The presidential debates are over, the polls have remained generally the same, and most people are left unclear on the economic policies of both candidates. We hope you weren’t planning to vote based on their plans to save the budget deficit. We still are unaware of the detrimental details of each candidate’s budget plan. As presented both candidates cannot account for the spending and cutbacks to save the economy.
Sen. Barack Obama has proposed a net spending cut. For every dollar he spends, he will cut in other areas of spending to match, but researchers have found that not every dime will be accounted for, and the policy as presented will raise the budget deficit over the next ten years.
This holds true in Sen. John McCain’s budget plan. McCain believes that he can balance the budget his first term in office by cutting earmark spending. However, unless he cuts spending drastically, according to Factcheck.org, “The Urban-Brookings Tax Policy Center estimates that by 2013, at the end of his term, McCain’s tax plan would have him facing a $662 billion deficit.” Obama’s proposed budget might increase the deficit in 2013 by $281 billion.
The $700 billion dollar rescue plan according to both candidates was not enough, but, in February, it was estimated that by the end of 2008, the budget deficit would amount to $410 billion, Americans can only fathom what the deficit will amount to after this Wall Street bailout.
We cannot base our decisions on who to vote for solely on these candidates’ economic policies, but we still must take into account that both McCain and Obama want to balance out the economic deficit the United States is faced with.
Perhaps a closer look at the candidates’ health care plans, positions on the war in Iraq, environmental preservation and oil independence are needed. These are topics that are more concrete and feasible. Keep in mind that the last time the budget was trillions smaller was in 1951, so to believe that either candidate can take the US back to that state would be unrealistic in the matter of one or even two terms as president.
Voters should take a moment before Nov. 4 to sit down and take a quick look at both candidate’s proposals, read through the propositions and inform themselves on local candidates. It’s important to know whom you’re voting for and why.