McCain's Economic Plan > Obama's Economic Plan

[sstutter]

A lot of people on NT are quick to bash McCain's economic plans due to his lack of expertise in economic affairs, thinking that Obama's plans wouldbe more beneficial for the current recession.

This is just wrong. Hereis a statement opposing Obama's economic policies signed by 100 economists at leading universities, including 5 Nobel laureates. There are other similarstatements on the web with as much as three hundred something signatories.

Barack Obama argues that his proposals to raise tax rates and halt international trade agreements would benefit the American economy. They would do nothing of the sort. Economic analysis and historical experience show that they would do the opposite. They would reduce economic growth and decrease the number of jobs in America. Moreover, http://http://with the credit crunch, the housing slump, and high energy prices weakening the U.S. economy, his proposals run a high risk of throwing the economy into a deep recession. It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression.

We are very concerned with Barack Obama's opposition to trade agreements such as the pending one with Colombia, the new one with Central America, or the established one with Canada and Mexico. Exports from the United States to other countries create jobs for Americans. Imports make goods available to Americans at lower prices and are a particular benefit to families and individuals with low incomes. International trade is also a powerful source of strength in a weak economy. In the second quarter of this year, for example, increased international trade did far more to stimulate the U.S. economy than the federal government's "stimulus" package.

Ironically, rather than supporting international trade, Barack Obama is now proposing yet another so-called stimulus package, which would do very little to grow the economy. And his proposal to finance the package with higher taxes on oil would raise oil prices directly and by reducing exploration and production.

We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.

After hearing such economic criticism of his proposals, Barack Obama has apparently suggested to some people that he might postpone his tax increases, perhaps to 2010. But it is a mistake to think that postponing such tax increases would prevent their harmful effect on the economy today. The prospect of such tax rate increases in 2010 is already a drag on the economy. Businesses considering whether to hire workers today and expand their operations have time horizons longer than a year or two, so the prospect of higher taxes starting in 2009 or 2010 reduces hiring and investment in 2008.

In sum, Barack Obama's economic proposals are wrong for the American economy. They defy both economic reason and economic experience.


Despite this, I will, however, still be voting for Obama for other reasons.

 

[lurkin2long]

In sum, Barack Obama's economic proposals are wrong for the American economy. They defy both economic reason and economic experience.
YIKES!!

 

[nktran001]

The candidates for this year is just horrible.

It's like choosing a chick with herpes, or gonorrhea.

 

[ap27]

A lot of that is debatable...I think both candidates are weak on the economy, But...

"We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases wouldreduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation andexpansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance."

Is why i'm not voting for him...raising the Capital Gains Tax in this economy is a terrible idea, it just doesn't make any sense at all...

 

[hueyp in louiev]

Warren Buffet and Paul Volcker back Obamanomics.

/thread

 

[skip2mylou23]

I read the first two sentences and it couldn't be more correct. Taxes, duties, and import barriers create inefficiencies in markets and overall hurt theeconomy. Anyone with a basic knowledge of economics would agree.

 

[ogbobbyjohnson773]

Originally Posted by Nktran001

The candidates for this year is just horrible.

It's like choosing a chick with herpes, or gonorrhea.

Well, gonorrhea is curable. But, I get the jist.

 

[kneesh]

Originally Posted by HueyP in LouieV

Warren Buffet and Paul Volcker back Obamanomics.

/thread

 

[mbiii]

Originally Posted by Nktran001

The candidates for this year is just horrible.

It's like choosing a chick with herpes, or gonorrhea.

pretty much

...

 

[stocksandbonds85]

Originally Posted by OGbobbyjohnson773

Originally Posted by Nktran001

The candidates for this year is just horrible.

It's like choosing a chick with herpes, or gonorrhea.

Well, gonorrhea is curable. But, I get the jist.

Im gonna assume Obama is at least the gonorrhea

 

[mases apprentice]

Originally Posted by Nktran001

The candidates for this year is just horrible.

