McCain and Obama Clash on the Economy
It looks like the economy is going to be the biggest issue this election cycle. And the two presidential candidates couldn’t be farther apart when it comes to taxes, spending and regulation. Barack Obama offers hundreds of billions of dollars in more government, higher taxes and less freedom. He is promising the world to the American people, and is determined to make them pay for it.
John McCain, while not my preferred Republican candidate, is a spending hawk and is vowing to cut tax rates, encourage freer trade and follow a basic supply-side economics policy that will ensure long-term economic growth.
Perry Bacon of The Washington Post outlines a few more of the specifics from each candidate.
Speaking to a group of small-business owners in the District, McCain (R-Ariz.) pushed an agenda that emphasizes reduced regulation and long-term economic growth through cuts in corporate taxes, expanded free trade agreements and cuts in government spending…
And on Obama…
To pay for his plans, Obama would raise a variety of taxes, including increasing the capital gains rate to 20 percent, increasing taxes for families with incomes over $250,000 and raising the cap on taxing Social Security income, now set at $102,000, by taxing income over $250,000.
This election will be about a choice between higher taxes, more government and less freedom and lower taxes, less government and more freedom. Where the American people want to go is a question that will be answered in November.
Tags: Barack Obama, John McCain, taxes
June 11th, 2008 at 2:44 pm
You do have a point about Obama and taxes, but McCain’s plans sound like the same old trickle down economic theory that has served us so well in the last 28 years. Maybe I am wrong and its simply impossible for the economy to serve all all the economic strata.
June 17th, 2008 at 9:03 am
I think you are wrong. And “trickle down” economics is a left-wing term that refers to supply side economics. Lower taxes, less regulations and more economic growth are better for all in a society.
Economic planning doesn’t work. Just look at Peru vs. Chile, or North Korea vs. South Korea. Freedom works.
June 18th, 2008 at 1:24 pm
Lower taxes, less regulation and more economic growth ARE good for everyone, but they are especially good for the wealthy. Nowhere in my comment did I make any suggestions for economic planning. My point is to say that these measures serve certain segments of the economy better than others. John Edwards is on to something with his two Americas idea. I do believe the free market is the best approach, but even you must admit that $4 a gal gas hurts certain segments of society much harder than others.