Economics and the 2008 Presidential Campaign

By Brendan Rusbatch

“So everywhere you look, the economic news is troubling but here’s thing for so many Americans, this is no news at all.” When Barack Obama told this to the residents of New Mexico he was not lying. I don’t care what you say the economy has become one of the most important issues of this year’s presidential campaign. In the past few weeks the presidential candidates have not only bashed each other but have gone after their economic advisors. For example, John McCain created a commercial specifically on this topic that went after Barack Obama’s financial advisor, Franklin Raines. He stated that Raines was the former chairman and CEO of Fannie Mae and that while he was the former CEO he made millions of dollars while Fannie Mae itself collapsed, leaving the taxpayers to pay the bills.

The newest issues in the economy have made this presidential campaign one of the most important ever. McCain has always supported President Bush but now with the economy collapsing McCain is changing his ways. I believe the number one influence in the campaign this year, besides the obvious such as the war in Iraq and Afghanistan has become the economy. It seems to me that as the economy keeps going downhill McCain is just making up his policies as he goes. According to the Sun Coast Daily Online McCain was said to be strongly opposed against the government bailout of AIG this past week but after the bailout he changed his opinion and ended up being forced to support it. McCain as well as Obama created a plan to fix the economy but none of his ideas to fix it make any sense. For example, McCain blamed the people of Wall Street for this loss to the government but really it seems to me like He is just hiding the governments’ problems. McCain also wants to “end greed on Wall Street” I don’t know about you but this goal seems pretty impossible to me. Lastly, McCain wants to fire a bunch of people such as the Security and Exchange Commission Chairman Chris Cox. Cox had nothing to do with the “meltdown” on Wall Street. McCain’s top economic advisor Phil Gramm has stated that “this is a mental recession” and that “America has become a nation of whiners.” Well I believe that America is whining for a reason, and not just a mental reason. We are crippled and our economy is crashing. Something is wrong, and somebody needs to fix it, not just blame it on somebody else.

“Now is the time for us to come together as a nation behind a new compact for the 21st century, one that gives the American people a lift so they can lift up this country.” Barack Obama is a strong supporter of ridding the lobbyists out of the government and truly believes in change. Whoever is the next President of the United States will be faced with the worst economic situation since the Great Depression and I believe Barack Obama can handle this task with a little time. Obama is in support of a second and longer lasting 50 billion dollar economic stimulus package to help get this country out of its current disastrous situation. Barack Obama wants to raise the minimum wage to $9.50/hour instead of McCain who wants to keep it at $7.25/hour. After the collapse of the banks recently both candidates gave us a plan on fixing the economy. Obama said that he was going to establish a financial market advisory corporation to “check-up” on the banks and the whole economic system. He would also toughen the financial regulations which would apply more consistent rules to the financial firms. Obama stated “Now at a time of rising costs and rising uncertainty, it is time for the policies of Washington to put a little wind at the backs of the American people.” When he said this he was exactly right. Washington needs to stop doing nothing and get out there and help the American people.

Now at a time of crisis and the danger of a second Great Depression the United States of America needs a leader that can truly make a change in the way the economy is run. I believe that McCain is the wrong man for the job simply because he doesn’t even understand the economy “as well as he should.” He is running for President of the United States for God’s sake. Obama on the other hand has the talent and the knowledge to change this countries economy for the good of the people. His policies actually make sense and his desire for change is the strongest that I’ve ever seen.
http://www.thedaily.com.au/news/2008/sep/19/aap-economy-plays-havoc-with-mccain-campaign/

http://www.huffingtonpost.com/2008/07/10/mccain-adviser-americans_n_111857.html

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/19/AR2008091903823.html

http://www.usnews.com/blogs/flowchart/2008/09/18/how-mccain-obama-would-fix-wall-street.html