Posted by
TwO PoUnD RaDiO on Thursday, September 18, 2008 12:00:00 AM
OBAMA/BIDEN –vs- McCAIN /PALIN
Breakdown of the latest attacks from each camp.
9/16 – OBAMA – Had a fundraiser with the Hollywood elite at $23,000.00 a plate. He raised around 9 million on the night. (The problem) How do you get the mega rich like Leonardo DiCaprio and Steven Speilburg to understand the plight of the American people when it comes to economics. Obama did not want the media on hand and probably wishes he’d timed the entire even a much better. After going back on his promise to accept only public campaign financing Obama is now forced to try and raise in excess of $85 million a month to keep up with McCain (who did accept public financing). The difference between the camps is that Obama has full control over any money he raises. McCain’s public financing is controlled by the RNC and is usually distributed among the parties candidates in state to state races.
ECONOMICS/TAXES :
McCAIN/PALIN
- The plan is to keep corporate taxes low. The theory here is that the more money companies keep, the more they will pass on to the work force in the form of raises and job creation. Under a McCain administration the hope is to create new industries especially in the areas of alternative energy and the technology it will take to utilize it. In light of recent woes on Wall Street the Obama camp says McCain’s is too little to late. This is actually an inaccurate portrayal of his stance because McCain has been bringing up his concern about the casino like atmosphere in the stock market since 2005 (and has been ignored). So much for “no spin” commentator Bill O’Reily’s claim that “no one” was watching out for us. Overwhelmingly economic experts favor McCain’s plan for our economy over Barak Obama’s. Even Donald Trump (whom I have no opinion on either way) is touting both McCain and Palin as being far more fit to lead the country in the right economic direction than Obama. The McCain plan also brings back some oversight on the economy that was lifted by President Clinton and his officials back in 1999. When it comes to taxes McCain also says he wants to increase the “child tax credit” to $7,000.00 per child from the $3,000.00 per child it is now. While this would have a profound effect on me personally I am not sure he will be able to pull it off in this economic climate. He may be able to get it done before his term is up. He plans to pay for some of his more lofty plans but cutting funding to countries that hate us. It is estimated countries that are at the very least are “un-friendly” to us receive about $700 billion dollars of taxpayer money each year.
OBAMA/ BIDEN
- Wants to raise taxes on those making $250,000.00 or more a year. This would likely dig into your 401K in ways they are talking about. First companies will have to cut jobs to afford this new tax. Those who try not to cut jobs will have to cut payroll. In turn the profits of the companies will likely go down decreasing the value of their stock. Because 80% (at least) of those who work have some sort of 401K that relies on stocks, your portfolio will start to go down. Obama did admit this week that raising taxes at this time would not be good due to economic concerns. Having said that he is going to need money from somewhere to pay for his lofty ambitions if he gets in the White House (ie, $50 billion dollars for each state, Govt’ Health Care etc.). Democrats (with maybe the exception of Clinton) are historically week on economic principal. Recently VP Democratic nominee Joe Biden called the rich paying higher taxes the “patriotic” thing to do. They already pay over 50% of all taxes. The Tax Policy Center has concluded that 3 out of 4 families that make less than $250,000.00 a year would get tax cuts under Obama. Skeptics say this is the same sort of thing we have heard from the Democrats before and it didn’t pan out well then.
more issues in the coming days..