Capital Commerce

McCainomics and Obamanomics: DOA?

July 29, 2008 RSS Feed Print

Comment (1)
Tweet

You can pretty much forget about all these campaign promises, according to my guy Dan Clifton over at the Strategas Group. His two cents:

Yesterday the Bush administration released their updated forecast for the FY'09 budget deficit—$483bn. This forecast does NOT include the assumption of a recession or a material increase in unemployment. If either or both of these two scenarios develop, which is likely, the new president will have to scuttle campaign promised tax cuts and infrastructure spending and look to tax increases to raise revenue. The first group which could see their campaign promises evaporate is the middle class—but we note, the bottom 50% of taxpayers paid just 3% of all income taxes in 2006, leaving little room to cut their taxes further. Knowing this, both campaigns are increasingly looking to entitlement "reform" as a vehicle to increase taxes, much in the same way as President Reagan and Speaker O'Neill did in the early '80s.

Tags:: economics,; 2008 presidential election,; John McCain,; economy,; deficit and national debt,; Barack Obama

« Previous Post Next Post »

Reader Comments Read all comments (1)

Add Your Thoughts Comment Name State Email

Please enter the two words below into the text field underneath the image.

Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.

Unfortunately it's hard to tell if McCain will do what it takes to cut the huge deficit since he had so much to do with getting it there in the first place. While Obama will be faced with the same monumental task that Bill Clinton was faced with when he came into office, righting a reeling economy which had been torpedoed by another huge deficit! But like any educated lawyer it did not take him long to figure out what he had to do and he went ahead and did it leaving relatively smooth sailing economically for the rest of his terms. Obama is smart enough to figure out what needs to be done once in office and hopefully with the Democratic majority he will have in congress he will get the job done. I don't think anyone thinks we will be able to get out of this mess without biting the bullet, but I hope everyone remembers how we got to this sorry point in the first place and stops putting people into office based on rhetoric and sound bytes instead of substance and knowledge!.

Curtis Gwin Jr of WA 2:58AM August 05, 2008

McCainomics and Obamanomics: DOA?

Related Articles

Reader Comments Read all comments (1)

Capital Commerce

Follow U.S. News Money

Like Us On Facebook

Subscribe

Editor's Picks