Election 2008: McCain on the Economic Issues

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• Insurance Changes: McCain wants to promote competition by allowing insurance to be sold across state lines, and work with the states to create a Guaranteed Access Plan that would extend coverage to people denied insurance by other plans, and offer subsidies to those with low incomes.

• Malpractice Reform: McCain would eliminate lawsuits against doctors who follow clinical guidelines and adhere to safety protocols.

• Drug Prices: McCain wants to allow re-importation of drugs and faster introduction of generics.

• Technology: McCain would promote greater use of 21st century information technology and systems that would allow doctors to share information on best practices and practice across state lines using telemedicine.

• Quality of Care: McCain would establish national standards for measuring and reporting treatments and outcomes, and change provider payments to encourage coordinated care rather than billing for each service.

McCain on the Financial Crisis

• Homeowners: McCain has proposed that the federal government should buy up "underwater" mortgages—loans where the owners owe more than the home is currently worth—and refinance them into a more affordable loan at the house's current value. Only owner-occupied homes where buyers made down payments and didn't commit fraud would be eligible. The proposal is a variation on several similar ideas that have won backing from Democrats or Republicans, but it could prove costly—the campaign estimates a $300 billion price tag—and would ultimately help lenders even where they had lent irresponsibly.

• Unemployment: McCain proposes exempting unemployment benefits from income taxes in 2008 and 2009, and has supported extending the benefits, which normally last 26 weeks. About 9.5 million Americans, or 6.1% of the workforce, were unemployed in September, and many economists expect the current economic downturn to throw millions more out of work, even if it doesn't worsen significantly.

• Jobs: McCain made a variety of tax proposals before this fall that were aimed at least in part at creating jobs, which has been a centerpiece of his campaign. (See "McCain on Taxes" above.)

• Other: McCain proposes allowing investors to deduct significantly more of their market losses from ordinary income for tax purposes. Current rules allow investors to deduct $3,000 of capital losses; he has proposed raising that to $15,000 for 2008 and 2009. Also proposed guaranteeing savings accounts of all sizes through the Treasury Dept.; currently the Federal Deposit Insurance Corp. guarantees $250,000 in deposits per person per bank, a temporary increase from $100,000.

McCain on Retirement

• Temporary Assistance: McCain has put forward several temporary measures to aid retirees and older workers amid the current economic downturn and financial crisis. He proposes reducing taxes on up to $50,000 withdrawn by retirees from their IRAs and 401(k)s during 2008 and 2009. He also proposes temporarily suspending rules that require retirees over 70½ to withdraw minimum annual sums from their retirement accounts, which vary by age and amount saved.

• Retirement Plans: McCain hasn't made specific proposals affecting individuals' retirement accounts.

• Taxes: McCain has proposed a general cut in long-term capital-gains taxes for stock sales to 7.5% from 15%. Although not aimed specifically at retirees, the move could encourage more long-term savings outside retirement accounts.

• Social Security: McCain supports supplementing Social Security with private investment accounts, using index funds similar to the investment options available under government-employee retirement plans. A bid by President George W. Bush to add individual accounts to Social Security during his first term was shot down in Congress. McCain opposes reducing benefits for workers nearing retirement.

Sasseen is Washington bureau chief for BusinessWeek. Herbst is a reporter for BusinessWeek in New York. Mintz is news editor for BusinessWeek.com in New York. Arnst is a senior writer for BusinessWeek based in New York. Francis is a writer in BusinessWeek's Washington bureau.