Wednesday, October 8, 2008

Presidential Debate- Nashville ,Tennessee: McCain V Obama: McCain enhances his Credentials on Economy

In the economic section of the debate John McCain was more specific. Obama tended to rely on populist generalisations. His solution appears to be more and more state involvement. Obama is a true Socialist. The state will solve all problems. The difficulty with his approach is that more state involvement requires higher taxes. There is no such thing as a free lunch. If voters opt for Obama on the health care issue they will pay a heavy financial price in increased taxes.

McCain caught out Obama on Freddie and Fannie. Obama being the second highest recipient of campaign contributions from Freddie and Fannie. McCain outlined how he attempted to introduce regulation on Freddie and Fannie. Obama was no place to be seen. McCain outlined a plan to buy up bad house loans and stabilise house values- cost 300 billion dollars. New mortgages at present values would be provided to those house owners. This just might work. I believe that this should come from the 700 billion rescue package.

McCain outlined how his tax policies would benefit the middle class and small business owners. McCain stressed energy independence: more off shore drilling and nuclear.
He outlined plans for public expenditure freeze (except military spending). This would help fund tax cuts.
McCain hammered Obama on spending and earmarks. Obama voted for 94 tax increases. Obama according to McCain has plans for 860 billion dollars in new spending. I suspect that it is much more. Clearly Obama’s tax promises cannot be fulfilled.
As McCain stated: “Nailing down Obama’s tax proposals is like nailing Jello to a wall".

Obama criticized McCain on Freddie and Fannie and on deregulation. Obama did not adequately answer McCain charges on Freddie and Fannie.

Obama outlined his ideas on middle class tax cuts. He attempted to inject class warfare into the debate. He criticized McCain proposals to lower tax burdens on industry. Obama fails to realise that various European countries have embarked on reducing tax burdens on industry. Failure to reduce taxes on industry will lead to job outflows. Obama pressed universal health care. Once more failing to realise that such a policy would ignite a taxation time bomb. It would cripple taxpayers. McCain challenged Obama's plans for fines. Obama failed to respond.
McCain performed very strongly on the economy. He certainly gained the upper hand on this key issue.

He exposed major contradictions in Obama’s plans. Obama stressed more and more state involvement and regulation. Even on energy Obama was economical with the truth.

Both candidates sparred on foreign policy: On Afghanistan, Iran, Iraq, Israel, Russia. McCain won this hands down. McCain made it clear that he would defend Israel in the event of an attack. Obama waffled. On Pakistan, Obama came across as naive.


rainywalker said...

Sorry, John McCain after last nights debate lost another 5 points in the polls that count. But listening to both candidates last night we heard nothing really new, it was almost a waste of time. Many people in Appalachia that have been voting Republican are now turning to Obama including the mine unions. I really see this election a blowout like nothing we have had since 1938.

Jeff said...

McCain's base can't be liking the multi-hundred-billion dollar bailout plan he so casually dropped by suggesting the Treasury buy up bad mortgages. Talk about populist!

I have to agree with rainywalker on this one. Blowout big time.

All McCain has anymore is Bill Ayers. And the dems have.. well.. this:

Jeff said...

er.. this.

John Barry said...

It may be a blow out. But with a Democratic Congress and a Democratic President the tax payers will pay a heavy price. Obama cannot cut taxes without an expenditure freeze minimum or probably very deep cuts. Perhaps he should appoint Ayers as Secretary of State. Just remember Obama is in favour of raising capital gains tax. The likelihood of an Obama presidency may be the cause of SOME of the current instability.
Obama has promised the sun the moon and the stars.See NTU .He will not deliver if elected.

John Barry said...

See Politics and Culture