It's like choosing a chick with herpes, or gonorrhea.

more like a brand new STD most people that are voting are either voting for obama because A) hes black B) its the "IN" thing to do C)doesnt knowanyone else voting for McCain so they are pressured into voting for obizzle i bet most people cant tell you a political reason they are voting for obama.everyone just says O MCCAIN WANTS THE DRAFT, or MCCAIN IS JUST LIKE BUSH. thats all they know and its sad

 

[eaglebball1499]

Good read, but I will say this though as a word of caution. Everyone comes from a certain viewpoint, even respected economists. I'm not even talking abouta political point of view, but two highly respected economists can have differing views on what economic approaches work best. Some, for instance, are fans ofReganomic-like trickle down approaches, while others believe the better approach is a bottom-up approach.

So on the one hand, one could argue that these top economists could be coming from the same economic viewpoint espoused by political conservatives, while onthe other hand it if nothing else highlights the fact that there's no clear-cut solution to our current economic woes right now. Regardless of what side ofthe political aisle you're on (which BTW I'm a registered independent who barring something big in the next three weeks will likely be voting forObama), to just flat-out say A's or B's economic views are just flat-out wrong as a general proposition is to ignore the fact that neitherapproach is a panacea.

One thing that's continued to raise questions for me though is that while I've heard a little bit about how/why Obama's plan won't/can't work, I haven't heard much about how/why McCain's plan will/can work.

 

[fede dpt]

Duuuuhhhhh.

 

[finessesosa]

Well, Obama will be our president, So I guess y'all dudes better get your penicillin and whatever you need to cure whatever STDs ail you.

 

[johnnyredstorm]

Or maybe people are voting for Barrack because they prefer his view on the Iraq War over McCain's

 

[tbone95860]

Originally Posted by Nktran001

The candidates for this year is are just horrible.

I kind of agree on that one....

 

[sundoobie]

Like those economists are not biased.

Let me see where those signatures came from...

oh yah.. this website!

http://www.economistsformccain.com/...w.economistsformccain.com/ObamaStatement.htmlhttp://www.economistsformccain.com/ObamaStatement.htmlhttp://www.economistsform...n.com/ObamaStatement.html

How much does someone want to bet that the following 333 people are all registered REPUBLICANS???
Anyone want to verify?


[h2]The 333 Signatories[/h2]

