Shannon KeoughOne of the most talked about platforms in this election is the economy. People throughout the nation are losing jobs and homes.
Something must be done in order to revitalize our economy.
The two major political parties approach the problem differently. The Republican plan focuses on businesses: stimulating a lower corporate tax rate, reforming home-lending practices and resorting to federal bailouts only as an emergency move.
The Democratic plan focuses on the individual and family tax cuts, giving tax breaks to employees and their families as well as putting more money into Social Security checks.
The Democratic platform for the economy states that they plan to “jumpstart the economy and provide middle class Americans immediate relief empowering families for a new era.”
Obama’s main push is for the middle-class family. He won’t increase taxes on any family earnings under $250,000. He will offer additional tax cuts for middle-class families.
McCain claims he is for the middle class but his platform claims that a lower corporate tax rate is essential to keeping good jobs in the United States.
However, Stephen Herrington, an analyst from the Huffington Post brought up this point, “McCain will cut the corporate tax rate from 35 percent to 25 percent .. to keep American companies on shore and to stimulate the economy.
Since most corporations do not pay any taxes due to loopholes it is ridiculous. All that will happen is that those that are paying taxes domestically will pay less and increase the deficit.”
Obama supports an increase in regulation and closed loopholes, which will hopefully decrease our deficit.
Part of McCain’s platform states that, “Economic freedom expands the prosperity pie; government can only divide it up. That is why Republicans advocate lower taxes, reasonable regulation and smaller, smarter government. That agenda translates to more opportunity for more people.”
McCain recently laid out a $52.5 billion proposal to help those “hurting the most.” Politico news reported that, “The proposal slashes taxes for seniors who tap their retirement accounts, investors who took losses in the stock market and workers collecting unemployment insurance.”
McCain’s chief economic adviser Douglas-Holtz-Eakin believes, “It will put cash in the hands of those who have been damaged by the stock market.
It resembles the trickle down theory that Bush advocates. It calls for more tax-cuts for the wealthier in hopes that their increased earnings would trickle down to the needy.
Conservative economists are for the plan saying that it will increase the value of stocks whereas liberal economists believe that it will just keep money in the hands of people who don’t really need help.
The past eight years of having a Republican in power has failed our nation. Consider this statement reported by Matt Ortega of the Democratic Party saying that, “George Bush has nearly doubled the national debt of all previous 42 U.S. presidents combined in just seven years.”
So what does debt have to do with the economy? “One problem is that we are increasingly borrowing from foreign sources and when we are paying interest on our debt that money is removed from our economy,” Harrington said.
Without this money in our economy we increase more deficit spending.
I believe Obama would be the best choice for president to help our nation’s economy. He’s more focused on the individual and their family’s best interest.
In a time of crisis, we all want what is best for ourselves and I think Obama’s plan is aimed at helping the individuals, especially those who are struggling.
He is for helping the middle-class first in order to bring our economy out of the crisis, whereas McCain is more for helping business.
Obama is the change I believe we need.
