Breakin' It Down

Oh goodie. Last week's Newsweek ran a lovely page on the ways that the presidential candidates have pledged to spend our money should they be elected El Presidente! How exciting to look at someone else's budget rather than my own.

There is a fair bit of info here so I will spread it out and that way all you little political junkies will have something to look forward to this week. Aren't I a benevolent blogger?

Today, let's take a gander at Newsweek's overview of each candidate. 

The overview on Obama: Newsweek says that Obama's plan takes its cues from Rubinomics, the policies created by Bill Clinton and Robert Rubin. I got no problem with a repeat of the prosperity of the 90s, particularly since this time I won't be a perpetual student and might have a chance of benefiting from all the largesse. Basically Obama's plan would let Bush's income tax cuts for high earners fall by the wayside (sounds fine by me) and it would give the middle class some tax cuts. Next he would up spending on health care, move some of the Iraqi war funding over to fix some of our domestic mess and possibly try to help Social Security by lifting the cap on payroll taxes. 

Now for Senator Clinton: Again, like Obama, Clinton would let Bush's tax cuts for the wealthy expire. Also like Obama she would fix it so hedge-fund managers don't have lower tax rates than their administrative assistants. The money she gets from that increase in tax income (and don't start crying for the hedge-fund suits people!) would go to pay down the deficit and five other big issues she holds near and dear: universal health care; education reform; new savings programs; green energy programs; and housing aid.

Finally we come to Senator McCain. Ole Mac has changed his views a bit on Bush's tax cuts for the richies. At first he was against then, but now that he needs their money for his campaign he thinks they are A-O.K. So McCain is now saying he wants to extend the reduced rates that currently would expire in 2010. This means the income, capital gains, and dividends and estates; and it also means we would lose about $3.6 trillion in revenue over a 10 year period of time. Meanwhile he also wants to increase spending on defense and reduce the deficit. Mac—you got some 'splaining to do! Or maybe he has just found the pot of gold at the end of the rainbow? St. Patty's is around the corner, maybe the leprechauns are getting slack?

More on this throughout the week. Also, heads up—the Southern Baptist Convention has decided that climate change might exist!!! Be still my heart. All this means is that they have figured out how to make a buck off this.

Oh yeah—Obama took the blue ribbon in the Wyoming caucus. Or whatever prize they give out there to the winner.