. His Homeowner Resurgence Plan, where mortgages would be purchased directly from homeowners and mortgage services and replaced with manageable fixed-rate mortgages.
5. For workers, eliminate taxes on unemployment benefits.
I can’t think of anybody who likes #4, which is McCain’s $300B mortgage buyout plan, especially since it doesn’t buy the house at the real value, but instead buys it at the inflated value.
Personally, that doesn’t seem to me like he’s fixing the housing market. Well, it depends on what you mean by the word “fix.” I guess in one sense he would be “fixing” it, but not in a productive way.
What do you think?