While both John McCain’s and Barack Obama’s plans to help the economy have their advantages and disadvantages, Obama’s plan will end up on top. Obama’s plan involves cutting taxes for the working families of the middle class that are struggling with the recent economic recession. His proposal to fix energy policies and promote new, clean energy sources will not only result in reduced pollution, but will create jobs for the millions of Americans losing their jobs with the economic crisis. McCain, however, wants to keep struggling families paying their taxes and support businesses with giving them tax breaks. While this may provide relief for the many business out there losing money and slowing the market down, it won’t account for the millions of families who also need money – not just for making profit and making the market run, but for their basic needs such as food, healthcare, and even their own homes. Unlike Obama, McCain hasn’t laid much out for America’s education system. Education will also play a role in solving the economic crisis, because the next generation will have to be well educated to keep the economy running in the future.
Barack Obama has laid out how to pull America away from her excessive dependence on old, inefficient, and unclean energy sources. They have been polluting the planet for long enough, and we are using them excessively. When America finally starts settling on new, more efficient and clean energy sources, global pollution will stop increasing so drastically, we won’t have to pay so much to buy our energy, and millions of new jobs will be created. New business will be created as a result, which will contribute to the struggling economy. The struggling families that have lost their jobs will have new jobs that will help them earn enough money to live well and at the same time will power America without harming the environment. With less money having to be used to pay for oil, gasoline, and all the other old energy sources, America will get some money back. This money will end up being put into the market, allowing for business to grow and help the corporations that are struggling with their own problems.
The common arguments against Obama’s plan to provide tax breaks for the middle class and keep businesses and the upper class paying higher taxes is that the businesses need the money to let the economy run again and that America would start leaning toward a socialist system rather than the capitalist system of opportunity. First of all, if John McCain’s plan went into action, the struggling families that are quickly losing money for food and healthcare wouldn’t have any tax breaks to relieve them of their financial problems. The businesses may need the money to keep the market active, but families need the money to stay alive and pay for a roof over their heads and feed themselves. Second, making people with higher salaries pay higher taxes and people with lower salaries pay lower taxes doesn’t necessarily make America a socialist country. It may have socialist qualities, but it won’t keep the capitalist market from functioning. Businesses and the upper class will still have the opportunities to make large profits. The main purpose of this is not to keep people from getting too rich, but to make sure that the lower classes don’t have to suffer so much. McCain may be more supportive of the capitalist economy with less regulation that has built America’s fundamentals over the years. However, it is the risk, greed, and unfairness of this system that has knocked down domino after domino and resulted in the financial crisis the world is in right now. This just shows that both socialist and capitalist systems have their drawbacks.