“A Matter Of Government, More Or Less”

“What’s Jesse Jackson’s take on Obama and McCain’s economic policies?”

McCain correctly calls himself a foot soldier in the Reagan revolution, which was guided by Andrew Laffer and his famous Laffer curve, that highlighted the dangers of high taxes. McCain wants smaller government, lower taxes, less regulation. So he would tax employer-based health care as income — a $2,000 to $3,000 tax on most working families — in order to accelerate the move from employer-based health care to individual plans. He’d give you a tax credit to negotiate on your own with the insurance companies. Similarly, he’d privatize Social Security (although he won’t talk about that now that the stock market has cratered). He’d seek vouchers to pay for private schools.

Obama, in contrast, sees the recession through Roosevelt’s eyes, and embraces the teachings of John Maynard Keynes that markets aren’t perfect. In a recession, government investment is vital to get the economy going. He’s for sensible regulation of the banking sector. He’s for supplementing employer-based health care with a secure choice: keep the plan you have or choose to join a public plan, like that enjoyed by members of Congress. He’d protect Social Security and Medicare.

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