Wall Street joined a “selloff around the world” today, with the Dow Jones dropping more than 400 points and falling to below 10,000 for the first time in four years. As the AP reports, the “markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash.”

Think about it -- while untold thousands of Americans lose their life savings or retirement funds because of the greed of Wall Street, John McCain wants to "turn the page" on the financial crisis.

Then again, we've seen this before from John McCain. He knows a thing or two about thousands of Americans losing their life savings.

It turns out, they won't get them.

John McCain, whose support for privatization of Social Security is well known, refuses to provide the details of his plan because it would, according to one senior adviser, "politicize the debate."

Consider McCain campaign senior adviser Taylor Griffin’s description of his candidate's plan for fixing Social Security:

"The history of the Social Security debate has taught that too many specifics, especially during a presidential campaign, has polarized the debate," he said of the program that McCain called "an absolute disgrace [that's] got to be fixed."

Will he contrast his plan to that of his opponent? "Sen. McCain believes this is so important that we do not politicize this debate during an election season."

This explains why John McCain's "Jobs for America" economic plan is only thirteen pages and economists widely criticized as thin on the details. It is not that John McCain wants to hide his massive tax cuts for the rich, and massive corporate tax breaks, he just does not want to politicize the debate.

And really, who needs to discuss policy details in a presidential campaign? John McCain doesn't want to cause a distraction from talking about Britney Spears and Paris Hilton -- you know, the things that matter.

The nation's unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work.

The numbers for July continued the troubling effects of Bush/McCain style economic policies.

July's reductions marked the seventh straight month where employers eliminated jobs. So far, this year, the economy has lost a total of 463,00 jobs.

Young people are heading back to the classroom in a few weeks, but many of them will be doing so a little lighter in the wallet than in the last sixteen years, as the economic downturn kept many of them out of work this summer.

This year, however, fewer of them were able to find work, the government said. The unemployment rate for teenagers jumped to 20.3 percent, the highest since late 1992.

Like George Bush's economy? Hire John McCain. He's too busy talking about Britney Spears and Paris Hilton.

Meanwhile, Senator Barack Obama is talking about what's on the minds of Americans: how we can turn our economy around.

Gramm told the Washington Times an interview published last week that the economy has "never been more dominant" and said we have become a "nation of whiners" constantly "whining and complaining." The McCain campaign may be quick to throw a top economic adviser under the bus but that does not hide the fact that John McCain offers four more years of George W. Bush on the economy.

We released this web video highlighting the shared belief of John McCain and Phil Gramm that these troubling economic times are "psychological" and a figment of your imagination.

MCCAIN'S HEALTH CARE PLAN WOULD OVERBURDEN SMALL BUSINESSES

Fact Check: McCain's Plan Would Result In Employers, Particularly Small Businesses, Dropping Coverage. According to Factcheck.org, "McCain's plan to tax workers on the value of their employer-provided health care plans and provide tax credits would encourage some employers, mainly small businesses, to drop health benefits, say experts, and the proposal could eventually eliminate job-based insurance altogether." Director of the health research and education program at the Employee Benefit Research Institute Paul Fronstin "says a tax credit plan like McCain's likely would mean the end of employer-sponsored health care." [Factcheck.org, "McCain's $5,000 Promise, 5/1/2008, http://www.factcheck.org/mccains_5000_promise.html ]

McCain Offers Little On Specifics On Affordable Health Care For Small Businesses. When asked about a "support system for small business" to keep workers comp down, and a more affordable health care program for small business and their employees, McCain discussed how expensive "free" health care from the federal government will be, his "$5,000 refundable tax credit," and his "outcome-based treatment" plan. [CNN Live Feed (Santa Ana, CA), 3/25/2008]

McCain's Plan Would "Weaken Small Business Protections." According to the blog Think Progress, McCain's health care plan would "weaken small business protections by enabling businesses to simply market insurance policies around the country from states with weak protections." [Thinkprogress.org, 4/25/2008, http://thinkprogress.org/wonkroom/2008/04/25/mccain-business-health-care/#more-736 ]

