But doesn't progress mean that more people are better off? The facts seem to suggest that there is the opposite of progress for those who are suffering tremendous economic challenges. More are suffering. Where is the progress?

The reason to say there is progress is so you have an excuse to continue in the same direction.

The devil is in those " et cetera, et cetera ", which must include the many more unemployment claims that are being processed or those unfortunate men and women who have become too dejected to continue to look for jobs,many of which, have gone overseas. It is great that Senator McCain's has addressed a very sore part of America. A lot of people are hurting and, yes, bitter, because this incompetent administration has dug in, on the Iraqi Occupation and insists on rebuilding another nation, not ours!!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE. NOW.

In order to secure the Republican presidential nomination, John McCain has reversed course on almost every issue he once held near and dear. Now with the general election contest underway, McCain is starting his predictable walk-back from the hard right abyss. Just days after proclaiming his adamant opposition to federal intervention in the housing market crisis, McCain announced half-measures to support "deserving" homeowners on the brink of foreclosure.

Given his Scrooge-like pronouncements just two weeks ago, to call McCain's reversal on aid to struggling American homeowners a "shift" (New York Times) or a "revision" (Washington Post) which came "unexpectedly" (Politico) is an understatement, to say the least. Then again, the dismal reviews of his widely panned March 25 address on the economy may have had something to do with it.

Then, McCain, whose meager pronouncements on the economy have been limited to cutting corporate tax rates and endorsing the wildly irresponsible Bush tax cuts he once opposed, blamed the credit and housing crises on "rampant speculation." In response to the deepening foreclosure morass, McCain in March made it clear he opposed broad action by the federal government to either aid homeowners or mandate changes by lenders:

"Some Americans bought homes they couldn't afford, betting that rising prices would make it easier to refinance later at more affordable rates," he said. Later he added that "any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."
As for the lending institutions themselves, McCain back then asked that they play nice:

"They have been asking the government to help them out," he said. "I'm now calling upon them to help their customers and their nation out."
But that was then, this is now. In the interim, Americans largely scoffed at McCain's "let them eat cake" attitude. More important, while the self-proclaimed economic neophyte McCain was following the counsel of Phil Gramm (who both as a Senator and late UBS vice chairman was a key player in the sub-prime mess), a bipartisan consensus was already emerging on Capitol Hill behind a relief package for American homeowners.

All of which helped drive John McCain's reversal this week. In an address Thursday introduced by New York Mayor Michael Bloomberg, McCain changed course in an attempt to offer at least the façade of a program to battle the devastating housing market crisis.

McCain's proposal, which he called the "HOME Program," would let some homeowners replace their mortgage for one that is more in line with the depressed value of their home. He said the plan, to be guaranteed by the Federal Housing Administration, would be limited to those defaulting on only a primary residence and to those who could afford a new mortgage.

"There is nothing more important than keeping alive the American dream to own your own home," McCain said in a mid-day speech at Windows We Are, Inc. "And priority number one is to keep well meaning, deserving home owners who are facing foreclosure in their homes."
Of course, McCain's program remains ill-defined and with its $3 to $10 billion price tag is much smaller in scope than either the proposals from his Democratic rivals or the legislation already passed by the Senate. As with his half-baked health care package, details as to who qualifies for how much assistance are still murky. With an many as 9,000,000 American homeowners at risk, McCain's package purportedly offers the prospect of assistance for only 200,000 to 400,000.

Still, McCain's seeming reversal was enough to achieve its desired goal. As the NewYork Times noted of McCain's speech:

In both tone and substance, Mr. McCain's remarks were something of a departure from a speech the senator delivered last month in California in which he warned that "it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."
That McCain has begun his abrupt turn toward the center on this high-profile pocketbook issue is also revealed by the stinging criticism he is receiving from his erst-while allies on the right. Michelle Malkin fumed, "Last month, I said something nice about John McCain's tough-sounding stand against federal housing bailouts. Should have known better." David Boaz, representing the GOP's libertarian wing at the Cato institute, worried, "I do worry that he has instincts toward government activism."

Given McCain's feeble effort and his economic program consisting of born-again support for making President Bush's tax cuts for the wealthy permanent, the likes of Boaz shouldn't worry too much. The American people, however, should be very worried, indeed.

After all, John McCain yesterday experienced another conversion of the road to the White House and discovered a previously untapped well of economic knowledge. In 2005, McCain acknowledged "I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated." And as recently as last December, he admitted "The issue of economics is not something I've understood as well as I should. I've got Greenspan's book." But appearing on ABC's The View this week, McCain laughably told the American people:

"I know the economy better than Senator Clinton and Senator Obama do."

Wow, more cutting and pasting from the Loony Left's Poster Boy for Perpetual Stupidity: John E.

Hmm, I know of no one who has been layed off, which doesn't mean no one has. People get laid off each and every year, whether the economy is going gangbusters or struggling as it is now.
The fact remains, though, that St. Obama has no economic plan. St. Obama has no clue about economic matters. St. Obama has never run anything in his life: a business, a city, a county, a state, etc. Those he has affiliated himself with are folks like Richie Daley, Boy Stroger and Blablooeyavich; folks who believe higher taxes and bigger government are the way to a sound economy,
St. Obama believe in more government, higher taxes, more government spending; all of which equal bad economy for all.

