This weekend, The New York Times Magazine featured a story about Senator Barack Obama’s dueling views on the economy. The article discusses how he would reconcile his belief in the free market with his desire for a more equal distribution of wealth if he is elected in November. A huge part of this would be determined by how much Obama is influenced by the last 25 years of presidential policies on the economy. From Ronald Reagan’s call for lower taxes and a smaller government to George H. W. Bush’s famous line, “No new taxes,” (which incidentally came back to haunt him) and from Bill Clinton’s mission to eliminate the deficit to George W. Bush’s tax cuts and the enormous deficit his has racked up, history is looming large for the next president.
Considering all of this, and the fact that our economy is clearing suffering right now, I feel as though I have heard little substantial information from either candidate about their policies on taxes, the deficit and the free market. Obama has alluded to wanting more regulations after the fall of Bear Stearns earlier this year and increasing taxes for certain income brackets, while John McCain has largely towed the Republican party line, but it’s unclear exactly where the candidates stand.
The Times article does a good job of explaining Obama’s dueling views and the importance of history, but there is no real conclusion. After reading the article, I almost felt more confused about his policies than before I read it, although I did have a better understanding of where his ideas are emanating from. The questions that still need to be answered are, what are his plans for the economy? And how will he go about seeing that the plan gets carried out?
I don’t know whether Obama is playing coy to get more votes by not alienating either centrist or liberal Democrats or whether he actually doesn’t know what his policies are. Either way, I’d like some answers, and I don’t think I’m alone in that request.
What can we expect from Mr. Obama? There is talk of change, but the only change I have heard is a redistribution of wealth through higher taxes. When business gets taxed it is immediately passed on to their consumers. Who wins then? Clearly the only answer is… Government! We will have a bigger more omnipotent big brother to grind the wealth builders down to the level of the non-producers who leach off the rest of working society.
Will he be elected? Most likely. The Republicans have had such poor and bumbling representation in the White House and Congress, (which became obvious two years ago when they lost their majority control). They are now unable to resolve any of the energy problems we face, or do anything to reverse our failing economy.
In November, the country will be face to face with electile dysfunction. God bless America.