2000: McCain Opposed Tax Credits For Small Businesses Who Offer Insurance. In 2000, McCain voted against allowing businesses with up to 25 employees to receive a tax credit for employee health insurance for low-income workers. [Senate Vote #205, 7/17/00]

NFIB Economist Says Economy Slowing. "Recession fears are spreading and the economy is showing definite signs of slowing, even on Main Street," according NFIB Chief Economist William Dunkelberg." [NFIB Small Business Economic Trends, May 2008]

After casting himself as a "Maverick" in 2000, the new John McCain is walking in lockstep with President Bush, pandering to the right wing of the Republican Party, and embracing the ideology he once denounced. On the campaign trail McCain has callously abandoned many of his previously held positions, even contradicted himself, in a blatant attempt to remake himself into a candidate Republicans can accept in 2008. So just who is the real John McCain? The Democratic National Committee will present a daily fact aimed at exposing the man behind the myth.

The Republican Party, known since the late 19th century as the party of business, is losing its lock on that title. [...] Some business leaders are drifting away from the party because of the war in Iraq, the growing federal debt and a conservative social agenda they don't share. In manufacturing sectors such as the auto industry, some Republicans want direct government help with soaring health-care costs, which Republicans in Washington have been reluctant to provide. And some business people want more government action on global warming, arguing that a bolder plan is not only inevitable, but could spur new industries.

So it's important to note that not only might they be losing those constituencies, but they're losing them because those constituencies agree with key progressive issues.

From Government Executive:

According to SBA's report on fiscal 2006 contracting, a total of $77.7 billion -- or 22.8 percent of all federal contract dollars -- went to small businesses. This was just short of the governmentwide goal of 23 percent. A bill that passed the House in May would increase that statutory goal to 30 percent. [...] Just seven of 24 agencies met their small business contracting performance standards: the Agriculture, Energy, Homeland Security, Housing and Urban Development, Transportation and Veterans Affairs departments, and the SBA itself.

But the bulk of agencies fell well short of these goals. For example, the Defense Department -- far and away the government's largest procurer of goods and services -- awarded 21.8 percent of its contracts to small businesses and met only the small disadvantaged business goal.

It's important to make sure small businesses aren't shut out of the process. Thankfully, there are new laws passed by the Congress to toughen standards.

At an April 19 hearing on the bill, Rep. Nydia Velazquez, D-N.Y., said the new goal was needed because the administration has failed to meet the current 23 percent goal for the last five years. This costs small businesses $4.5 billion in business annually, said Velazquez, who chairs the House Small Business Committee.

According to Washington Technology (WT), President Bush has not said he will veto the bill, even though Bush administration officials are opposed to stronger goals. At the same time, WT also reports, some members of Congress want to increase it even further than the bill's current 25-percent standard.

It's important to strengthen small businesses, and the Democratic Party continues to fight on their behalf.

The new Congress will also try to slash regulations on small companies, a pet issue of Velázquez, Nancy Pelosi and John Kerry, the new chair of the Senate Committee on Small Business and Entrepreneurship. Shortly after taking her gavel, Velázquez introduced the Small Business Tax Fairness and Simplification Act of 2007, designed to reduce paperwork for small tax filers. [...] Regarding health care, several congressional experts believe the focus will shift from health savings accounts to health-care tax credits. Kerry introduced legislation giving small businesses a tax credit to pay for the health costs of their employees earning less than $50,000.

The new chair of the House Small Business Committee, Nydia Velázquez, also might help the SBA's ability to respond to disasters, such as Hurricane Katrina.

And this is just the beginning. On issue after issue, Democrats are on the side of small businesses.

The report by the Government Accountability Office focused on small Gulf Coast businesses that lost opportunities as limited-bid contracts were awarded to politically connected companies after the storm hit.

Large contractors routinely did not file reports explaining their efforts to find subcontractors, as required under federal rules, according to investigators. At other times, large companies provided figures that complied with the rules but were misleading as to how much work they were sharing.
[...]
For many weeks after the hurricane, small, minority companies received 1.5 percent of the total work - less than one-third of the 5 percent normally required - because they were not allowed to bid for many of the emergency contracts.

