So after delaying his leaked economic plans, John McCain today released his new economic agenda while Obama released his yesterday. I’m attempting to read up on these plans so I can offer some more informed analysis, but until then, here’s a few points on McCain’s plan.
- The crux of the plan is still the McCain Resurgence Plan, which throws billions of dollars at the exact mortgage companies that originated the subprime loans while guaranteeing that taxpayers will lose money on the deal.
- Part of the plan is a proposed two-year suspension of the capital gains tax, which in addition to being a stupid measure when nobody is actually making capital gains, is one of the least productive investments we can make. See the chart below.
