After a long year, Obama and McCain have endured a grueling struggle, fighting neck to neck to win favor in the public’s eye. Through hours of watching the two candidates debate and reading about them in magazines and newspapers, we’ve pored over every single little detail about them in the quest to elect the best person to represent the US and its citizens. However, in the light of recent events (namely, the Wall Street crisis), it’s reasonable to assume that whichever candidate can better convince people that their economic plan is the better of the two may have the advantage in the November elections. McCain’s focus is mainly on lowering corporate tax on small businesses on Main Street and requiring a 3/5 majority vote in Congress in order to raise taxes. On the other hand, Barack Obama’s focus is redistributing tax burden so that people earning a yearly income of $250,000 or more a year are forced to pay higher taxes to compensate for tax cuts on middle to lower class citizens who can’t afford to pay higher taxes.
If you’re part of the middle to upper class who earn $250,000 or higher per year, you’ll immediately realize the impact of Barack Obama’s economic plan upon your finances. Unfortunately, at least a third of US citizens are in this category, and will have to pay higher taxes along with rising overall prices on gas, food, etc. The only choice they have in this is to vote against him; however, in the case that Obama does become President of the US, the middle to upper class would have to pay for somebody else’s mistakes. Not only this, but Obama’s plan may not necessarily help very much in the long run. Even wealthy people can’t make their money last forever, especially with the increasing prices and plummeting stock market. Where will Obama get his money from once even the wealthy people have lost most of their money? On the other hand, if McCain were to become President, his economic plan would be to cut taxes on businesses so that they would be able to do a little better without having to worry about excessive taxes. When companies do well, the stock market rises, and thus the economy also does well. In addition, McCain’s plan ensures evenly distributed taxes, as he plans on requiring a 3/5 majority vote in Congress in order to raise taxes. In my opinion, this will provide for a better and more stabilized economy