While I believe the economy is a secondary issue in this election, that subject’s dominance of the news over the past several weeks puts it in the forefront of many voters’ minds. The media and Barack Obama would have you believe that Obama is the best candidate to handle the economy and make things better for Americans.
Their claim immediately fails from my view because of their premise. The economy does not belong to the government; therefore, we do not need a president to “handle it”. Further, it is not the government’s role to make things better for Americans but to keep America secure so that we can make our lives better ourselves.
Under the microscope of that disagreement, then, consider Obama’s policies for the economy. He supports massive government regulation that can only mean higher taxes to support a larger bureaucracy. He supports windfall taxes on businesses he considers too profitable. He supports increasing the taxes on anyone who reports more than $250,000 dollars on their IRS Form 1040, including small business owners who file as sole proprietorships or S-corporations. He supports a nationalized healthcare system that threatens to cost the taxpayers nearly a trillion dollars to implement.
In short, Obama supports making all of us servants of a massive government that takes our money and spends it on what he thinks is important.
McCain, on the other hand, believes in making the economy work for the people by reducing the government’s hand in that economy. McCain called for economic reform of the very entities that helped lead to the current financial crisis. McCain believes in lowering and simplifying taxes on all Americans, including corporations, as an incentive for them to save, spend, and invest in America. McCain believes in creating incentives for small business who contribute millions of jobs to the economy. McCain believes in helping the economy by reducing government spending that acts against growth.
In short, McCain supports reducing the federal burden on the economy so that Americans can make the economy work for themselves.
We should all remember that America has seen Obama’s ideas on economics before. In 1976, the American economy was shaky. We had a $371 billion budget and $629 billion in government debt. Unemployment was at 8.5 percent and inflation was at 8.7 percent. Interest rates hovered around 7 percent. Carter came into office with an interventionist belief that the government must be the solution to the economy. By 1980, when Reagan defeated Carter, the federal budget was $590 billion and the debt was $909 billion. Unemployment had dropped to 5.8 percent, but inflation was at 13.5 percent after four solid years of inflation above 10 percent. Interest rates had topped as high as 20 percent.
We do not need to elect Obama to know the consequences of socialist thinking in a libertarian, free market economy. We saw them under Carter, and we will see them again if we elect Obama. The clear choice for the economy, then, is McCain, whose policies take the government out of the economy so that it can work on its own.