Adams, Richard M.	Oregon State University
Adie, Douglas K.	Ohio University
Agnello, Richard	University of Delaware
Ahiakpor, James C.W.	California State University, East Bay
Albrecht, William	University of Iowa
Alexander, Donald L.	Western Michigan University
Alpert, William	University of Connecticut
Alvarez, Fernando E.	University of Chicago
Amacher, Ryan C.	The University of Texas at Arlington
Andron, Geoffrey	Austin Community College
Armey, Richard K.	Freedom Works
Azevedo, Christopher	University of Central Missouri
Back, Kerry	Texas A&M University
Banaian, King	St. Cloud State University
Barro, Robert	Harvard University
Basciano, Peter M.	Augusta State University
Beck, Stacie E.	University of Delaware
Becker, Gary	University of Chicago
Belcher, Larry	Stetson University
Bellante, Donald	University of South Florida
Bender, Bruce	University of Wisconsin-Milwaukee
Berry, Anne	Former economist, Council of Economic Advisers
Bethune, John J.	Barton College
Bhagat, Sanjai	University of Colorado
Bise, Robert G.	Orange Coast College
Block, Michael K.	University of Arizona
Blomberg, Brock	Claremont McKenna College
Bohanon, Cecil	Ball State University
Bonilla, Carlos	The Washington Group
Borden, Karl J.	University of Nebraska
Bordo, Michael	Rutgers University
Borts, George H.	Brown University
Boskin, Michael	Stanford University
Botsas, Eleftherios	Oakland University
Boyd, John H.	University of Minnesota
Brannon, Ike	McCain-Palin 2008
Broussard, John Paul	Rutgers
Brown Jr., George F.	Blue Canyon Partners, Inc.
Brust, Peter	University of Tampa
Buchanan, James	George Mason University
Buchholz, Todd	Two Oceans Management
Butkiewicz, James L.	University of Delaware
Calomiris, Charles	Columbia University
Cargill, Thomas F.	University of Nevada, Reno
Carter, James	Vienna, VA
Chance, Don	Louisiana State University
Chilton, Kenneth W.	Lindenwood University
Chiswick, Barry R.	University of Illinois at Chicago
Chiswick, Carmel U.	University of Illinois at Chicago
Choi, K	Iowa State University
Cima, Lawrence R.	John Carroll University
Cochran, John P.	Metropolitan State College of Denver
Cogan, John	Hoover Institution
Collinge, Robert	University of Texas at San Antonio
Colwell, Peter F.	University of Illinois Urbana-Champaign
Connolly, Michael	University of Miami
Cooper, Kathleen B.	Southern Methodist University
Cordato, Roy	The John Locke Foundation
Couch, Jim F.	University of North Alabama
Covey, Ted	McLean, Virginia
Crawford, Anthony J.	University of Montana
Crippen, Dan	Former CBO Director
Crocker, Thomas D.	University of Wyoming
Crouch, Robert L.	University of California, Santa Barbara
Crucini, Mario J.	Vanderbilt University
Curran, Ward S.	Trinity College
Dammon, Robert M.	Carnegie Mellon University
Danielsen, Albert L.	University of Georgia
Davis, Ronnie H.	Florida Institute of Technology
Davis, Steve	University of Chicago
Day, Richard H.	University of Southern California
Deitsch, Clarence R.	Ball State University
DeMuth, Christopher	American Enterprise Institute
Dewald, William G.	Ohio State University
Diamond Jr., Arthur M.	University of Nebraska at Omaha
Diebold, Francis X.	University of Pennsylvania
Dougan, William	Clemson University
Douglas, Christopher	University of Michigan, Flint
Duncan, Floyd H.	The Virginia Military Institute
Duncan, Joseph W.	Micro Mite
Dunlevy, James A.	Miami University
Ebenstein, Lanny	University of California, Santa Barbara
Eckalbar, John	California State University, Chico
Egan, Francis J.	Trinity College
Egger, John B.	Towson University
Ehrlich, Isaac	SUNY at Buffalo
Eichenbaum, Martin	Northwestern University
Eickhoff-Smith, M. Kathryn	Eickhoff Economics Inc
Ellis, Michael A.	Kent State University
Elyasiani, Elyas	Temple University
Ericson, Richard E.	East Carolina University
Eubanks, Larry S.	University of Colorado at Colorado Springs
Evans, Paul	Ohio State University
Falero Jr., Frank	California State University
Fama, Eugene F.	University of Chicago
Farr, Dorsey D.	French Wolf & Farr
Farr, W. Ken	Georgia College & State University
Feenberg, Dan	NBER
Feigenbaum, Susan K.	University of Missouri, St. Louis
Feldstein, Martin	Harvard University
Fisher, Eric	California Polytechnic State University
Flanegin, Frank R.	Robert Morris University
Fleisher III, Arthur A "Trey"	Metro State College of Denver
Fleming, Garry	Roanoke College
Flint, Harold D.	Montclair State University
Foo, Jennifer	Stetson University
Forbes, Kristin	MIT
Ford, William F.	Middle Tenn. State U.
Froeb, Luke	Vanderbilt University
Fuerst, Timothy S.	Bowling Green State University
Furchtgott-Roth, Diana	Hudson Institute
