McCain Drags Feet On Another Stimulus Package

John McCain is withholding endorsement of another economic stimulus package for the sagging U.S. economy, giving Barack Obama a fresh opening to attack him on the top issue in the presidential campaign.

With two weeks until Election Day, the idea -- advanced by Obama and other congressional Democrats -- that lawmakers should enact legislation to boost the economy gained traction when it won support from Federal Reserve Chairman Ben S. Bernanke and the Bush administration said it is ``open'' to proposals.

Read the whole story here.

Comments

[bigironal25]

If this stimulus package does go through, will it be the same as the first horse's laugh,as in, "What the f*ck am I going to buy for $300-$1200, that will get our economy hummimg" or will they give everyone a check that corresponds with the bail out checks that Wall St. received ?if so then we all should be getting a check for $7000.00 but that won't happen because that would make way to much sense!

[marignymitch]

With Bailout Bernanke on board I need to reassess my support of Obama.

[katlade]

This is what the Obama campaign and the DNC needs to get out to the public. Quit letting McCain/Palin try to identify with the working class. Never mind all this shopping spree crap. Let the public know that if McCain/Palin are calling Obama a socialist then they would be considered wealthy socialist because they like to redistribute wealth to the already wealthy. They haven't laid forth a plan yet that I have heard about cutting middle class taxes or how they plan on producing more jobs. And don't give us that tired old line about tax breaks for the wealthy will trickle down into jobs. Hasn't worked yet and if it has they sure haven't been good full-time jobs with benefits that you enable you to provide for a family.

[Paisano]

He not dragging his feet...he's waiting to see which way the wind is blowing...

[feo]

McCain campaign has excplicitly stated that spreading the wealth is an evil idea, one that could have only been dreamed up by a socialist. Say hello to Henry Ford, who in 1914 decided it would be a wise move to pay workers enough money so that they could buy the products they built. Spreading the wealth happens to be a good thing for capitalism; ask members of the Ford family who, today, still sit on piles of money.

[CaptainVideo]

What Bernanke is advocating is just sound Macroeconomics 101. To get the economy out of a recession calls for TEMPORARY stimulus that will go away once the economy has recovered. And any temporary tax cuts that are part of the package must be targeted at the people most likely to spend the money, that is, the people at the bottom of the income group. The people at the top are the least likely to spend it. And you do not want a permanent stimulus that continues when the economy is back at potential output because then it will subject the economy to inflationary pressure and cause high interest rates. This is why McCain's PERMANENT tax cuts for the haves, have mores, and corporations is the wrong medicine.

Since such a stimulus will benefit ordinary working people instead of the have and have mores, we should not be surprised that the Wall Street Journal is opposed.

Incidentally, Bernanke is a Republican who, for a time, served in the Bush Administration.

[tbone99]

Give us the money or else .
Congress threatened by martial law if they don't sign over the dough

http://www.youtube.com/watch?v=HaG9d_4zij8

[DoctorDonut]

Once again - I'd say stick a fork in him but if anyone did it might send the poor old hoot into a coma....

http://www.theweeklydonut.com/index.php/category/john-mccain/

[bascombe]

now I'm scared as am Obama supporter. Something's wrong here.

[CaptainVideo]

Concern troll alert!

[tydicea]

It is amazing how the ideas of Obama are embraced and received across the spectrum, regardless of ideology. McCain, wantonly short on ideas, when he does throw out any, they are soundly rejected across the spectrum, regardless of ideology. Listen up, you of the idiot brigade, it is time to vote for someone with vision and ideas for this country, and for its future. That is not McCain/Palin!

[VikingQuest]

Do you really think another stim package is a good idea?

[tydicea]

From what I've heard from the so-called experts, the 700 billion dollar bailout money that was approved by the congress, little if any of it will make it to main street. They believe the financial institutions will hoard that money to bolster their positions in the event they have more losses on their books. So, by their thinking, another stimulus package is needed to targeted at main street, especially given the context that they now concur the country is in a recession.

[tydicea]

From what I've heard from the so-called experts, the 700 billion dollar bailout money that was approved by the congress, little if any of it will make it to main street. They believe the financial institutions will hoard that money to bolster their positions in the event they have more losses on their books. So, by their thinking, another stimulus package is necesssary, targeted at main street, especially given the context that they now concur the country is in a recession which maybe protracted.

[vippy]

Since the bailout for the banks and the non-transparent rules Paulson applied I believe
it is only fair that we get this stimulus check. However, I would think that extension of
unemployment would be more suitable, I understand they are working with it. The claim
that we have a 7% unemployment is LUDICROUS. We are more like 20 or 25%.
I challenge anyone to go out and look for a job though you still have one and then you
see for yourself. You may be lucky to find an itsy bitsy job, 3 to 19 hours in an intermittent position but you won't find a job that pays equal to what you have now.
It is just another baindaid or even hush money. It is time we have another tea party!

[kinnycut]

This endorsement is more proof that Obama is better suited to deal with this economic mess. The fed chair just put his stamp of approval on Obama's economic ideas.

[ManyColored]

Sorry. My last comment somehow wound up in the wrong article. I was referring to Bernarke's "endorsement" of Obama as reported by the Wall Street Journal. I'm sure if anybody read my prior post, they would wonder what the hell I was talking about. Sigh.

[ManyColored]

You obviously expected the WSJ to criticize this "endorsement" and add a few snide comments. The last bastion of unrestrained and amoral capitalism wrapped in a shell of fake dignity and nobility.

[inluvwkeitholbermann]

i have to re-post this....too important

OMG!!! LOOK THIS UP NOW!!!! google/yahoo.....John McCain PNAC

radical militaristic group driven by an ideology of global expansionism and dominance attained through perpetual, pre-emptive, unilateral, multiple wars. The credo of this group is "the end justifies the means"

THIS IS REALLY SCARY, FOLKS!!

[Icantbelieveher]

So, we can bail out the banks, and that is not socialism. But while Americans are losing their homes, unable to feed their children, and unable to pay for the gas for their cars, he drags his feet. That would be socialism to help 95% of the people, but giving tax cuts to corporations and wealthy is good for the country? Why is it that they can't even say the phrase: middle class?

They don't want to do a damn thing for us, but they want our vote? Are you effing kidding me?

I can't wait until I don't have to hear either one of their voices again!