You know those times when the printer runs out of paper midway through a job, but you don't realize it? You pick up the document and start reading, then wonder where the rest of it went.
That's what John McCain's economic plan feels like. The Republican presidential nominee has outlined plenty of principles and a few specific ideas, like cutting the corporate tax rate, reducing energy costs, and balancing the federal budget. But in his acceptance speech, McCain also pledged to help Americans who "struggle to buy groceries, fill your gas tank, and make your mortgage payment." How? Your guess is as good as mine. Some of the biggest gaps in McCain's plan:
Cheaper energy. McCain's biggest energy proposals are building more nuclear power plants and opening more offshore fields to oil and natural-gas drilling. But it's well known that it could take a decade for such efforts to alter the balance of energy we use and cut back on oil we import from "countries that don't like us very much," as McCain said in Minneapolis. More nuclear plants and offshore drilling won't do anything for the strapped consumers and small-business owners McCain wants to help immediately. Earlier this year, McCain pleaded for relief over the summer months by suspending the 18.4-cent federal gas tax—but he hasn't said if he'll pursue that in 2009, or if it's just for election-year summers. If there ever were a gas-tax holiday, it would leave a vast hole in the Highway Trust Fund and other programs and bleed more, not less, red ink in Washington.
Straight talk: Transforming our energy infrastructure is a huge challenge that could end up costing more than the Iraq war. And take longer. More drilling and nuclear plants could be part of a long-term solution, but until then, the best way for Americans to spend less on energy is to consume less energy.
Read more at the article.
Website: Seeking Alpha
Seeking Alpha is the leading provider of stock market opinion and analysis from blogs, money managers and investment newsletters, and a provider of its own high-value, complementary financial content.
Author: Rick Newman
I am Chief Business Correspondent for U.S.News and author of the regular Flowchart column at usnews.com. I'm a journalist, obviously, not a financial professional, and I don't take positions on stocks or investment themes. Instead, I try to make the connections between the things consumers care most about and the abstruse workings of the global economy. Oh - and point out the many myths and follies of our hyperbolic media. Busy times for that.
This is a good article and by an author that is regularly critical of both Obama and McCain.
Nicely put, both candidates have their lapses.
Yet i go back to a passage taken from Octavio Paz- pulitzer prize author,
The Labyrinth of Solitude.
He states something to the effect, "all people cheat and lie, you must learn to associate yourself with the ones who's cheating and lying will hurt you the least!"
OBama/Biden (08)-time for a new and better nation!
I did a five part series on both candidate's economic plans. I, too, found McCain's proposals very...brief. Not that Obama is much better. He did have a lot more information compared to McCain but nothing in the wings that will stop the juggernaut of economic destruction coming down the pipe.
Good seed arcanebliss.
I researched on mccain's site and half of his site is just fluff and hasnt been updated--he's still calling for a gas tax holiday for summer until labor day.
It still says:
John McCain believes we should institute a summer gas tax holiday. Hard-working American families are suffering from higher gasoline prices. John McCain called on Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
and
No taxpayer money should bail out real estate speculators or financial market participants who failed to perform due diligence in assessing credit risks. Any assistance for borrowers should be focused solely on homeowners and any government assistance to the banking system should be based solely on preventing systemic risk.
Lower taxes and balance the budget. Hmmm.... Exactly how he's gonna do that would be an interesting read.
He's going to spend his way out of debt.
Tax cuts are swell and everything, but as a plan they amount to throwing money at a problem, with no focus or direction. The technology to harness alternative energy sources already exists, it just needs to be applied, and that's where federal dollars should go - markets SUCK at providing goods with a high initial cost and relatively-low return over a long period of time.
The added benefit to increasing alternate energy is on the development and construction side. More jobs will be created. THAT is what would help. Vote Obama/McCain.
I think that the markets must work for technology, and not the other way around. Buying and selling are means to an end, not the end themselves.
