With all of the standard political rhetoric we’re used to hearing, it’s often difficult to find out exactly what specific candidates are suggesting. The U.S. is in no shortage of serious economic problems thanks to the unbridled spending of the Bush Administration and enormous tax breaks for our wealthiest individuals and corporations. So how do the 2008 candidates plan to address these issues?
CNNMoney.com provides a brief and well-organized breakdown in Your Money- McCain vs. Obama. This section includes 21 brief summaries of major policy stances by the two leading candidates. I’ll hold off on making detailed commentary, as the purpose of the site is to inform readers to do that themselves. As an overall note, though, it seems perfectly clear that McCain supports reduced taxes for the rich and for large corporations while Obama actually favors supporting those who need it (something that U.S. voters haven’t heard in quite a while). As a case in point, see the Taxing Wealth page. You can also find a lengthy list of news articles in a special section of the site called Election 2008: The candidates and your money.
BusinessWeek has also posted an article that focuses on economic issues. From Obama vs. McCain: Taxing and Spending:
So where does the reality lie? According to a new analysis by the nonpartisan Tax Policy Center, a joint venture between the Urban Institute and the Brookings Institution, two Washington think tanks, this round goes to Obama. The TPC took a look at the various tax proposals put forth by the two candidates and estimated that Obama’s plan would lead to a boost in aftertax income for all but the highest earners, while taking a smaller bite out of government tax revenues than would McCain’s plans.
So we all have access to important information about economic plans. Of course, these are only promises. If the Bush Administration has taught us anything, all bets are off once a new regime takes office. The question, as always, is whether people will use facts and statistics to inform their votes and opinions.