Gallegos, Alejandro	Winona State University
Gardner, B Delworth	Brigham Young University
Garthoff, Dave	The University of Akron
Gellman, Aaron J.	Northwestern University
Genetski, Robert	Classicalprinciples.com
Giacalone, Joseph A.	St. John's University
Gifford, Adam	California State University, Northridge
Gillette, David	Truman State University
Gilley, Otis W.	Louisiana Tech University
Gisser, Micha	University of New Mexico
Gissy, William	Kennesaw State University
Glahe, Fred R.	University of Colorado, Boulder
Glass, Amy Jocelyn	Texas A&M University
Glauber, Robert	Harvard University
Gombola, Michael	Drexel University
Gonzalez, Rudy	San Jose State University
Gonzalez-Vega, Claudio	The Ohio State University
Graham, Daniel	Duke University
Graham, J. Edward	University of North Carolina, Wilmington
Graves, Philip E.	University of Colorado
Greene, Kenneth	Binghamton University
Gregory, Paul	University of Houston
Grinols, Earl	Baylor University
Hafer, Rik	Southern Illinois University, Edwardsville
Hakim, Simon	Temple University
Hansen, Gary	UCLA
Hanushek, Eric	Hoover Institution
Hartley, James E.	Mount Holyoke College
Hassett, Kevin	American Enterprise Institute
Hauge, Janice A.	University of North Texas
Heidt, Robert H.	Indiana University School of Law
Helms, Robert B.	American Enterprise Institute
Helvacian, N. Mike	MNH Consulting
Henderson, James W.	Baylor University
Hochman, Harold M.	CUNY Graduate Center and Lafayette College
Hodrick, Robert J.	Columbia Business School
Holen, Arlene	Technology Policy Institute
Holloway, Milton L.	Resource Economics, Inc.
Holtz-Eakin, Douglas	McCain-Palin 2008
Howrey, E. Philip	University of Michigan
Hubbard, Glenn	Columbia University
Huffman, James L.	Lewis & Clark Law School
Humphrey, David	Florida State University
Inama, Chris	Golden Gate University
Ireland, Thomas R.	University of Missouri-St. Louis
Irvine, Owen	Michigan State University
Jadlow, Joseph M.	Oklahoma State University
Jarrell, Sherry L	Wake Forest University
Jensen, Gerald R.	Northern Illinois University
Jensen, Mike	Harvard University
Kaplan, Steven	University of Chicago
Kennedy, Joe	Arlington, VA
Kent, Calvin A.	Marshall University
King, Robert	Boston University
Kohn, Meir	Dartmouth College
Kolari, James W.	Texas A&M University
Kosters, Marvin	American Enterprise Institute
Krol, Robert	California State University, Northridge
Krueger, Anne	Johns Hopkins University
Krupp, Cory	Duke University
Laird, William E.	Florida State University
Lal, Deepak	University of California, Los Angeles
Landau, Daniel L	University of Connecticut
Lash, Nicholas A.	Loyola University
Lefton, Norman B.	Southern Illinois University at Edwardsville
Lenard, Thomas M.	Technology Policy Institute
Lephardt, Noreen E.	Marquette University
Lerrick, Adam	Carnegie Mellon University and the American Enterprise Institute
Levy, Phil	American Enterprise Institute
Lewis, W. Cris	Utah State University
Lindsey, Larry	The Lindsey Group
Lipford, Jody W.	Presbyterian College
Lothian, James R.	Fordham University
Lott Jr., John R.	University of Maryland
Luskin, Donald L.	Trend Macrolytics LLC
MacAvoy, Paul W.	Yale School of Management
MacDonald, Glenn	Washington University in St. Louis
Makin, John	American Enterprise Institute
Malkiel, Burton	Princeton University
Maltsev, Yuri N.	Carthage College
Manne, Henry G.	George Mason University
Marshall, Donald J.	National Petroleum Council
Marshall, Jennings B.	Samford University
Mateer, Robert N.	Liberty University
Mathews, Timothy	Kennesaw State University
Matsusaka, John	University of Southern California
Mayers, David	University of California, Riverside
McArthur, John	Wofford College
McCallum, Bennett	Carnegie Mellon University
McCracken, Paul W.	University of Michigan
McQuillan, Lawrence	Pacific Research Institute
Meiselman, David I.	Virginia Tech
Melick, Will	Kenyon College
Meltzer, Allan	Carnegie Mellon University
Mendoza, Enrique G.	University of Maryland-College Park
Mietus, Jim	Great Falls, VA
Milbourn, Todd	Washington University in St. Louis
Miller, James	George Mason University
Miller, Tom	American Enterprise Institute
Miranda, Mario J.	The Ohio State University
Montgomery, Michael R.	University of Maine
Moore, Michael	George Washington University
Morgan, Paul L.	Westmont College
Moulin, Herve	Rice University
Mundell, Robert	Columbia University
Muris, Tim	George Mason University
Murphy, Jim	University of North Carolina at Chapel Hill
Murphy, Kevin	University of Southern California
Musgrave, Frank	Ithaca College
Muth, Richard F.	Emory University
Nelson, Charles	University of Washington
