McCain v Obama: Economics & Taxation

Next we will look at the distinctions between McCain and Obama on economic policy and leadership.

Much has been made during the Republican primary process about McCain’s admission that a personal understanding of economics is not his strong suit. Appropriately so. However, it’s not hard to look at the general approach to economic policy that characterizes the two parties, as well as the voting record of McCain vs. Obama on economic issues.

Since Barack Obama had the most consistently liberal vote in the US Senate last year, we should consider the general liberal/progressive view of taxation and economic issues. Because the liberal political philosophy focuses on large-scale government solutions to problems, which costs money, liberals are often forced/pressured into increased taxing to pay for these programs. They will generally vote against tax cuts. And they generally prefer to really crank up the taxes on the “wealthy” and you hear "class warfare" rhetoric from liberals constantly (think of John Edwards' "two America's" lines).

McCain voted against President Bushes tax cuts early on, but says it was because legislators were not willing to cut expenses at the same time. Overall, though, he has a record of preferring tax cuts and avoiding tax increases and has made such a pledge if he becomes president.

And on the other side of the ledger he's one of the best Republicans around at working to limit government growth and spending and deficits. He could be one of the best Presidents ever in this very important ongoing effort.

Occasionally you will note that I am still in mourning over Mitt Romney. The economy was and is his strong suit. McCain doesn’t have any particular personal advantage or skill in this area, but his principles are strong and generally market oriented. The liberal agenda I don’t believe to be particularly good for the economy. However, either person as president will get advice from people who are more skilled and knowledgeable than they are.

I see this as a matter of tax policy as much as anything as well as "larger government" vs. "limited government" and I strongly prefer McCain’s approach to Obama's.