Who sucks more on the Economy, Obama or McCain?
Just by having a plan they both already loose points. Our economy is the sum total of millions of peoples’ decisions about what they will consume and what they will invest. Trying to have a plan when you can not control individuals’ decisions is absurd. But, regardless of that fact, let’s take a look at each “plan”.
I will start with the best of his plan.
He wants to roll back the corn-based ethanol mandates. Although, I think food prices will stay high because of a weak dollar, I think this is a great idea. The government should not be in the business of supporting a industry with taxpayers’ money. If that industry has a product to sell that people will want, then it will thrive.
Next he wants tax cuts and yes he wants them for corporations. Corporations that do not have to pay as much tax have more money to distribute to their workers and their investors. The extra money will not go into some greedy rich guy’s sock drawer as many would have you believe.
He also say that under his administration ” A one-year pause in the growth of discretionary spending will be imposed to allow for a comprehensive review of all spending programs. After the completion of a comprehensive review of all programs, projects and activities of the federal government, we will propose a plan to modernize, streamline, consolidate, reprioritize and, where needed, terminate individual programs.” I really like this idea but I would believe it when I saw it.
Okay, now for the worst of his plan.
McCain wants to put together a commission to look into ways to encourage flexible work arrangements so that workers can put family first. He wants to “encourage” through “modernized labor laws”. I like the idea of flexible work arrangements but see no need for the government to waste money on “encouraging” this McCain says that “employers need to attract and retain workers” and flexible arrangements may do this. I agree, but if companies need to attract and retain workers they will not need to be “encouraged” to have flexible arrangements. They will do so in order to be competitive.
He wants to have a gas tax holiday. I find this silly. It will not save the average American very much money and the gas tax is one of the few taxes that I find acceptable because it is a “use” tax. I only pay for what I use. The more I drive and use the rodes, the more tax I pay. If you want to give the American taxpayer a holiday, get rid of the income tax, stop inflating our dollar and reduce your spending. Do not humor me with silly pandering.
Okay, now for Obama.
Obama’s issue page for the economy starts with this quote “I believe that America’s free market has been the engine of America’s great progress. It’s created a prosperity that is the envy of the world. It’s led to a standard of living unmatched in history. And it has provided great rewards to the innovators and risk-takers who have made America a beacon for science, and technology, and discovery”. For a second I thought maybe Obama had become a libertarian, but then I scroll down and immediately realized that he must not know what a “free market” really is, because there is nothing “free market” about his plan.
First I will start with best of his plan.
He wants income tax for seniors that make less than $50,000 a year and give a tax cut to “working families”. I like tax cuts, but if you plan on funding these tax cuts by rolling out the printing presses over at the Federal Reserve, then I would rather you not cut them in the first place. Printing money (inflation) is a regressive tax. It weighs heaviest on the poor and the middle class.
Okay, that is all I could find that might be good, so on to the bad.
Obama wants to put into place a Windfalls Profit Tax on oil companies. This is pandering at its worst. When did profits become a four letter word. I thought that was the point. I am sure that the shareholders of these companies like big profits. I know I do. This profit tax is nothing but redistribution of wealth, or stealing of wealth and giving to someone else.
Obama also wants to expand the Earned Income Tax Credit or as some call it, the Unearned Income Tax Credit. Again, this is nothing more than redistribution of the wealth. The taxes I pay in are then given to someone else. This is not only unfair, but immoral. If I had $2,000 sitting on my table and you walked in and took it to give to someone else, it would be stealing. At your trial you would say “but I gave it to someone that needed it more” and you would still be convicted. But, when the government does this we accept it. I do not understand this logic.
And of course, Obama wants more regulation of the mortgage industry. The federal regulations for the mortgage industry are 1200 pages long. Not enough regulation is not the problem. One of those regulations is called The Community Reinvestment Act. It mandates subprime loans. Yes, that is right the government mandated subprime loans.
Obama would also like to ” identify and invest in the most compelling advanced manufacturing strategies.” Please don’t use my money for this. If those manufacturing strategies are that compelling and advanced then they will survive and thrive in the marketplace without the governments help. The government will never be as good at picking a winner as the marketplace will be.
It seems that Obama understands that a free market can “provide great rewards for the innovators and the risk-takers”, but he just can seem to contemplate that for this to occur the free market also has to provide no reward for failure. You can not have the good of a free market without the bad. The threat of failure is a great incentive to act responsibly in the marketplace. Without this threat where is the incentive?
So who is the winner? It really is a tough call, but Obama sucks more on this one.