Neumann, George R.	The University of Iowa
Nieberding, James F.	Consulting Economist
Niskanen, Bill	Cato Institute
Ohanian, Lee E.	UCLA
O'Neill, June	Baruch College, CUNY
Ortega, Lydia	San Jose State University
Oswald, Donald J.	California State University, Bakersfield
O'Toole, James	California State University, Chico
Padelford, Walton	Union University
Parente, Steve	University of Minnesota
Parker, Randall	East Carolina University
Patton, Judd W.	Bellevue University
Perri, Tim	Appalachian State University
Perry, Mark J.	University of Michigan-Flint
Philipson, Tomas	University of Chicago
Phillips, G. Michael	California State University, Northridge
Pingle, Mark	University of Nevada, Reno
Pongracic, Ivan	Hillsdale College
Pongsree, Saharat "Oak"	Wesley College
Poole, William	University of Delaware
Porter, Michael E.	Harvard University
Poulson, Barry	Univerity of Colorado Boulder
Prescott, Edward	Arizona State University
Prieger, James	Pepperdine University
Protopapadakis, Aris	University of Southern California
Pruitt, Stephen W.	University of Missouri, Kansas City
Rahn, Richard W.	Institute for Global Economic Growth
Ramey, Valerie	University of California, San Diego
Reid Jr., Joseph D.	George Mason University
Reiland, Ralph R.	Robert Morris University
Rhee, Thomas A.	California State University, Long Beach
Ries, Christine P.	Georgia Institute of Technology
Rogoff, Kenneth	Harvard University
Roll, Richard	UCLA
Rosen, Harvey	Princeton University
Ross, Larry L.	University of Alaska, Anchorage
Rossana, Robert	Wayne State University
Rowley, Charles	George Mason University
Rubin, Paul H.	Emory University
Ruffin, Roy	University of Houston
Rush, Mark	University of Florida
Sandy, Jonathan	University of San Diego
Santoni, Gary J.	Ball State University
Saving, Tom	Texas A&M University
Schaefer, Kurt C.	Calvin College
Schuyler, Mike	Institute for Research on the Economics of Taxation
Schwartz, Anna	NBER
Scott, Robert Haney	California State University, Chico
Seater, John J.	North Carolina State University
Seeley, Robert	Wilkes University
Shakoori, Ken	California State University, Bakersfield
Shalit, Sol S.	University of Wisconsin
Shapiro, Alan	University of Southern California
Shaw, James	University of San Francisco
Shughart II, William F.	The University of Mississippi
Shultz, George	Stanford University
Smart, Scott B.	Indiana University
Smith, Amy	Former OMB Chief Economist
Smith, James F.	The University of North Carolina
Smith, Richard L.	University of California. Riverside
Smith, Vernon	Chapman University
Snaith, Sean M.	University of Central Florida
Sontheimer, Kevin	University of Pittsburgh
Soule, Pete	Park University
Spatt, Chester	Carnegie Mellon University
Spencer, David	Brigham Young University
Sprinkel, Beryl W.	Former Chair Council of Economic Advisers
Stephenson, Craig A.	Babson College
Stimel, Derek	Menlo College
Stokes, Houston	University of Illinois at Chicago
Stone, Courtenay C.	Ball State University
Suchanek, Gerry L.	University of Iowa
Sumner, Dan	University of California, Davis
Sweeney, Richard	Georgetown University
Tamura, Robert	Clemson University
Tatom, John A.	Indiana State University
Taylor, John	Stanford University
Telser, Lester	University of Chicago
Thompson, Henry	Auburn University
Timberlake, Richard	University of Georgia
Tolbert Jr., Stephen A.	Harrisburg Area Community College
Tollison, Robert D	Clemson University
Tower, Edward	Duke University
Trivitt, Julie	Arkansas Tech University
Troy, Leo	Rutgers University
Upadhyaya, Kamal	University of New Haven
VanHoose, David	Baylor University
Vedder, Richard	Ohio University
Wagner, Richard E.	George Mason University
Walstad, William B.	University of Nebraska
Ward, Ronald W.	University of Florida
Waters, Alan Rufus	California State University, Fresno
Watkins, Thayer	San Jose State University
Weber, Chris	Seattle University
Weidenbaum, Murray	Washington University in St. Louis
Whittaker, J. Gregg	William Jewell College
Wicks, John	University of Montana
Williams, Michael E.	University of Denver
Wills, Douglas	University of Washington, Tacoma
Winegarden, Wayne H.	Arduin, Laffer & Moore Econometrics
Wolf, Charles	Hoover Institution
Wolfram, Gary	Hillsdale College
Wunder, Gene C.	Washburn University
Wykoff, Frank	Pomona College
Yoho, DeVon	Ball State University
Yonge, Nancy A.	Center for American Strength
Young, Eric	University of Virginia
Zdanowicz, John S.	Florida International University
Zellner, Arnold	University of Chicago
Zoric, Joseph	Franciscan University of Steubenville
Zycher, Benjamin	Manhattan Institute for Policy Research

