From the article it seems that is his plan because he does not back the Bush Administrations plan. He is trying to separate from them in hopes to pull off a win.
After some Google-Fu:
https://projects.newsobserver.com/under_the_dome/advisors_mccain_plan_would_help_economy
Quote:
Mark Erwin said a combination of lower taxes, reduced spending and more free trade would help the economy recover.
https://ap.google.com/article/ALeqM5iE2JCSH5p9r2GBkQWS9TWAMzmuvQD9431HBG0
Quote:
Republican John McCain promised to pivot from President Bush's economic policies and impose strict controls on government spending that would spur investor confidence and the stock market's recovery. "I will protect your savings and retirement accounts and get this stock market rising again," said McCain, after huddling with economic advisers and pledging a break with Bush administration policies.
...
"We both disagree with President Bush on economic policies," McCain said. "My approach is to get spending under control. The difference between us is he thinks taxes have been too low, and I think that spending has been too high."
...
His most dramatic claim was a pledge to turn around a plunging stock market. Most of the progress he promised would come from the economic stimulus sparked by big tax cuts he's pushing, McCain said.
"I will create millions of jobs through tax cuts that spur economic growth," McCain said. The capital gains tax cut he's proposing would encourage investors, Bounds said.
...
"I will demand complete transparency into the accounts and activities at all banks and insurance companies so they cannot take on the kind of risk that brought down the financial system," said McCain. "We will have strict rules of conduct on Wall Street and if they are broken, executives will be severely punished."
While he voted for a $700 billion rescue package for the financial sector, McCain said "the government will get out of the banking business fast" if he's elected.
From what I know of economics... being only one class. I do not see this working but I could be wrong.