Obama or McCain? That will be the question on every voterʼs mind. Both have ideas that may benefit or hinder the economy. Frankly, I believe that none of the candidates have a perfect plan. Both economic plans have flawed aspects though. As of right now, both plans need some revisions.
For Obamaʼs economic plan, he has proposed to provide $60 billion dollars to give tax breaks to the middle class. According to him, 95% of working families or people who earn less than $250,000 a year will get tax breaks. However, the government still needs money to operate. Otherwise, it will crumble under the strain of the crisis. Therefore, Senator Obama has suggested that the government not give tax cuts to the upper class. In fact, he wants to tax them more in order to make up the money lost while supplying tax cuts to the middle class. Of course, the upper class probably would protest to this action and that would be a dark direction for the economy to turn. He proposes to give tax breaks to companies creating jobs in the US so as to try and bolster Americaʼs economy. He has offered to create public works projects to supply more jobs to the unemployed (which is reminiscent of President Harry Trumanʼs plan which eventually led to the construction of the Hoover Dam). The downside of his policy, which Senator McCain constantly points out, is that no one should get higher taxes and that itʼs unethical.
On the hand, McCain has suggested a $52 billion dollar plan to provide everyone will tax cuts. He believes that everyone should be treated equally, no matter how much money they make, whether $1 million or $1. No one should have higher taxes, he says. The major problem with this is: whereʼs the governmentʼs money going to come from. Unless he is able to think of a rational solution, the national debt will continue to grow exponentially. He says that he supports small businesses and accuses Senator Obama of going against small businesses (though Senator Obama has repeatedly denied this). He plans to use $300 billion dollars to buy home loan mortgages, though a problem with this is again: where is the money going to come from?
As one can clearly see, both plans have serious flaws and drawbacks to them. Unless one of the candidates can think of an acceptable and reasonable solution, the economy is going to continue to have a crisis.