Under such conditions, a withdrawal could be completed by 2010.
It is my belief that neither candidate is in a position to manage the economic crisis. For instance, both have made energy independence a strong component of their policies, yet energy independence is a decade or two away. This is a noble long-term goal but will not address today's economic issues. McCain's economic ideologies are rooted in 20th century economic logic. His reliance on the trickle-down approach fails to recognize that capital is fungible. Therefore, applying more capital to the top of the economic food chain will not necessarily increase wealth at the bottom. It may merely be investing outside the country if opportunities overseas are better, which at present they often are. Holding the line of taxes will not spur growth, nor will it reduce consumer debt. Moreover, he cannot balance the budget in light of his lack of a withdrawal plan for Iraq and support of the $700 bailout. His tax strategies do not address to inequities of the current tax system. Moreover, lowering corporate taxes from 35% to 25% will not address the myriad of other political and economic factors that companies take into account when deciding where to set up shop, such as wages, market opportunities and trade barriers.
Obama's economic plan is more trickle-up, which is stronger in principle but there are limitations. American consumer debt, for example, is a constraint on growth and represents a transfer of wealth overseas. Obama's tax cuts are unlikely to translate into a reduction in consumer debt. More likely, that money will go to China via Wal-Mart and Saudi Arabia through the oil companies. This is an oversimplification, but more money in the hands of consumers is not going to stop the massive transfer of wealth overseas. Increasing taxes on the wealthy and the windfall profits tax on the oil...
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now