I agree dc. That's what a lot of us workers here in Northern Ohio want. We have empty auto plants and steel mills that would be perfect to retool for solar and wind manufacturing. There is also a big push to bring more tech jobs into the area as well.
btw, which do we vote for Obama or McCain? :)
I listen to Obama's education Plan and he is right to say our education system has to reflect new age technology, so our children can think and invent things that will help our economy. Everything we do is surrounded by electronics at home,market,even in your bathroom. So lets give our children a chance to advance starting at and early age to compete with other countries abroad. I wish they make all our school technology based from early childhood education to adulthood. We wouldn't have to ship jobs overseas, we can teach every a man,women with a skill they can build on. Plus it will keep kids focused that they used their hands and mind to attribute something to society. Maybe it'll help our youth remain in school and come home with smiles instead of frustration. The best experience is hands on experience along with text book knowledge. It would help our auto industry, energy, and climate change and keep our children off the streets. Well Ohio its only my point of view.
MALife, I read your comment, then I looked at my post again.
OMG I am so sorry!!! I only had about 4 hours sleep when I posted that.
OBAMA/Biden
Well I understand that Ohio is a state in play still, encourage everyone to vote DEM's. The US has historically usually been more prosperous during their terms. Obama would encourage alternate energy.
Oh, yeah about wind turbines, there is a big field going up near my city and all the parts are coming from Germany and elsewhere, not the US. We need to be able to make things like that here.
I will not vote the other.
He is tainted.
My father was military and he knew men on the Forestall. And I can tell you that more military men and women donate to Obama's campagin. Tells you something about our (clears throat so as not to choke) POW hero.
Well dc, that's easier said then done. I live in NE Ohio(Cleveland area) and these counties are traditionally Democratic. It's rural and appalacian ohio that you should be concered about. I do by best though to inform people of the facts and try to steer them away from the rumors.
Lady, I couldn't agree more. Technology is the future. It's already happening. For the next generations to compete they need those skills. I am already teaching my children what I can about computers. But, they need to integrate those skills into our education system here. That way, Ohio's economy could stand a chance competing in that field.
Besides, studies have already shown that in the next 30 years, technilogical jobs are going to be in high demand. Which is why I'm earning my B.S. in computers. ;)
Good for you MALife. I am a returning student as well. Accounting degree is my aim.
What used to be traditionally a paper and pencil career is now mostly computer driven. I have had to take and pass numerous computer classes relating to the degree. So, technology is an important skill to know across all job fields. I agree with you there too.
The best way to explain his economic policy is to not explain his economic policy. The best thing to do is attack, attack, attack go after Obama on anything you can think of true or not. Make up whatever you want on the campaign trail. The best thing you can do when you don't have a legitimate plan is to avoid talking about the plan and try to get people to focus on other things. So far it's working and it's sad.
I agree taytay. That's exactly what their strategy is.
John McCain has an economic plan?
Kris- my first hearty laugh of the day....that was great..
Of course he has an economic plan. Donchaknow? He's a maverick and a POW....enough said....;)
Iraq, Iran, Russia shore he doesn't have one , cause when he's going to " bomb,bomb these counties, he'll only need it after the effect. So he can show his maverick skills, of how he saved the U.S in a time of war. It just makes me sad to see whats in our future. If war is the right choice, along with good judgement for the war I agree, lets go kick butt. But if McCain wants to engage in a unjust war only to show he's a true maverick to show off, and he has some military skills, " and I mean some" because it takes more than flying a plane to make good judgement. He has to have the right temperament, negotiating skills, comprising skill to make the right call. If he shows anger on the floor of the senate and these are U.S citizens and can not hold his anger. What is he going to betray toward our enemies, It's a big question we had better ask ourselves. We have been through this with Bush for 8yrs., not listing to others, not negotiating and making comprise. Bush trying to show how mighty our military is, not looking at the consequences relating to or stretched military and what state it will leave our economy in. So lets step back and take these 8 yrs in. Is John McCain the right choice for our future economy? Looking at his past attitudes and judgement calls, he made in his political and personal life. The man has under line issues were not aware of and it scares me.
In my opinion many of the economic problems have been brought on by this country's attitudes about spending. Spend until you're out of money, then charge it. The gov't does it, and so do individuals. When we can't charge anymore, then we want someone to bail us out. The common sense approach would be to take a hard look between wants and needs, and spend accordingly. Do we really need to be paying for some community to have a celebration of the peanut? God knows there are more than that, but that's what came to mind. Do people really need a $500,000 house, and should the gov't be paying to bail you out when you can't afford it? The market usually has a way of working itself out, but the fact remains that too many people have over extended themselves to the point they are losing everything. I guess the oversight programs on banks and energy might have been worth something after all.
Hear Hear,
Someone just told it as is
"Do not ask what your country can do for you, but what you can do for your country"
Pay your bills.
