Economic Policies in the 2008 Election – Comparison of Obama and McCain’s Plans

By admin ~ October 26th, 2011 @ 12:05 am

During this year’s presidential election, economic policies are at the forefront. In the midst of a financial crisis, the world economy appears headed for a long-term recession. At the same time, we are entering a new era in American electoral politics with the 2008 election. Both candidates, Democrat Barack Obama and Republican John McCain, offer a diverse set of economic policies that aim to address the issue. This guide will break down their primary financial and economic plans to help you understand the candidates better.

Housing and Credit Markets
Both candidates supported the most recent Economic Stabilization bill which aims to help improve conditions in the financial markets. Historically, McCain has been a stronger supporter of deregulation although he recently proposed that the federal government would buy mortgages from banks in order to provide home owners with better terms, helping them to stay in their homes. The plan seeks to shift home owners from adjustable to fix rate mortgages. Obama, on the other hand, supports a tax credit for the middle-class which would increase home ownership deductions. Both candidates support stricter regulations of Wall Street financial practices.

Energy and Trade Policy
A major difference between the candidates are their differences in trade and energy policy. While McCain generally supports free trade, increased oil drilling and the expansion of international trade agreements, Obama has sought to revise existing trade agreements with a focus on labor standards, environmental regulations and carbon emission caps. Both candidates oppose drilling in the Alaskan ANWR region, as well as supporting mandated caps on carbon through a market mechanism. Obama, however, has placed a greater focus on fostering renewable energies, while McCain believes that a shift toward nuclear power offers a more viable short-term solution.

When making your decision this election (and in future elections), make sure you learn everything you can about the candidate’s economic plans.

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