Hope versus fear, new versus old: Barack Obama and John McCain have placed their bets. These are the terms on which the 2008 presidential campaign will be decided. That's why it's unfair for political bystanders to attack Obama and McCain for offering few specifics as to how they'd fix an ailing economy. And it's foolish to ask them to jettison their campaign promises in order to pay homage to the God of Balanced Budgets.
Each campaign has given voters ample notice about the inclinations, temperaments, habits, philosophical leanings and advisers they would bring to the White House. That's enough. Piles of prescriptions would be useless because this crisis is moving so fast. New ideas could become obsolete in a few days -- or require substantial redrafting on the run, as happened with McCain's sketchy mortgage purchase plan floated during Tuesday's debate.
In this financial catastrophe, last week's unthinkable idea quickly becomes this week's imperative. The Bush administration is wisely contemplating following the lead of British Prime Minister Gordon Brown in having government take ownership shares in many banks to get them more cash and allow them to lend again.
If Obama had suggested such a thing, he would have been condemned as a socialist and the administration might well have had to shelve a necessary idea. Better that the candidates acknowledge that they are powerless until after Nov. 4. As for cutting back on their programs because the government is spending and lending so much to save the economy, the candidates should just say no to the deficit carpers.
Yes, the federal government faces a huge deficit, bloated during eight years in which many now crying out for fiscal responsibility put up little resistance when the administration started two wars and cut taxes at the same time. Where were the deficit hawks then? The time to balance budgets is when the economy is humming. Now, the government is obligated not only to prop up the economy but also to bring back long-term growth. That will require transformative investments in infrastructure, health care, education and new green technologies.
If you think the number of Americans without health insurance is too high now, wait until this recession really kicks in. Few investments would help businesses more than offloading a share of their health care costs to the government. It's social justice with an economic kick. In fact, if these various bailout plans work, the government should get much of its money back during an economic recovery. If they don't work, balancing the budget will be the least of our problems. The short-term costs of healing the economy should be considered apart from the rest of the budget. We should create a separate Economic Recovery Authority to handle the outflow and (we hope) inflow of cash from various bailout plans.
Obama and McCain are giving us a clear sense of who they are and how they would lead. It would seem that Obama has been studying the 1932 Great Depression campaign of Franklin D. Roosevelt. The key to Roosevelt's victory was not a big program but a jaunty sense of optimism in the midst of despair that led to his signature inaugural line -- "the only thing we have to fear is fear itself." Less famously, Roosevelt declared in his acceptance speech that "this is no time for fear, for reaction or for timidity."
In recent days, Obama has painted himself as calm, pragmatic, open and hopeful. He seemed to be channeling FDR when he told a crowd in Indianapolis on Wednesday: "This isn't a time for fear or for panic. This is a time for resolve and steady leadership." As for McCain, his campaign is trying to sow fear and panic about Obama. That's exactly what Herbert Hoover tried to do with Roosevelt. Days before the 1932 election, Hoover attacked Roosevelt's "inchoate new deal." He predicted it would "crack the timbers of the Constitution" and warned voters to beware of the "glitter of promise."
Hoover stopped short of declaring Roosevelt a celebrity. But Donald A. Ritchie reports in his excellent 2007 book, "Electing FDR," that Hoover saw Roosevelt as "his weakest and most vulnerable" foe and "did not respect him as a political rival." McCain conveys unmistakably that he feels the same way about "that one" running against him.
It's too early to predict that the 2008 campaign will turn out like the one in 1932. But history suggests that in American elections, the candidate who underestimates his opponent often loses, and hope almost always beats fear.
http://www.tnr.com/politics/story.html?id=d20d1f25-8831-414f-b122-317b550da617
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@thesuperlovingone stop hating on my man u whore shit
weavsleev 1 year ago
End corruption and vote responsible REPRESENTITIVES for the people. That's change. Americans voted for that. For now Obama's words are empty. Yes We Can see Czar/Adviser closest friend to Obama Valerie Jarrett millions of taxpayer dollars managing slum lords of Grove Parc & ACORN supported tax dollars go to the corrupt TALK IS CHEAP America sick of it. All we want is the corrupt to be out of government. AMERICA finally sees and are listening. VOTE Different don't Just vote for the lesser evil.
diggersstory 2 years ago
time will tell...sounds like a lot BS.
thesuperlovingone 2 years ago
BULLLL
egn2020 2 years ago
OBAMA RULES!! I'm not even american, im british lol. GO Obama you rule..woo.
iDoNtRuLe1 3 years ago
OBAMA IS THE BEST w00t!
fawad411 3 years ago
McCain is much better for the Economy than Oboma. Palin is an Expert on Natural GAS AMERICA has More than Middle East Has Oil PLEASE FEEL FREE To Pause my Videos and Fact Check. YOu Should Know where Oboma Gets his $ and Free Pass. Acorn+SubPrime = Oboma remember Obama has never even run a company let alone a small town before. Dont let someone drive your car that has no license ! Scary !
hmangum1 3 years ago
well, the companies will still be able to hire people because from the company's perspective, they're paying the same gross salary. it's just that the employees will have more money in their pockets because they will pay less money for tax
tarek79 3 years ago
I think Mccain's tax plan is better than Obamas, Obama just will provide a tax cut for people making less than 250,00, it's good but how are they even going to get a check if they got no job because the companies for who they work for won't afford to hire them anymore(talking about the people who had been unemployed)to fix the economy we need job creation
I don't hate Obama or his plan but I think that mccains plan are better than Obama's
MCCAIN 08
jesusislord7777777 3 years ago