All it takes for the economy to become the greatest in our history is for John McCain to paint it on his bus. He painted 'straight talk express' on his bus and the entire mainstream media refers to him as nothing but a 'straight talker' - even though the man lies, flip-flops, and is wrong about almost everything he says. Come October, we'll see a 'booming economy' bus and the media will lap it up.

Obama has a lot of Chutzpah since Charlie Gibson proved that he doesn't understand the capital gains tax and how raising it would raise taxes for OBAMA'S DEFINITION of middle class Americans.

Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."

But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.

Gibson dared to point out this inconsistency, which regularly goes unmentioned in Obama's fawning press coverage. But Gibson also probed a little deeper, asking the candidate why he wants to increase the capital gains tax when history shows that a higher rate brings in less revenue.

"Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20%," said Mr. Gibson. "And George Bush has taken it down to 15%. And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?"
Obama had no good answer for that and then tried to attack McCain.

Someone doesn't understand economics and his name is Barack Obama: http://online.wsj.com/article/SB120847505709424727.html?mod=opinion_main_review_and_outlooks

Hmm, I know of no one who has been layed off, which doesn't mean no one has. People
Posted by: John D | April 18, 2008 2:16 PM

Really? Then why is it that the company YOU work for is currently cutting employee workweek hours and cutting corners everywhere else to save money and stay in business, you moron?

Ahh, John D...there you go again! Spewing a bunch of Raging Right nonsense.

How about you giving some credible facts in your posts?
The whole "he don't know nothin' about nothin' and that's bad" is not cutting it.
Man up and tell us EXACTLY how you come to the conculsion: "Obama has no clue about economic matters. St. Obama has never run anything in his life: a business, a city, a county, a state, etc."

"Hmm, I know of no one who has been layed off, which doesn't mean no one has. People get laid off each and every year, whether the economy is going gangbusters or struggling as it is now."

So what's your point, then?

By the way, a higher capital gains tax rate isn't the only middle-class tax increase that Obama is proposing. He also wants to lift the cap on wages subject to the payroll tax. That cap was $97,500 in 2007 and is $102,000 this year. "Those are a heck of a lot of people between $97,000 and $200[,000] and $250,000," said Gibson. "If you raise the payroll taxes, that's going to raise taxes on them." Ignoring the no-tax pledge he had made five minutes earlier, Obama explained that such a tax increase was nevertheless necessary.

Ignoring the no-tax pledge he had made five minutes earlier, Obama explained that such a tax increase was nevertheless necessary.

Posted by: Jeff | April 18, 2008 3:55 PM

Leave it to McCain hero worshipper Jeff to try to spin every dumb thing that old man tosses out there as a positive

McCain's gas plan is STUPID!, just like he is. Our roads and bridges are already falling apart because of McCain's war on Iraq (remember the Minneapolis bridge?).

McFlation!
http://www.youtube.com/watch?v=EaR1CnfyrEo&feature=related

How's that spin? Look at the link to the WSJ article. It shows a graph that illustrates how when the rate dropped, revenues from the tax increased and vice versa. You can't argue that the facts and figures are somehow wrong, John. All you're complaining about is that Charlie Gibson caught him redhanded.

Senator McCain has a gas plan? What is it? Rolaids!! Come on, Senator, don't tell me, when you get into office, your going to send everyone a roll of Rolaids and say the gas problem has been solved!!!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE. NOW.

You can't argue that the facts and figures are somehow wrong, John. All you're complaining about is that Charlie Gibson caught him redhanded.

Posted by: Jeff | April 18, 2008 5:37 PM

It won't do anything but destroy our already crap infastructure, the one that's falling apart because of McCain's war on Iraq.

NO ONE is going to take the economic advise of an idiot who admits that he knows nothing about the economy....other than maybe Bush Jr, keep fantasizing Jeffy.

Is McCain getting his new talking points from Charlie Gibson now?
http://www.youtube.com/watch?v=Tu-tg1kQ8dk

How can you "spin" the fact that government revenues go down when the capital gains tax is increased? Or that they go up when it is decreased? If you don't know that simple supply-side fact, that Jack Kennedy figured out in the '60s, then you don't know much about economics at all. Why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

John E,

Please explain how Obama's 54% highest income/payroll tax rate is going to generate jobs in this country. I want to hear you economic expertize on this.

Please explain how Obama's 54% highest income/payroll tax rate is going to generate jobs in this country. I want to hear you economic expertize on this.

Posted by: Terry | April 18, 2008 9:10 PM

TrickleDown Boy,

How often did the teacher make you wear the dunce cap and sit in the corner during your grade school days?

Someone has to pay off the $11 TRILLION dollar debt that the Republican Party has run up the last seven years, and NO, we don't need to borrow more money from China.

Quit trying to dump more debt on your kids, Terri...

John E., very interesting of you to be so interested in my company. Anyway, Demented Johnny E., "my company" is not cutting anyone's hours. Are they looking to save expenses? Sure, but then what company doesn't?
It would be nice, though, if the government looked to cut costs rather than hire 1,100 more do-nothings like Boy Stroger is doing.
Anyway, why am I trying to be rational with the King of Perpetual Stupidity and Unemployability, JohnE??

John E,

I think cutting expenses like money on education - you being the prime example of the waste of gov't money on education.

Please quote that source for $11 Trillion dollar debt.

Now back to your McJob and mama's and dada's basement.