Sen. John McCain spoke at a small business forum in Brooklyn today, talking about the economy and his plans to address the mortgage crisis, energy costs, job loss, and health care. The text of the speech is here.
The Arizona senator got around the borough, too, stopping in for a slice of pizza at Verrazano Pizzaria (AP photo./Mary Altaffer).
June O’Neill, chair of the New York GOP (typo, my apologies) Democratic Party had this to say about McCain.
“John McCain just doesn’t get it. New Yorkers are struggling with higher costs of living, stagnant wages and a mortgage crisis that is threatening their homes and financial security, but as President Bush recently said – John McCain is no change at all. All he is offering today to small business owners in Brooklyn is four more years of the failed Bush economy.”
“The fact is working families in Brooklyn and across New York want change, not another out-of-touch Bush Republican.”
In his speech, McCain outlined his plans on various economic fronts, including:
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Helping homeowners to refinance their mortgages with federal backing.
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Calling on the DOJ to investigate potential criminal wrongdoing in the mortgage lending and securitization industry as it contributed to the mortgage crisis.
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Suspending purchases to the Strategic Petroleum Reserve, which is a stock of oil the US purchases to keep in case of shortages or changes in the market. McCain said, “But with oil at over $100 a barrel and an adequate supply in the SPR, it is time to suspend purchases. This will lessen worldwide demand for oil, and if the classic laws of supply and demand hold, we should see a welcome decrease in the price of oil.”
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Overhaul the unemployment insurance system, reform job training programs, and making health insurance portable for workers facing job loss.
Jonathan Rosen, a spokesman for the state Democratic Party, says the plan outlined by McCain isn’t really a plan, but “talking points.” Rosen says Clinton and Obama have stronger, more comprehensive plans to deal with the mortgage crisis that reflect a “deeper understanding” of the issue.
As for the DOJ investigation, Rosen says the Dems are supportive of that, but counters that Republicans in Washington squashed state efforts around the country to restrict the practice of predatory lending, which contributed to the mortgage crisis.
As for the oil reserve suspension, Rosen said that policies of the Bush administration are part of the reason why oil prices are so high.
As for the unemployment insurance overhaul plan, Rosen didn’t comment directly about the plan, but asked rhetorically why McCain isn’t working across the aisle to bring relief and extend unemployment payouts to New Yorkers facing the end of their benefits.
