This is the last post in a look at the major presidential candidates and their economic policies.
Government spending is one of those things that is out of control. But many of us have come to expect certain services from our government, so government spending has become almost a necessity. But who is most likely to keep it in check?
However, each of the presidential candidates does have things to say on the subject of government spending. And, of course, both pledge to keep spending in check, while insisting that their policies will be better for Americans’ personal finances.
John McCain promises to demand that Congress eliminate earmarks from bills. He also wants to freeze discretionary spending for a year to decide which programs to cut. These programs would more than likely include many social programs.
Barack Obama also wants to get rid of some earmarks (cutting them to 2001 levels). He also says that he wants Congress to instate pay as you go rules for government spending. One of the biggest spending problems that Obama sees is the Iraq War, and he has said that he would bring troops home in order to save money that way.
I like the idea of eliminating earmarks — just cutting them down isn’t sufficient. However, the programs that McCain would cut (if he actually did cut any) are most likely to the programs that most help personal finances — things like health benefits for the elderly and the less fortunate and education.
As a note, if McCain and Obama both carry through with their ideas for spending and for taxes, McCain would increase the deficit by $4.5 trillion, while Obama would increase it by $3.3 trillion. Obama’s plans increase the deficit less, but there is still a deficit increase — no matter who gets the job of President.
Does either candidate really address the economy?
Other Posts in this series: