Sunday, October 5, 2008

Obama tax cuts aimed at the less-than-wealthy

Given what’s happened to the economy in the past few weeks — and the fallout that’s likely to continue between now and January — it’s tempting to take the economic and tax plans proposed by John McCain and Barack Obama and toss them both in the trash can.

After all, the plans were conceived and drafted for an economic reality that no longer exists. The political world in which they were imagined has changed dramatically as well, as have public attitudes toward business and government. Regardless of who wins the election, the next president of the United States will face a situation that few could have predicted a year ago and that even fewer fully comprehend even now.

Understandably, with barely four weeks left in the campaign and the economic situation in such flux, neither candidate has tried to go back and update his plan. However, those plans do tell us something about how the two candidates perceive the economy, where their values lie and how they would generally approach the challenges ahead.

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