In the wake of a national tragedy such as Hurricane Katrina, it is a shame that contracts were doled out according to who was the most "politically connected," rather than who can do the best job for these families. It's way past time to support small businesses and give them a chance to join the effort to rebuild New Orleans.

Many local business owners say they cannot provide health insurance to their employees because the cost is prohibitive. Some, like [Sue] Pashley, say they plan to add health insurance in the future, after they have finished expanding and are more fiscally stable. Others say they don't know if they will ever be able to afford it.

"You're seeing small biz owners having to drop coverage altogether or shift the burden over to their employees," says Jim Brown, a spokesman for the National Federation of Independent Business. "It's very frustrating for them because they want to compete with big companies."

Big companies and labor unions spread the cost out over greater numbers, across state lines, and they fall under federal guidelines. Small companies need to meet state mandates, Brown says, which dictate what needs to be included in health coverage.

The article cites a study by the National Federation of Independent Business revealing that in Florida, businesses providing health insurance has declined from 80-percent in 2002 to only 69-percent last year. The costs of health insurance are also skyrocketing, and according to the article, "Nearly half [of respondents] said they pay more than $2,500 per employee per year for health benefits."

The 2004 Democratic Party platform laid out a series of proposals to deal with these issues, aiding small businesses and working families.

Skyrocketing health care costs not only hurt our families; they hurt our economy. American businesses pay more than their competitors for health care, reducing their competitiveness.
[...]
In President George Bush's America, drug company and HMO profits count for more than family and small business health costs. Health care costs increased four times as fast as wages in the last year alone. Prescription drug spending has more than doubled during the past five years. Nearly 82 million Americans went without health care coverage at some point in the last two years.

The platform continued to list a number of solutions for solving the problem, proposing tax credits for individuals and businesses, cutting health care costs, and lifting the financial burden "by picking up the tab for the highest-cost medical cases."

A small but growing movement has begun pushing to reduce the cost of the landmark business law, the Sarbanes-Oxley Act, that was adopted in 2002 in response to a raft of corporate scandals.

The law's most ardent supporter, Senator Paul Sarbanes of Maryland, is retiring from the Senate this year, and other senior Democrats on the Senate Banking Committee, including Senator Charles E. Schumer of New York, have recently suggested that it should be re-examined to reduce what they see as some of its most burdensome requirements.

Mr. Frank said he also intended to once again sponsor legislation that would give shareholders the right to vote on the pay packages of senior executives. That measure has been opposed by administration officials and Republican lawmakers.

The Washington Post article that includes the above excerpt explores Democratic goals in the next Congress, and talks about how small businesses may be affected.

The Democratic Party's "Get Out the Vote" drive to push voters to the polls has begun. Election Day is Tuesday, November 7. For every Republican brought down by scandal there are far more who will be brought down by Democrats standing up for what we believe and reaching out to every voter possible. Be a part of the new direction. Volunteer with your state Democratic Party and help get Democrats out to vote.

This is the first year Forbes.com has looked at the best state for business. The study took into account the costs of business, labor issues, regulatory and economic climates, growth prospects, and the quality of life in the state. According to the Forbes.com Web site, Virginia ranked in the top 10 of all six categories, something no other state did.

With the expectation of between 8,000 and 10,000 people in attendance this weekend, the theme of this year's expo is "Capitalizing on Franchise Opportunities." The Hampton Road Economic Development Alliance says they help sponsor the event with the intent to attract more minority companies to the Hampton Rhodes area. The event will offer an entrepreneur's workshop for young people from around 13 to 35 years old and a keynote address from Earl Graves Sr., the founder, chairman, and publisher of Black Enterprise magazine.

"I was sort of imagining it as a Democratic Chamber of Commerce," said founder Bryan Miller, a West Palm Beach lawyer and former fundraiser for President Bill Clinton. "They could network for their business contacts, and we could suck them back into Democratic politics when they were there."

Aimed at re-invigorating Florida's younger set, the group is luring a more youthful audience in order to get them connected and involved with the Party. Because of the early success in attracting notable names, chapters of the forum are forming across the state.