Richard Rahn compares the economic plans and advisers of the Presidential candidates and finds McCain to be in a stronger position–though he does state that McCain needs to specify where his spending cuts will come from. When it comes to Obama’s position, Rahn is eviscerating:
Mr. Obama’s fiscal plan is totally implausible. He has, according to the National Taxpayer Union (NTU), already promised to increase spending on a variety of government programs by more than $344 billion per year. He intends to pay for it by increasing taxes on the “wealthy” (the top 1 percent of taxpayers already pay 39percent of the income tax). But the revenue he seeks will not be there, because the rich are able to find many legal (and illegal) ways to avoid paying much higher tax rates. Former Federal Reserve Board member and head of the National Economic Council Lawrence Lindsey has shown how the Obama proposal “would make the private sector $5 poorer in order to make the government $1 richer.”
Nobel Laureate and “father of the euro” Robert Mundell said if Mr. Obama does not renew the 2003 tax rate reductions, “the U.S. will go into a big recession, a nosedive.”
Something to bear in mind if you plan on voting with your wallet in November.