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Strong Financial Fundamentals

There may be nothing fallacious with being happily stinking rich and totally detached. Nothing, that is, except you make criticizing your political opponent as “elitist” and “out of contact” a centerpiece of your campaign. Rick Davis, speaking on behalf of his $a hundred million man John McCain, earlier this month supplied the newest formulation of Barack Obama as an effete, aloof denizen of the higher class:
“Only celebrities like Barack Obama go to the gym three times a day, demand ‘MET-RX chocolate roasted-peanut protein bars and bottles of a hard-to-find organic brew – Black Forest Berry Sincere Tea’ and worry about the worth of arugula.”
In fact, Davis’ “arugula battle” is just another try at misdirection. After all, John McCain’s $5 million threshold where “you move from center class to rich” is just the most recent episode of his enduring disconnect from the real lives of the American individuals.
For starters, McCain in April declared that there had been “nice progress economically” through the Bush years. On more than one occasion, he diagnosed Individuals’ concerns over the dismal U.S. financial system as “psychological.” (Phil Gramm, McCain’s shut buddy and adviser supposedly excommunicated over his “whiners” remarks, was again with the campaign last week.) McCain, a man who owns eight houses nationwide, in March lectured Americans facing foreclosure that they should be “doing what is important — working a second job, skipping a vacation, and managing their budgets — to make their payments on time.” And when all else fails, McCain advised the folks of the economically devastated regions in Martin County, Kentucky and Youngstown, Ohio, there’s all the time eBay.

In his protection, McCain’s shocking tone-deafness could just be a matter of perspective. When you’re as effectively off as he is, something beneath a $5 million earnings (a figure exceeding that earned on average by the highest 0.1% of Americans) seems middle class.

*The $a hundred Million Man*
Courtesy of his spouse Cindy’s beer distribution fortune (one her late father apparently chose to not share with her half-sister Kathleen), the McCains are worth well over $a hundred million. (In the 2-web page tax abstract she ultimately launched to the general public, Cindy McCain reported one other $6 million in 2006.) As Salon reported again in 2000, the second Mrs. McCain’s thousands and thousands were essential in launching her husband’s political career. Unsurprisingly, the Weekly Standard’s Matthew Continetti, who 4 years ago called Theresa Heinz-Kerry a “sugar mommy,” has been silent on the subject of Cindy McCain.

*The Joys of (Eight) Dwelling Possession*
Whereas fellow adulterer John Edwards was pilloried for his mansion, John McCain’s eight properties around the country have received little discover or criticism. His properties include a 10 acre lake-side Sedona property, euphemistically known as a “cabin” by the McCain marketing campaign, and a home featured in Architectural Digest. The one featuring “distant management window coverings” was just lately put up on the market. Nonetheless, their formidable assets didn’t stop the McCains from failing to pay taxes on a tony La Jolla, California condo utilized by Cindy’s aged aunt.

*The Anheuser-Busch Windfall*
Because it turns out, the fantastic thing about globalization is in the eye of the beholder. Whereas John McCain apparently performed a crucial function in facilitating DHL’s takeover of Airborne (and with it, the looming lack of eight,000 jobs ferragamo sample sale 2012 in Wilmington, Ohio), Cindy McCain is set to earn a staggering multi-million dollar pay-day from the acquisition of Anheuser-Busch by the Belgian beverage large, In Bev. As the Wall Street Journal reported in July, Mrs. McCain runs the third largest Anheuser-Busch distributorship within the nation, and ferragamo sample sale 2012 owns between $2.5 and $5 million in the corporate’s stock. Amazingly, whereas Missouri’s politicians of each events lined as much as attempt to dam the sale, John McCain held a fundraiser within the Present Me State even because the In Bev deal was being finalized.

*McCain’s $370,000 Private Tax Break*
Earlier this yr, the center for American Progress analyzed John McCain’s tax proposals. The conclusion McCain’s plan is radically extra regressive than even that of President Bush, delivering fifty eight% of its benefits to the wealthiest 1% of American taxpayers. McCain’s born-once more assist for the Bush tax cuts has one additional bonus for Mr. Straight Talk: the McCains would save an estimated $373,000 a 12 months.

*Paying Off $225,000 Credit card Debt – Priceless*
That huge windfall from his personal tax plan will are available in handy for John McCain. As was reported in June, the McCains had been carrying over $225,000 in credit card debt. The American Express card – don’t leave your properties without it.

*Charity Begins at Home*
As Harpers documented earlier this 12 months, the McCains are true believers within the previous saying that charity begins at house:
Between 2001 and 2006, McCain contributed roughly $950,000 to [their] foundation. That accounted for all of its listed income other than for $100 that got here from an anonymous donor. During that very same interval, the McCain foundation made contributions of roughly $1.6 million. More than $500,000 went to his youngsters’ non-public colleges, most of which was donated when his youngsters have been attending these establishments. So McCain apparently obtained main tax deductions for supporting elite colleges attended by his kids.
Ironically, the McCain campaign last week blasted Barack Obama for having attended a non-public school in Hawaii on scholarship. That assault came just weeks after John McCain held an occasion at his previous prep college, Episcopal High, an establishment where fees now high $38,000 a yr.

*Private Jet Setters*
As the new York Times detailed again in April, John McCain loved the usage of his wife’s private jet for his marketing campaign, courtesy of election regulation loopholes he helped craft. Regardless of the controversy, McCain continued to use Cindy’s company jet. For her part, Cindy McCain says that even with skyrocketing gas costs, “in Arizona the only option to get around the state is by small personal plane.”

*Help on the Homefront*
In these tough economic instances, the McCains are able to stretch their household price range. Because the AP reported in April, “McCain reported paying $136,572 in wages to family staff in 2007. Aides say the McCains pay for a caretaker for a cabin in Sedona, Ariz.youngster care for his or her teenage daughter, and a personal assistant for Cindy McCain.”

Ferragamo Carla Patent Bow Pump Red*Properly-Heeled in $520 Sneakers*
If clothes make the man, then John McCain has it made. As Huffington Submit noted in July, “He has worn a pair of $520 black leather Ferragamo footwear on every recent campaign stop – from a news convention with the Dalai Lama to a supermarket go to in Bethlehem, PA.” It is altogether fitting that McCain wore the golden loafers throughout a golf outing with President George H.W. Bush in which he rode around in cart displaying the signal, “Property of Bush #41.

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