From the Conventions: Challenging Economic Times

OPB | Sept. 4, 2008 midnight | Updated: Sept. 10, 2013 8:44 p.m.

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How will the next president impact your pocketbook?

“Challenging economic times” is a phrase you hear bandied about a lot during this election year. What does it mean to you? Are you unable to sell your house? Did you lose your job? Are you having difficulty paying your bills or buying your groceries? Or are you just a little more afraid than you used to be about saving for the future?

When you consider your vote for president, do you think about your country, your heart — or your pocketbook? For many people the bottom line is the biggest factor in considering who should be next to head to the Oval Office.

When Barack Obama spoke at the Democratic National Convention last week he said: “I will cut taxes — cut taxes — for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class.”

Obama says his plan would provide tax cuts and spending to working families, seniors, homeowners and the unemployed. He’d eliminate capital gains taxes on start-ups and small businesses.

Fred Thompson, who ran against John McCain in the GOP primaries, countered Obama’s statement when he spoke at the Republican National Convention last night. “Now our opponents tell you not to worry about their tax increases. They tell you they are not going to tax your family. No, they’re just going to tax “businesses”! So unless you buy something from a “business”, like groceries or clothes or gasoline … or unless you get a paycheck from a big or a small “business”, don’t worry … it’s not going to affect you.”

McCain says his plan would lower the corporate tax rate from 35 percent to 25 percent. He would double the child deduction from $3,500 to $7,000 and permanently repeal the alternative minimum tax.

Which plan makes more sense to you? Do you wish for more money in your pocket today? More jobs in the United States? More breaks for businesses? Or more financial help for your grandparents? When you think of the next president of the United States, what do you hope he’ll prioritize when it comes to the economy?

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Photo credit: Shyb / Flickr / Creative Commons

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