Sunday, March 2, 2008

Clinton and Obama Fighting for Votes in Ohio

This Tuesday (March 4) Ohio, Rhode Island, Texas, and Vermont will have their primaries. Ohio and Texas -- with a combined lode of nearly 400 delegates -- could determine the 2008 Democratic and Republican nominees. In Ohio, Clinton and Obama have been focusing largely on the economy and the North American Free Trade Agreement, which many Ohioans blame for the loss of manufacturing jobs. This year it looks like the economy is a major issue that will influence who voters choose to vote for. According to a Gallup poll, the economy was rated as the top issue of importance to voters (followed by the situation in Iraq and education). With recession fears dampening consumer confidence, it is important to be aware of each candidate's plan to stimulate the economy. Heres a short summary of each candidate's plan:

Democrats:
Clinton: would establish a $30 billion emergency housing fund to assist states and cities mitigate the effects of mounting foreclosures. Would also include a 90-day moratorium on subprime foreclosures and an automatic rate freeze on subprime mortgagesof at least five years. Would provide $25 billion in emergency energy assistance for families facing skyrocketing heating bills. Would invest $10 billion in extending and broadening unemployment insurance for those who are struggling to find work. Would accelerate $5 billion in energy efficiency and alternative energy investments to jump-start green-collar job growth.

Obama: Would pump $75 billion into the economy via tax cuts and direct spending targeted to working families, seniors, homeowners and the unemployed. The plan also includes $45 billion in reserves that can be injected into the economy quickly in the future if the economy continues to deteriorate. Would provide an immediate $250 tax cut for workers and their families and an immediate, temporary $250 bonus to seniors in their Social Security checks. Would provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen. Would extend and expand unemployment insurance.

Republicans:
Huckabee: plans to make tax cuts permanent and NOT raise taxes. He says he would try to cut rates on both corporate income tax and individual income tax. However, he says its not enough just to cut taxes, he would also "look at some serious spending cuts." He would eliminate all federal income and payroll taxes and would replace them with the Fair Tax (a simple tax based on wealth).

McCain: would lower the corporate tax rate from 35% to 25%. Would allow first-year deduction of equipment and technology investments and establish a permanent research and development tax credit equal to 10% of wages

Whose plan would you support? What do you think will be the most important thing to do in trying to stimulate the economy? Are we headed towards a recession?

2 comments:

Kristina McOmber said...

Huckabee also believes "there are only 10 rules we ought to be following"...... If you ask me, refraining from "using the Lord's name in vain" isnt going to save anyone from a recession

Anonymous said...

I like Huckabee's elimination of taxes, but I don't know how much it would help the economy right now. I think we should worry about our gigantic defecit first and once we balance the budget do away with income taxes.