Now immediately those on the Right will rise up in arms asking how I can claim that a "community organizer with no experience" can be a better leader than a decorated war hero? The answer is simple. The complexities that will face our next president will require a wide range of talents that have been seen much more clearly in Sen. Obama than Sen. McCain. The recent financial crisis has given us an excellent example of this.
Sen. McCain has exhibited a wide variety of ever changing views on the crisis. First he tells us that "the fundamentals of the economy are sound"! Then he tells us that there are problems but he is suspending his campaign to go to Washington to solve them. (Oh, and can we cancel the upcoming debate while we're at it?) Each day brings a new idea or the promise of a new plan. But mainly Sen. McCain attacks Sen. Obama. I wouldn't mind the fact that he is continually changing his mind...this has been a rapidly growing problem that requires quick, adaptable response. But I have never felt that McCAin's views were evolving into a better solution. Instead they appear to have been a "shotgun" approach that relies on luck to find the answers. But as McCain has said before, the economy really isn't his strong suit. And as his campaign has stated, if the discussion continues to focus on the economy....McCain loses!
Sen. Obama's response has been calm and measured. Some have criticized him for not immediately releasing a statement to tell America how he would handle the situation. But this has been a national crisis and Sen. Obama is not currently the President. Any immediate response before the President's would be overstepping his authority and possibly causing further problems.
Newsweek recently did an in-depth article on the initial meetings that each campaign held to discuss the responses of the candidates to the crisis. The differences in their style lend a great deal of credence to the idea that Sen. Obama is a leader to be trusted with America's economy.
So Sen. Obama waited for President Bush to offer his plan....all three pages of it. Then speaking as the Senator from Illinois and the Democratic nominee, he offered his party's suggestions to improve the plan (addressing home mortgages, CEO compensation and oversite of the trillion dollar goverment initiative) and began working the phones to gather the votes needed.
Once the bailout was passed and the Dow continued to fall, it was Sen. Obama who spoke to the press (and the people) to explain that the bailout was only the start. He made it clear that this was not a problem that could be solved unilaterally. In a global market it would require the cooperation of other countries to calm Wall Street's jitters. Yesterday the G-7 issued a joint plan and today the Dow had a record day.
Today was also the day that Sen. Obama offered his revised economic plan taking into consideration the recent changes in the world economic climate. The plan focused on Middle Class economic relief. (A subject that McCain can't even bring himself to say; much less address.) It is designed to be a comprehensive approach to stimulating the economy through a variety of targeted financial incentives. It addresses foreclosures, U.S. infrastructure and the need to keep city and state governments financially viable. The plan has aspects that should please conservatives by giving tax breaks to start up companies and companies that create US jobs. It helps to keep city workers employed instead of being layed off due to budget cuts. And while it may not be perfect, it is a better and more comprehensive plan than any proposed by either McCain or Bush.
OBAMA'S MIDDLE CLASS RESCUE PLAN
JOBS.
(1) Tax breaks for companies that create jobs in U.S. (not new)
(2) Eliminate capital gains taxes for new small businesses and start ups. (new)
(3) Fast track loan guarantees for car makers (not new)
(4) Jobs/Growth fund -- aimed at local municipalities to keep jobs that might have otherwise been cut for budgetary purposes. (new)
FAMILIES.
(1) Middle class tax cut (not new)
(2) Calls on Congress to give rebates by Winter (new)
(3) Extend employment benefits for those who lost their jobs (not new)
(4) No taxes on unemployment benefits (new)
(5) Retirement Savings: Welcomed McCain's proposal to let people withdraw from their 401Ks, but went further: proposing people could withdraw without penalty up to $10,000 from their 401Ks through 2009. (new)
HOMEOWNERS.
(1) Mortgage Tax Credit -- worth 10% of mortgages
(2) Three-month moratorium on foreclosures (new) -- "give people breathing room to get back on their feet.
INCREASED $ FOR BANKS
(1) Have Treasury move faster on his plan to inject money directly into banks.
MAKE LOANS AVAILABLE.
(1) Create a Small Business Lending Fund (already proposed)
The latest word is that Sen. McCain will release a new plan as well. We will see what his proposed solutions are. But regardless of what they are, we have now seen the manner in which these candidates approach problem solving.
Simply put, Sen. McCain's irratic journey to solutions scares me. As candidate McCain: he is only a danger to himself. But the problem with a President McCain is that we are all along for the ride with him. He might get us to where we need to be on the economy or he might put us in a ditch, but regardless his drive will be a terrifying ride that leaves me with the sinking feeling that even if his latest plan is great...he only got there through luck and lack of oncoming traffic.
This has been a chance to watch how both candidates would handle a true emergency. This is an economic 3 AM call...and it's Sen. Obama who has answered the phone!
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