Comparing economic plans

Obama continues to tout his economic plan. While elements sound very similar to Clinton’s economic path to success, the changes sound like legitimate and significant improvements. Meanwhile, McCain is now distancing himself from his previous 7 years of support for the Bush economic plan and incorporating elements of Obama’s plan in his speeches. So, what is one to believe about the economic plans of the two candidates? Let’s examine past promises and how they panned out:

Democrats
Old Promise: will balance the budget and reduce taxes by cutting government spending
Results: Clinton’s 8 years in office finally stopped the runaway national debt, and policies put us on track to eliminate the debt during Bush’s tenure
Current promise: return to balancing the budget by cutting government spending, removing tax subsidies to oil companies and the very rich, while finally providing actual tax relief to the middle class. Eliminating the debt means our money can work for the US, rather than going towards interest payments to China and the Middle East.
Prospects: they’ve done it before, so there’s no reason to believe they can’t do it again

Republicans
Old Promise: will balance the budget by cutting government spending
Results: The successful economic policies of the previous 8 years before Bush were dismantled and reversed. The budget was thrown wildly out of balance by the 1-2 punch of massive increases in government spending while reducing available money because of massive tax subsidies to the largest corporations and the wealthy (although the middle class tax increase via the AMT did give the government more money). The ultimate result of the actual economic policies implemented is increased inflation, unemployment and job outsourcing, a shrinking dollar, a weakened economy, massive debt for future generations to clean up, and gas prices out of control. However, economic success has been declared due to the increased profits of some preferred companies and lowered tax bills for the very rich.
Current promise: will balance the budget by cutting government spending and giving further tax breaks to the wealthiest individuals and corporations
www.cnn.com/2008/POLITICS/07/08/mccain/index.html
(buzzword alert: McCain is touting “entitlement reforms”. The last time that code word was used, Bush tried to privatize Social Security – which would have put the social security checks of current and future retirees at great risk!)
Prospects: since the identical rhetoric was hauled out by Bush, and McCain was fully on board with dubya’s economic policies, there is no reason to believe that the GOP would suddenly change their economic plan if McCain were to win.

So, to really know what the results of an Obama economic policy might be, look back to the results of the last Democratic plan, the 90’s Clinton years. To really know what the results of a McCain economic policy might be, look back to the results of the Bush administration’s plan.

Removing the political rhetoric, it really just boils down to these simple questions:
Were you better off 8 years ago as compared to 16 years ago? Was the country?
Are you better off now as compared to 8 years ago? Is the country?