2008 Woodie Awards
Presidential candidates clash on financial issues
Bob Bennett
Issue date: 10/10/08 Section: News
Originally published: 10/9/08 at 5:59 PM EST
Last update: 10/9/08 at 7:34 PM EST
Traditionally, the difference between the two major parties has been that Democrats have favored income redistribution, while Republicans have favored deregulation, or removing restrictions on business.
And this presidential election is no different.
With the economy in turmoil, both Sen. Barack Obama and Sen. John McCain are divided sharply along these same lines.
But Harvey Schantz, a professor of political science at Plattsburgh State, said Obama will probably come out on top this year because the party in power during an economic downturn always suffers in an election.
"Economic issues decide elections," he said.
At the debate on Tuesday, the candidates disagreed about taxes, social security, minimum wage, the budget deficit, energy, healthcare, unemployment and the credit crisis.
Obama has said repeatedly that he wants to raise taxes on those who make $250,000 or more. He said his plan would provide tax cuts to 95 percent of Americans.
"The key is to help the middle class, not the rich," he said during the debate.
McCain has said he wants to leave taxes alone completely. He also said Obama's tax cuts would hurt 50 percent of small businesses because they make over $250,000 a year.
The minimum wage was also at issue.
McCain wants to keep it the same, but Obama wants to raise it to over $9 an hour.
And on the annual budget deficit, McCain wants to freeze all spending on everything but veterans, the military and entitlements. He calls for a balanced budget by 2015.
Obama calls for a more pay-as-you-go approach. He says for every increase in spending, there should be a decrease in another area to offset it.
On the energy issue, which ties into the economy, McCain wants 45 new nuclear plants by 2030.
Obama wants short term relief paid for by windfall profits from oil companies but also proposes to invest in solar, wind and geothermal. He also said he believes nuclear power could be used to a small degree.
And this presidential election is no different.
With the economy in turmoil, both Sen. Barack Obama and Sen. John McCain are divided sharply along these same lines.
But Harvey Schantz, a professor of political science at Plattsburgh State, said Obama will probably come out on top this year because the party in power during an economic downturn always suffers in an election.
"Economic issues decide elections," he said.
At the debate on Tuesday, the candidates disagreed about taxes, social security, minimum wage, the budget deficit, energy, healthcare, unemployment and the credit crisis.
Obama has said repeatedly that he wants to raise taxes on those who make $250,000 or more. He said his plan would provide tax cuts to 95 percent of Americans.
"The key is to help the middle class, not the rich," he said during the debate.
McCain has said he wants to leave taxes alone completely. He also said Obama's tax cuts would hurt 50 percent of small businesses because they make over $250,000 a year.
The minimum wage was also at issue.
McCain wants to keep it the same, but Obama wants to raise it to over $9 an hour.
And on the annual budget deficit, McCain wants to freeze all spending on everything but veterans, the military and entitlements. He calls for a balanced budget by 2015.
Obama calls for a more pay-as-you-go approach. He says for every increase in spending, there should be a decrease in another area to offset it.
On the energy issue, which ties into the economy, McCain wants 45 new nuclear plants by 2030.
Obama wants short term relief paid for by windfall profits from oil companies but also proposes to invest in solar, wind and geothermal. He also said he believes nuclear power could be used to a small degree.
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