The third Presidential Debate was held on October 15. One of the main things that Senator Barack Obama and Senator John McCain challenged each other on was the economy. Currently, the United States is in an economic recession - the mortgage industry has collapsed, and people are not investing in our economy because they are afraid that they will lose their money. Both senators have come up with their own solutions that will supposedly pull our economy out of the crisis that we are in now.
Senator McCain has created a 52 billion dollar plan to save our economy. He believes that we should give tax cuts to everybody - seniors, homeowners, small business, even the richest companies in the country. He wants to create jobs and encourage business in our country.
Senator Obama, however, has created a 60 billion dollar plan that will provide tax cuts to only middle class people who earn less than $200,000 a year. He wants to give tax credits to businesses that are creating jobs, and focus primarily on families and small businesses. Senator Obama wants to provide tax cuts to 95% of working Americans. He believes that the richer people should have a tax increase while the more middle class receive tax cuts.
I agree with Senator McCain's plan to save our economy. The rich should not have to pay extra to support the middle class. The richer people have this money because they worked hard to get. They shouldn't have to work even harder and have to pay more. What we need to do is create more jobs and encourage small business growth by cutting small business taxes. With more jobs, more people will be making money, the economy will thrive and we won't have to worry about the government's losing money from the tax cuts. More working people means more taxes to the government and the economy will be back on balance.
Hopefully, both plans would be a boost our economy. Whoever is the president must do something to halt this downward spiral that our country is in.