Though I think I've made it obvious who I support, there are some more conservative positions I do find more correct. One of them is pretty much the only opposing viewpoint I have with Obama and it has to do with taxes. I do like Obama's income tax plan: cutting taxes for 95% of people. But, his plan to possibly raise the corporate income tax is quite dangerous. America already has one of the world's highest corporate tax rates--to keep America competitive, it would be counterproductive to raise it. It should in fact be lowered.
However, I promised to also throw a bone back to Obama in my title. You see, thankfully, Obama is not really as liberal in economics as he appears. During the primaries, he was battling Hillary, who while liberal, espouses the Third Way of the Democratic Party (basically socially liberal, but believers in the free market except when there are market failures like environmental damage or labor abuse). He had to go to her left in order to beat her. And right now, he is trying to pander to the American working class which is regretfully anti-free trade. But, Obama is not stupid and he realizes free trade and free markets are inevitable and even to be welcomed. In short, once he shores up his base, he will once again revert to a sensible view on the economy. And this will take away most of the advantage on the issue McCain has now in the long-run once people realize what he truly stands for.
NOTE: The article link in the title is a bit lengthy, but accurately represents both sides' economic policies. Judge for yourselves, but I think you'll see that Obama's is better.
Guessing cost-sharing wrong matters a lot
3 hours ago
1 comment:
Although I agree that Obama is somewhat moderate on economic affairs, his tax plan details (in his platform located in a downloadable pdf file on his website) creating a new FICA dough nut so that it would be reinstated on any income above $250000 and the rate would increase. Living in the Bay Area, where the median income is much higher than most of the country, the amount of disposable income would decrease ergo the economy would slump. I believe that his policies while helping some of the less affluent middle America, inevitably hurt the economies of the richer places of the country.
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