We need a fundamental change in the economic policies of this nation.
There is one issue that both Obama and Biden (in the V-P debate) have tried to focus on, but everyone in the media seems to ignore. We need a fundamental change in the economic policies of this country.
McCain attacked Obama's economic policy by chiding "spreading the wealth". Obama and Biden pointed out (rightly) that we cannot continue to follow the disastrous economic policy of the past eight years.
Truth is, the economic policies that McCain support are the same tax breaks for the rich and de-regulation that has proven to be a failure under Bush. It is also the same "supply-side" (meaning, give more money to the rich, "trickle down" economics) that Reagan adopted which failed, it is the same economic policy that was adopted by Hoover, which brought on the Great Depression, it was also the same Laissez Faire economics of McKinley that led to depression in the late 1800s. This Republican economic policy has been a proven failure time and again.
One economic policy has been a proven success time and again. Call this "bubble-up" economics. When the poor and working class have an increase in income, they naturally spend that new income on improving their lives (like eating better food, buying new clothes, improving their homes, etc). This leads to an increase in economic activity, creating more jobs and income for everyone by circulating that money through the community.
When the United States followed this economic policy, our nation became by far the strongest economy in the world. The worst thing that can happen for this nation is increased concentration of wealth into fewer and fewer hands. That is not sustainable, and will lead ultimately to the collapse of the economic system.
In a capitalist/free market system, the natural flow of capital is towards ever more concentration. This is why it is necessary to have economic policies in place that counteract that natural flow (such as a progressive tax structure, minimum wages, and programs that "spread the wealth around"). Unhindered concentration will result in a total collapse of the system (as we saw in 1929, and are near seeing again). Steps to counteract concentration of wealth will build a much stronger economic system where everyone benefits (just as we saw happen during much of the 40s, 50s, 60s and 70s, and again in the 90s).
McCain's comments in the debate proved beyond all doubt that he absolutely does not understand the problems of the economic system he supports. Obama does, and Obama will make a fundamental change in our economic policies to ensure that we return to what built this nation as the strongest economic power in the world.
- jim's blog
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