Stay away from Loan sharks.
Have only one (1) credit card.
PS, For the past 10 Years I trawled the world (now a million mile member at UAL), with one (1) credit card.
A Quick summary on the Energy:
After reading the extensive document "Obama’s Energy Plan"
In summary none of the proposed is/will be applicable before 2025?
Did you actually read it?
This article isn't about Barack Obama, Bor. Perhaps you should write or seed an article about Barack Obama's energy plan so that we may discuss it there? Please stay on topic.
Sorry, I must have misunderstood the topics.
I took the liberty to read Obama’s Energy plan to find out how it is superior to McC.
Well that one is not.
Let me do the same for the Economics.
I apologize for the misplacement.
Umm, Bor, McCain's plan calls for the same timetable that Obama's does. Neither of the candidates are going to come into the white house and fix our energy crisis overnight. There's going to be a lot of restructuring of our current energy plan first. Just thought I'd point that out to you.
So, then, what about McCain's economic plan?
MALife
Since you agree on the timeline (Energy), please read the small print), it say that we will have cars (still have to buy mine), that do not require oil imports?
I am still comparing the Economy plans, (the McC is 14 pages long) and Obama’s has 6 pages, so it will take some time to compare.
On Obama I only have the version before he changed his mind, so I have to factor that in :)
First of all, I think it depends on which class we fall under because both the economic plans appeal to different classes. What I can see, and this is just me now, is that McCain's plan is more beneficial to the middle to upper class Americans, while Obama's may appeal to the middle to lower class Americans. Nothing surprising really, that's how it has always been with Republicans and Democrats.
I personally like Obama's stance on NAFTA and opening up fair trade. However, I don't agree with his plan to raise minimum wage. In my experience, every time min. wage goes up, so does the cost of living.
I like McCain's tax cuts on innovation(internet tax, cell phone taxes, etc.) and I believe he has a better plan for medicare, although this don't apply to me yet.
I find that both candidates can be beneficial to small business and start-up companies, which can promote investment and growth. But it is as you said, Obama has re-stratigized his stance and added with the fact that the Executive power can only go so far for our economy and that both candidates will not get as much accomplished as they want, we are looking at tough times until this country is back on the up and up.
Thank you MALife
At least we are comparing the issues and what is best for all of us.
Since the actual “point by point comparison” will take to long:
Here is summary what I think of the economy:
"Do not ask what your country can do for you, but what you can do for your country"
Pay your bills.
Stay away from Loan sharks.
Have only one (1) credit card.
*I know it is a simple view, but it is a beginning of recovery.
On the personal site:
I took a looked at my “investments”: from last Year, and they were actually doing well last summer.
Then the disaster started with people who have been screwed by the banks and lending institutions, and could not pay they bills.
As far I know, more the half of (7%) unemployed are people from financial world collapse.
*By the way, I did not vote for Bush, would never vote for him, but somehow he managed to slip in.
*At this time, I am simply looking at the personality (I did not like Bush personality back then), as for who is to be our next president.
I have to agree on the loan sharks and credit cards. The credit industry is the worst organized crime unit in the land. I too, had to look at my personal investments and re-evaluate the situation. (If I hadn't put all my 401 into bonds, I would be screwed right now). I think, that as responsible voters, we should listen and compare both sides, and on election day make an educated decision. I will say that I am leaning Obama, although I don't have many complaints to McCain either. I just don't like Palin, she makes me nervous really. We'll just have to see how the debates go though.
And I think that many Americans, from both sides, are relieved that the Bush era is almost complete.
Well said,
I agree on Palin (do not know too much about her), but I know:
She is an excellent counterbalance to McC.
She will keep him on his tip toes all the time.
Somehow I feel more safe (from the terrorist) with her.
As for Biden, I do not know, he is old guard and does not strike me as "Change".
As for the Mr. Bush, unfortunately he is still in charge and will leave us with even more critical situation, now with Russia.
We still have 58 days to learn about our candidates (on the issues and personality).
I disagree with your argument on Palin.
She just does not have the experience on the National level yet. Maybe if she come out in future elections I would feel differently. I just don't understand her well enough yet. Although I do agree she is a good counter to Mc C.
As for Biden, he is also a good counterbalance to Obama's experience, he may not be a big agent of change, but he'll go with it as long as Obama is president.
