The options are clear. With an economy that has shrunk this quarter for the first time in many years, with major banks going out of business or being taken over by rivals, with a massive bailout package that Congress has passed, even with some regretable votes from the GOP, there are now two ways to tackle the growth problem. One could further decrease private spending by raising taxes and putting the cost of universal health care on small and medium enterprises or ... one could be lowering taxes and sustain economic growth.
Since the 60s we know that deficit spending and public stimulous packages don't really work and the supporters of Keynes have rightfully declined in numbers. Obviously that does not stop the candidate of the Democrats Barack Obama to go back in history and try the old tricks. Pretending there have been major scientific breakthroughs in economics that government actually spends money more wisely than its citizens. Amazing.
This is a time when the people should be put first. Don't overtax them but relieve them of a too high burden. Inspire them with the belief that the United States is known for its ability to selfheal and to reinvent itself.
America needs a president who stands for economic soundness and who gives the money in the hands of his people, because he trusts them and knows they will spend to the benefit of all.
This is a time to lower taxes! Vote McCain/Palin to let the United States come out of this turmoil stronger than ever before.
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War Economy and Change to Distrust
During the primary months, the Iraq War appeared to be potentially the top issue for the 2008 election. Since then, the 1992 campaign slogan: It’s the Economy Stupid has gained ground. More narrowly we have the housing crisis, by Presidential decree the root cause of the financial crisis. The more likely the root causes of both of these crises are Greenspan’s unsustainably low interest rates and the unbridled, unregulated competition by lenders and their financiers.
With regard to the “Terror War”, it is actually two wars, but not Iraq and Afghanistan touted by the presidential campaign candidates. The first war, declared, was Al Qaeda’s War on America; with it central goal to “bleed America to bankruptcy” and the second is America’s “War on Terror”, with Iraq proclaimed by Bush and Cheney to be its central front. Aside from aforementioned unbridled/unregulated competition, our most pressing economic woes are traceable not to the acts of 9/11 but to Cheney/Bush response to the acts of 9/11 and resulting unorthodox War Economy. The “War on Terror” and the Bush tax-cuts have been financed by foreign borrowings primarily by China and OPEC. This fiscal irresponsibility is the primary driver toward Al Qaeda’s central goal and amounts to trading certain economic insecurity for questionable homeland security.
A no-new-tax style War Economy and an overly accommodating fiscal policy have resulted in huge budget and trade deficits. These deficits have accumulated into an unsustainable national debt and an unsustainable balance of payments deficit, which when combined with an overly accommodating monetary policy unleashes “Weapons of Economic Destruction”. The high oil/gas prices, a high tolerance for China’s protectionist currency manipulation and the housing/financial crises are early effects of the resulting destruction and any reversal requires changing the unorthodox War Economy.
The changes necessary to reverse the effects of the ill-conceived 2003-2008 War Economy are unlikely to come from the no-new-tax advocates, who provide President Bush’s current 25% favorable rating. These approvers make-up more than half of Senator McCain’s current support. Unless Senator McCain flip-flops and throws the Bush/Cheney base under the proverbial political bus, promise of change by Senator McCain to address the root causes of economic woes is: Change to Distrust.
I like your term "Weapons of Economic Destruction" - very clever and good rethorics.
Unfortunately that's about as much as my love goes.
If you believe higher taxes will do any good for the economy, please pay them, please vote your way but do not whine when there is little growth in the years to come.
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