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Coolbreezing

The economic differences of opposite views.

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Today in Blue Bell, Pennsylvania, John McCain proposed an economic measure to deal with the problems that Americans are having. McCain proposed that the current rules that are associated with 401 K should be suspended. As McCain stated “current rule mandate that inverters are required to sell out they 401 k when their reach the age of 70 & 1 half year old”. According to McCain if these rules are suspended it will free senior citizens from this burden of having to sell their retirements plan. However McCain did not say whether or not the plan would be suspended for ever which led voters to think that it’s a temporary thing. Further more, McCain when on to criticized Obama’s plan that would allow Americans to redraw up to 15 % from their IRA & 401 K to a maximum of $10,000 without penalizing citizens throughout the whole 2009. Obama justified this proposal as part of the many incentives that he offered to help American pay their bills throughout the 2009 as a way of helping them get back on their feet. However though, by criticizing Obama, McCain said something that surprises the educated class of America.

 

McCain said and I quote “Encouraging early withdrawal of funds from 401 K accounts by suspending penalty until 2009 ….this is capital flights”. My understanding of capital flights has always been for example when Pablo sends money to his folks in Columbia or when Louis sends money to Haiti which is money that has left the United States. Fortunately Wikipedia described capital flights when assets and/or money rapidly flow out of a country. What I don’t understand is why would McCain critic Obama by calling his plan a capital flight when they are no transaction of money being shipped oversea. This to me makes no sense, if anything it may have caused confusion among the public. It’s like speaking jargon to the American people; most people don’t know what capital flight is less off having them understand it when it has been missed used.

 

I can see where the word capital flight can be used when we talking about cutting capital gain tax. Given big businesses that operate all over the glob a tax cut could become a capital flight if the company fail or miss budget. This is the reason why Obama said that he will give our businesses a new American jobs tax credit to each new American employee that the company hires. Now who’s your daddy ….here’s a guy who’s looking out for us. This is the first time in history that a presidential candidate ever proposed an incentive for corporation to want to hire Americans. I don’t now for you but to me this is a better idea than to give businesses a capital gain tax cut.

 

Obviously Senator McCain and Obama’s view of the economy are opposite. McCain is driving the car while paying attention to the rearview mirror when Obama is looking at all directions ….whose more likely to crash? ….pay attention ….make your vote count.

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