The Oracle’s editorial board is running a series of editorials leading up to the election tackling subjects the board deems important. Whichever candidate wins two out of three will secure the Oracle’s endorsement for the presidency. This is editorial No. 2.
Lately, the nation’s economic woes are apparent just about every time you turn on the TV, click on a Web site or turn the page of a newspaper. Whether it’s the abundance of layoffs or drops in the Dow Jones, the economy is the daily top story because it’s a primary concern for struggling Americans.
The economy is of special interest to students. Often, we attend higher-education institutions to clinch a spot in the workforce. When it becomes clear that the economy is too weak to produce jobs — jobs that are necessary to pay off student loans — it becomes a poignant political issue, not just an abstraction.
Sen. John McCain’s plan:
McCain’s solution for the economy is vague. Visiting his Web site and talking to officials at his local headquarters provided little more than nebulous political lingo.
For a student looking to start his or her own business, however, McCain’s plan shows promise. The plan would not raise taxes on small businesses, since they are the ones struggling most in the financial crisis. It would also place a 15-percent cap on estate taxes. For corporations, it would lower corporate taxes from 35 percent to 25 percent, making it easier to do business in the U.S. and, theoretically, create more jobs. The plan would result in a much more globalized market, opening jobs across state and national lines. Since McCain expects exports will drive the economy, his plan stresses that the country perform business globally.
Sen. Barack Obama’s plan:
Obama’s plan would reward small business entrepreneurs with the “Making Work Pay” program, a $500 yearly tax credit. The plan would end tax breaks for companies that outsource jobs by offering public contracts to companies that keep their jobs in the country. In addition, Obama’s economic plan would present companies with tax credits if they maintain or boost their workforces. To get the economy moving, the Obama plan would provide an ambiguous “$50-billion jumpstart.” To aid state, city and county governments reeling from budget cuts, $25 billion would be placed into a State Growth Fund to protect education and housing, among other things. The other $25 billion would be applied to prevent further deterioration of federal infrastructure, indirectly providing and protecting jobs.
College graduates and students could benefit from McCain’s economic plan, because it can be more easily implemented. A few tax cuts here and there would result in workers and employers having only a brief adaptation period before budgets are drawn. Though the Obama economic plan may take a bit longer to implement and results, it seems to be more beneficial in the long run for college students and graduates since it could create the most jobs and avoid losing them to outsourcing. Based on the board’s research, Obama’s economic plan appears to be the best for college students.