Both candidates

So both candidates have highlighted highly general ideas in each of their economic plans. Obama believes that the way things have been throughout the last presidency has done nothing to help the economy, so he seeks change. He wants to end the war, which will reduce federal spending and support his idea for “fiscal responsibility”. He wants to crack down on credit companies to help prevent more foreclosures and help our mortgage market. Obama supports funding for education and funding for new research. However, little has been said by Obama regarding specific legislation to help push the economy out of this move towards recession other than the points stated already. The time in his campaign lately, as well as in McCain’s, seems to be spent debating the validity of each of their statements and their credibility as people, rather than really focusing on issues and the economic crisis at hand.

McCain’s economic plan is to balance the budget, cut federal spending and reform government. But how will these grand ideas and desire for reform actually be achieved? Many criticize McCain and state that his presidency will resemble Bush’s. I think people generally assume this because McCain will continue the war in Iraq. I believe that the issue of the war alone does not make the future McCain and past Bush administration synonymous. McCain’s ideas are indeed separate from Bush’s even if they are of the same party.

Both candidates seek tax reform through a simpler tax plan. While McCain supporters have stated that Obama would raise taxes to the middle class, Obama’s tax plans appear to me to perhaps lower these taxes more than the reform sought in the McCain administration. The tax cuts that Obama is after takes into account household making $250,000 or less, while much of McCain’s tax reform is corporate. I believe that the direct tax relief seen in the Obama plan appeals more to the average American. However, what Americans need to understand are the fundamental elements of society that provide for a strong economy. Corporations are the largest source of wealth in the United States today. Reducing their taxes is helpful to the economy because it frees up some of their budget for investment and growth, leading to economic stimulation, greater stability and eventually bringing back wealth into the hands of the consumer and stockholders. So while Obama’s strategies seem to have greater surface appeal, I believe that McCain’s ideas on tax reform are also both relevant to issues today and would be helpful.

Both candidates also support lower barriers to trade, lower food costs and lower gas prices as a means of helping the economy. They claim to push legislation in favor of these matters and seek reform.

“Reform” is a word heard frequently from both candidates. To me this indicates that neither candidate is satisfied with current conditions of society and would like to do something about it. I believe that each needs to focus in on key issues and define this reform more clearly.