John McCain’s View On The Business Economy
John McCain, the Republican candidate for the 2008 Presidential Election, is a man on a mission. He has extremely strong views about all sorts of areas of American life, and the economy is no different. However, unlike his opponent in the election Barack Obama, very few people have any idea what measures he will put in place to boost the business economy, and the American economy in general, should he be elected in November. The business economy is an extremely important area of policy for whoever the next President is to be because recovery from the impact of the credit crunch and Bush’s economic policy is going to be extremely difficult.
McCain’s Business Economy History
McCain’s business economy history is a little ambivalent to say the very least. This is because he freely admits that his economic knowledge is not as good as it could be, and should be considering his election campaign is not in full swing. This has the potential to leave him open to the influence of his cabinet, which has the potential to take care of the corporate world over the small business owners that are already struggling.
However, McCain does seem to have very strong views on the subject, even if they do change over time. McCain initially fought to prevent President Bush’s tax cuts but has now proposed to cement them, thus cutting corporate taxes from 35% to 25%. This may be a direct result of the fact that a number of corporations have supported him throughout his campaign.
Economic Stance
What McCain lacks in business economy knowledge, he makes up for in conviction. He describes himself as a free-enterprise capitalist and appears to be committed to reviving the business economy for the good of the country. He has been extremely vocal in the past about big business looking after their own interests rather than those of the consumer and wants to make the business economy fairer for all. This is a big ask given the fact that the credit crunch has made both business and the average consumer worse off than they were a year ago.
However, McCain’s interest in the business economy for the good of the country and his past initiatives may just make the American economy in general a much more stable place given a few years.
The Business Economy Under McCain
Whilst it is hard to predict exactly which way John McCain will go if he does get into office, his commitment to making the nation great again will indeed lead to a balance between corporate America and the consumer. In order for American industry to thrive, there does need to be some sort of balance so McCain will undoubtedly strive to achieve that. The business economy does need to rebuild and the tax cuts he is proposing will go some way towards that. They will be of benefit to small businesses in the corporate world as well as large businesses. In fact, the 10% difference in the tax levels may just enable more small businesses to survive in the face of mounting economic pressure.
However, McCain’s policy does largely focus on large corporations with very little input into small businesses. If there is no balance achieved here then corporations may dominate and leave the small business floundering in the business economy for some time to come.
10/21/08 at 07:10 PM
What McCain lacks in business economy knowledge, he makes up for in conviction. I beg to differ, this guy is apart of the NWO as is Obama. Jesus, come quickly, as there is no one on this earth that can save us!
10/22/08 at 12:10 PM
I have heard, read and seen all positions both candidates have put out. I continue to be amazed by those like you at your shallow understanding of economics and the reality of how business works. I heard Mr. Obama say once again this morning how this economy needs to rebuild from the groung up. The ground beging with education, training and jobs. He talks about lowering the cost of education and training but never explains how that will be accomplished, other than further supporting an education system that has been proven not to work. To further support education as it stands today he simply means TAX you more and waist it on a flawed system. As for jobs. Mr, Obama always talks about raising taxes for those companies who make more than $250,000. He has never stated whether that $250,000 is earnings or profits. There is a huge difference between companied who take in more than $250,000 verse those who have taxable profits of $250,000. The vast majority of small business do not have taxable profits of more that $250,000. So, Mr. Obama IS going to raise taxes on a vast majority of small business. These taxes are an expence to a company just like any other fixed cost that reduces profits. The effects will be felt in many ways.
1. Companies pass taxes on to consumers raising prices and adding to inflation worries.
2. Add tax increase to cost of goods and / or service making them not competitive thus losing business.
3. Companies reduce their work force because they cannot pass costs on, job loss.
4. Companies find it harder to buy new equipment, heir new workers and / or expand.
The net effect of Obama’s vision will further hurt the economy adding to the expansion of social programs requiring more and more taxes to fund. Why do you continue to fight the reality of socialism and the redistribution of wealth that benefits those who want government to continue to provide more at the expence of the middle, upper middle and upper class … Keep it up, when the risk exceeds the reward, all those mean rich people will take their toys and go home. Then who are the lower income people going to go to for a job. SORRY, OUT of BUSINESS.