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Jay McDonough
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More Evidence John McCain Is Clueless When It Comes To The Economy
That said, I can't let this one go. Yesterday, Senator McCain criticized Barack Obama for being insensitive to the poor and out of touch with economic issues. I will give you a minute here to stop laughing.....
Now, for Senator McCain (supporter of Bush tax cuts for the wealthy, fabulously wealthy owner of seven homes, abuser of campaign finance law by unlawfully using his wife's private jet for campaign travel, and proponent of the abolishment of the minimum wage) to suggest the Senator Obama is insensitive to the poor and without an understanding of the poor's needs is hypocritical in major league proportions. It never fails to amaze me when public figures are so blind to their own shortcomings, and they open themselves up to ridicule so readily.
During Senator McCain's treatise on Barack Obama's supposed elitism, McCain declared:
“Sen. Obama wants to raise the capital gains tax, which would have a direct effect on 100 million Americans,” McCain said. “That means he has no understanding of the economy and that he is totally insensitive to the hopes and dreams and ambitions of 100 million Americans who will be affected by his almost doubling of the capital gains tax.”
One hundred million? Is that how out of touch Senator McCain is?
In fact, over half of all capital gains go to households with incomes over $1M/year. That 0.2% of the population. 70% of the stock owned outside of IRA's and 401K's is held by less than 10% of the population.
Giving Senator McCain the benefit of the doubt, perhaps Senator McCain is talking about stock ownership within those IRA's and 401K's. The number, 100 million, is tossed around often as the number of retirement plan participants holding stock. Now, I know Senator McCain needn't worry about these kinds of details given his own wealth, but withdrawals from retirement plans are taxed as income, not capital gains.
This kind of sloppiness, this "hey, look at me. I know absolutely nothing about the economy and a whole bunch of you are going to vote for me to be your President" persona is frightening.
Topics: General Election , The Economy
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