Hopefully, whoever wins this election, will imediately do something about Russia. That would be a conflict we could not afford at this point. We need to restrengthen relations somehow without letting up on the Georgia issue.
Somehow, I trust that Palin will do very well when it comes to defending her home turf (her country in this case).
We know she is tough (and a women), so watch out from a tough women, they are better that tough men. Let me get philosophical for a moment:
If you look in to the evolution in the nature (animals), it is the females that are the dangerous ones, protecting they babies.
This is true(about females in nature) and my feeling have nothing to do with her being a woman. Perhaps I'm just wary that she's from the far-right, just as I'm wary of the far-left. I don't know. As I said, I don't know enough about her yet so I'm nervous, besides McCain isn't the poster child for good health. I suppose it's like picking a babysitter. I would rather have someone that I know than someone that I don't. Hope that helps befuddle my thinking.
On another note, I am a huge supporter for women's rights and hope there is full equality by the time my 3 daughter's enter the work world.
FYI
you are talking to an old man. (me)
Lol, that's okay too. I'm just glad we were able to have a constructive conversation without the spats.
How come we're not talking about Sarah Palin?
Let's get back on message guys, c'mon.
At his age he might remember the other half in a years just like how many homes he own.
C'mon everyone. Once McCain takes off his "Republican Hat" and puts on his "Accountant Hat" and plays his "Mathmetician Card" he'll be just fine. Unfortunately for the country, he only has enough room in his closet for 3 hats, and he only has about a half deck of cards.
McCain's economic plan is to continue big government spending in Iraq.
Regardless of who it is, it's going to cost us a lot of $$ to fix that mess.
I know. McCain, however, LIED when he said that the Iraqies would pay the cost of this war in Iraq. For that he will not get my vote. I may reconsider if the Iraq government reimburses the american taxpayers.
They are not paying now,
but they will (in oil),
only if we can finish that on a victory note.
Yeah, I think they will eventually pay, one way or another, down the line. Plus side of the Iraq situation is that when we do rebuild and when they have a steady and firm government under them, they could be a strong and powerful ally to us. Just as the Japanese are to us now.
True, but it also depends on who intends to keep us there longer and who might be inclined to start a war with Iran.
This is not very likely to happen. In fact nearly impossible. This region has always been unstable because of the creating of this "fake" country. The people in these seperate tribes are enemies and have been for centuries. The U.S. cannot change that with a war and puppet government--it just isn't reality.
I believe this was once said of Japan. Now they are a strong ally and an even stronger country from our rebuilding. But, the mid-east and western Asia are two completely different areas so I can see your point.
How about this, Iraq also gives us a great strategic standpoint. From there we can easily intercept Iran, not to mention Russia. And, if it even comes down to it(hopefully not), we are poised to defend against China as well. That is of course looking at it from a Militaristic viewpoint.
I'm just trying to find anything positive that can come from this war, so if you don't agree that's fine.
He doesn't have an economic plan it's not his strength..DON"T pick on him. He'll just rewrite a couple of recycled economic dogma from previous GOP candidates and pass them on as his own. I'm sure he's brushing up on Bush's, because those are the same policies that got us into this mess. World War II united this country and brought us out of the Great Depression, this one has done the opposite. Failed policies, unbridled spending.....It's easy to criticize social spending when we are spending billions on the war. It's easy to state that we are buying oil from countries that don't like us, like Canada and Mexico when in fact it is not the Americans that they don't like, it's the administration. We need optimism and not all this negative stuff coming out of the McCain Camp.
John,doesn't have a plan, If he wins,he'll be chasing Bin Laden to the gates of his cave. Sarah Palin will be running economic issues from home by email. Only she shows up when thier is an oil deal, or bridge so she can get in a photo opt., or recognition for something she thought she was for.
I think we all can agree with the bottom line.
John McCain is most likely a better choice as a military leader. He does have the experience there. Whether we all agree with his plans on Iraq or not, it's still true.
Whereas Barak Obama is likely the better choice on the economy, that is if he can get what he wants through congress.
So, to the undecided voters, it becomes a question of which do they find more important? The war? or the economy? It's a tough call seeing as they both effect each other.
I'm going with the economy.
If its not fixed we wouldn't be able to pay for any war.
(Excuse me, Mr.enemy, can you lend me some money so I can pay for fuel for my jet, oh could you loan me money too so I can buy the bombs to destroy you?)