Like someone said.. Obama's economic plan is backed by Warren Buffet. I value and respect that man's opinion based on his career accomplishments. That should be enough to shut this thread down.

per wiki..

Warren Buffett (born August 30, 1930) is an American investor, businessman, and philanthropist. He is one of the world's most successful investors and the largest shareholder and CEO of Berkshire Hathaway.[sup][3][/sup]He was ranked by Forbes as the richest man in the world during the first half of 2008, with an estimated net worth of $62 billion.

 

[alejanz28]

Originally Posted by eaglebball1499

Good read, but I will say this though as a word of caution. Everyone comes from a certain viewpoint, even respected economists. I'm not even talking about a political point of view, but two highly respected economists can have differing views on what economic approaches work best. Some, for instance, are fans of Reganomic-like trickle down approaches, while others believe the better approach is a bottom-up approach.

So on the one hand, one could argue that these top economists could be coming from the same economic viewpoint espoused by political conservatives, while on the other hand it if nothing else highlights the fact that there's no clear-cut solution to our current economic woes right now. Regardless of what side of the political aisle you're on (which BTW I'm a registered independent who barring something big in the next three weeks will likely be voting for Obama), to just flat-out say A's or B's economic views are just flat-out wrong as a general proposition is to ignore the fact that neither approach is a panacea.

One thing that's continued to raise questions for me though is that while I've heard a little bit about how/why Obama's plan won't/can't work, I haven't heard much about how/why McCain's plan will/can work.

QFT!

 

[downtown43]

http://econ4obama.blogspot.com/

[h2]Economists Support Obama Over McCain By More Than 2 to 1[/h2]

[h2]James Heckman on Obama[/h2]

"I've never worked with a campaign that was more interested in what the research shows."

James Heckman, Nobel Laureate
University of Chicago


http://econ4obama.blogspot.com/2008/09/66-of-economists-are-economists-for.html

 

[aight]

The only reason I will be voting for Obama is because I am a conservative Republican who will not stand for 8 years of McCain. I rather wait for the obamaexperiment, and have an actual conservative lead this country.

I hate hypocrites, and McCain is a hypocrite (he should run as an independent or democrat)

 

[downtown43]

from that list...

Holtz-Eakin, Douglas McCain-Palin 2008

at them sneaking that in there. that guy McCain's campaigneconomic adviser

 

[skip2mylou23]

Republicans make the most sense when it comes to economics so it would make sense that economists agree with Republican ideas.

 

[hueyp in louiev]

Originally Posted by Skip2MyLou23

Republicans make the most sense when it comes to economics so it would make sense that economists agree with Republican ideas.

17 year old economists....

 

[tbone95860]

Originally Posted by HueyP in LouieV

Originally Posted by Skip2MyLou23

Republicans make the most sense when it comes to economics so it would make sense that economists agree with Republican ideas.

17 year old economists....

Lets see what happen if Obama gets intooffice and starts raising taxes and spending tons of $$$ in this economic environment.
Should be a GREAT time for America.

 

[grandaddypurp415]

if anyone knows anything about economics is that you cant predict anything. It might work it might not