View Original BBC Article(Image courtesy of www.notcot.com)
So today I decided to critique Obama's and McCain's economic platforms, since I was completely off in yesterdays post by saying that the markets were going to sink today.
This article comes with two videos, one on each candidate's future plans for the US economy if elected. You can see both Obama and McCain making a lot of promises which I think are going to be very hard to execute given the current market situation. People seem to forget quickly about the amount of debt the economic situation at hand is going to generate.
The interest payments alone on all this extra debt will immediately eat up a big portion of the future governments budget, so this will strongly impact their future spending abilities.
In this case, I am slightly more inclined to believe Obama, because at least he is honest about increasing taxes to the wealthy. This will inevitably generate billions more in revenue for the government. We will see whether its going to be enough after the dust settles from what is happening with the worlds financial system.
More readings on the subject:
Reuters - Obama lays out modest steps on the economy
(Reuters does a great job explaining Obamas plans in this article)
International Herald Tribune - Obama adds emergency planks to economic platform
(Another European take on Obamas plans)
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