To say the economic state of America is the most pressing need on the minds of most Americans today, would certainly not be too far from the truth. This is perhaps why both candidates realize that they have to say something at least on this subject. It is sad however to note that Obama’s plans depict a gross lack of understanding of our economic travails. Indeed, a group of respected economists noted recently that “Barack Obama’s economic proposals are wrong for the American economy”. Firstly, Obama proposes an overall increase in tax rates just as he admits that this proposal would not serve a weak economy.
One wonders therefore how he thinks this would work in present day America. Or is this the strong economy Obama imagines for Americans? Increased tax rates would raise federal spending, bring about a slow in economic growth and of course result in massive job losses which of course heads us for another depression which we sure do not pray for. Again, Obama intends to end America’s trade ties the world over. Now, to decide against international trade is certainly not in our best interest, at least not in these times for the economists said “international trade is also a powerful source of strength in a weak economy”.
Also, more jobs are created when we export our goods abroad and cheap products are also imported for the middle class and low income earners to especially to consume. It is this set of people that Obama’s plans would deprive of this veritable source of livelihood. As part of his plans, he also wishes to withdraw American forces from Iraq so as to free funds for the local economy. But we know that can not be true when an holistic view of the costs and benefits of the war would become after such rash withdrawal. In conclusion, Obama’s plans lack depth and appear destined to fail beyond redemption if allowed to run.
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