Barack Obama will deliver a speech today in NYC on the economy. The truth is that there is not a single thing Obama's would do as president that would make you or I more wealthy -- and there is a lot in he would do to make us less wealthy.
An Obama Administration, based on his campaign and his record, would likely include higher income taxes, higher corporate taxes, and, at least, a step closer to socialized healthcare. And that's just the things we know about ...
Of course, rhetorically, Obama almost always acknowledges both sides of any given argument, which tends to give the false impression that he is open-minded. The fact that the the non-partisan National Journal named him the most liberal senator in 2007 demonstrates which ideology he always settles on, after acknowledging the other side.
When it comes to the economy, Obama frequently mentions the conservative fiscal policies that have brought us unprecedented wealth since the Reagan Administration -- but at the end of the day -- he looks to FDR's New Deal. As he wrote in his book:
“But our history should give us confidence that we don’t have to choose between an oppressive, government-run economy and a chaotic and unforgiving capitalism. ... What might such a new economic consensus look like? ... [W]e can begin to modernize and rebuild the social contract that FDR first stitched together in the middle of the last century.” (Barack Obama, The Audacity Of Hope, 2006, pp. 158-159)
Obama's positive rhetoric often belies his Leftist ideology. Anyone hoping he be a "deliverer" who will invent some sort of hybrid system that provides for a fiscal "third way" -- has not been paying attention to his past positions, or his campaign promises.
While Obama will likely seek to talk-down the economy, harp on the down-turn, and promise government give-aways for supporting him, McCain is actually providing the public with straight talk, and honest solutions. For example, one of the things McCain supports -- but Obama will all most certainly demagogue against as a "tax cut for the rich" -- is the reasonable and important idea of cutting the corporate tax rate.
McCain realizes the fact that only Japan has a higher corporate tax rate than the U.S., puts us at a strategic disadvantage. Moreover, he realzes that cutting it-- and the capital gains tax -- would provide an influx of money for businesses to begin creating jobs, building factories, etc. (not bad for a guy who supposedly isn't an "expert" on the economy.)
McCain's plan would mean 401 K's would also bounce back by the end of the year, and that would be good news for many of us (something like 60 percent of Americans now "investors" in some form or another -- so this will be harder for Obama to criticize than it would have been in the past).
And because people who create businesses today are concerned about long-term economics, a long-term solution is also a short-term solution.
If Americans hope to make this a short-term down-turn, they will resist the temptation to support Obama's long-term Leftist fiscal policies.