What polls indicate that tax cuts are the number one campaign issue? The economy as a whole is.
There has already been a redistribution of wealth from Main Street to Wall Street - why is that acceptable?
Obama's idea of 95% of the population getting tax cuts are quite popular and it is what many think will help the economy. This is also why some Republican voters prefer him to McCain. I think they are mistaken because of the social security element of his claim, but that's another discussion for later if an when Obama wins.
In regards to distribution to Wall Street from Main Street (bail out) I'm not in agreement with congress or Bush. I don't like the bail out because I think it doesn't do much. Aren't they asking for more money now? When will it end?
AIG example.
AIG may need more cash due to restructuring - AOL Money Canada
Also it creates a moral hazard. If gambling on the stock market leads to losses but those losses are bailed out by the taxpayer then future gambling will be looked at as not so risky because companies can expect the tax payer to always bail them out.
I essentially agree with you that the economy as a whole is the main issue of the election but I went into more detail of the root causes and I'll list all I can think of for issues:
- low interest rates for a long time that allowed people to get into huge debt. Yes it's partially the public's fault for giving into consumer debt and greed for flipping securities and assets with the belief the market would always go up. Yet politcians usually avoid blaming those people knowing they may lose votes from them. I think Palin talked about living within your own means, and Obama made a comment of Bush saying "let's go shopping". Yet it's still too vague to make any dent. I certainly hope people limit their shopping to something reasonable, but will they?
- lack of regulations for new financial instruments. When debt is created it should be disallowed to be sold in portions to other people via bundled securities that include biased Standard and Poor ratings. Only prideful libertarians would defend zero regulation.
- subprime loans. If people don't have a downpayment and they don't have enough income so mortgage payments are only 30% of their pay then they should look for smaller accomodations or rent until they can save for a bigger downpayment to lower the overall mortgage payments.
Capitalism fails temporarily because of people incurring too much debt (boom) and have to pay it back later (bust). Yet capitalism recovers, if it's allowed to. That's why I tell people to save as much as you can, especially during a boom, so they can handle the cycles better. I also urge to avoid the tax and spend attitude of the government because it just makes it harder for people to save who still have jobs during the recession. That savings creates new jobs and the recovery in the future. The faster the savings the faster the recovery. Savings also creates independence so less people have to rely on the taxpayer and more people will have a nest egg for retirement.
I think McCain's policies of reviewing all programs to find waste areas to cut will help resist the urge to raise taxes and that is a better way of handling the natural recession. The only way to avoid booms and busts would be if all people were rational and not emotional and nobody took on debt they couldn't handle, but that would be a perfect system. I think perfect systems don't exist. Everytime there is a crisis we need to add on what we learned and not revert to failed redistribution policies of the past. Eg. New Deal, Great Society. These systems invented in the 30's and 60's were supposed to eliminate poverty but they didn't. As long as somebody can take their handout and snort cocaine with it the choice factor in peoples decisions will be the main motivator for their success or failure. I mean isn't that what we are all arguing about? How much of a role is there for government? The appropriate solution is somewhere between the extremes of Marxism on the left and Libertarianism on the right.
I do think that the absolute incompetency and failure of the Republican party in the past 8 years has fostered a situation that has forced McCain to spend most of his time in a strange marriage of offense and defense trying to show how much he's not like Bush and the major Republican leaders at the helm of the current sinking ship of our government and economy. The grand majority of Americans are simply fed up, and rightly so, with the Republican policies and deceit that led us to this point. McCain has no chance of winning if he simply tries to be different. His voting record and policy support of the past 8 years (save for a few areas) has been nearly identical to whatever Bush supported. The areas where he broke away were good, and he should be commended for that, but a 10% change isn't going to cut it. He knows that, his campaign masterminds know it, the Republican leaders know it, and most of all, we the people know it. The only chance McCain has at this point, which seems to be slipping further away because of his disastrous campaign, is to try to drill in the American public's head that he's Bush's opposite and to use whatever fear tactics and lies he can to make the electorate afraid of Obama. As we're now seeing, the American people aren't as stupid, as McCain bet on, and that strategy is backfiring. Does he have a shot in hell? Sure, but barring a major turn-around, McCain can only blame his likely loss of the presidency at his own selling of his soul to win.
what did you talk about to get rewarded with a kiss on the cheek? do tell woman!
smiley out. Hence my isolating it. We all know Irvine is quite well versed on the subject.
