McCain Hits Obama With “Dome”
By Justin Gardner | Related entries in 2008 Election, Barack, Democrats, Economy, McCain, Republicans, Taxes, VideoIt’s a fair attack on Obama’s economic policies, but with Barack offering his 2 minute commercial on the economy yesterday, I wonder if McCain’s missing an opportunity to answer with something more substantive than the typical “tax and spend” horror stories. After all, the government has literally had to save the fundamental building blocks of the private sector recently, so maybe people’s faith in government to fix the economy might actually be increasing.
Is this a smart path for McCain to take? And how has he demonstrated that he won’t have to raise at least some taxes, as Obama has proposed, to fix our ailing economy?
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September 18th, 2008 at 10:52 am
Saving the fundamentals by creating moral hazard — but that moral hazard will be truncated by a vast new regulatory scheme, right? Or at least until liquidity and flexibility in the market is needed again through deregulation. Oops, here comes the moral hazard again like a’wack a mole. How about this for regulation, the federal government simply gets out of the mortgage business all together and make fundamental changes in transparency of the fed?
But here we are again, “Hi, we’re here from the government and we’re to help….”
September 18th, 2008 at 4:26 pm
If government controlled industries that provide basic infrastructural needs aren’t a good idea, then why is okay when industries become deregulated and a couple giant companies gobble up their competitors and become economic oligarchies that make their own regulations anyway?
At least with the government the focus is on delivering the services as opposed to the corporations where the focus is on maximizing profits.
And to that point, I think we’ve witnessed that deregulation can oftentimes lead to less competition, not more. Also, capitalism eventually just cannibalizes itself when there’s nothing left for it to eat. In other words, these industries eventually lobby for or create flawed money making schemes that leads to them putting their ability to deliver extremely important services in serious jeopardy. That’s not just irresponsible, it’s also a morally unteneable position. Money should not come before people when we’re talking about the fundamentals of our economy.
However, agreed about more transparency within the Fed.
September 18th, 2008 at 9:14 pm
Tax and spend is all they know.
They’re like the Dems were in the mid/late 70s. Dems had 57 different variations of the New Deal. Granted, it was a pretty powerful concept, each subsequent iteration watered down the brand and it’s effectiveness. It also inhibited serious thought on how to adjust to new challenges.
Same with the GOP these days. Their run hasn’t been as long, but it has been as craptacular as the Dems run was spectacular. You knew that they “jumped the shark” when they somehow sold the 2001 & 2003 tax cuts as a necessary to support the war in Iraq.
So when it comes to fighting the smartest and best prepared Dem candidate in a generation, who hasn’t necessarily grounded himself in old-school Dem ideology, their inability to learn and adapt is leaving them looking like this.
As I say that, I understand that Dems have shown an uncanny ability to snatch defeat from the mouth of victory. I don’t think that’s gonna happen, but I’m very wary of it.
September 19th, 2008 at 11:32 am
When we just added about a trillion dollars to the national debt, plus ongoing costs in Iraq and Afghanistan, we will need to raise taxes at some point. There is no way we can keep Bush’s tax cuts permanent.