Saturday, November 1, 2008

My Endorsement : John McCain

With all newspapers giving out their endorsements for Barack Obama, my view is that only taking an economic view, John McCain is a safe bet against the new-rising Senator (but soon to become President) Obama. It may now be inevitable that Barack Obama is going to be voted President, and that too by a large margin, but a small defence for for McCain :

Even though USA faces a budget deficit of $1 trillion, Obama has vowed to dole out another $1.32 trillion over the next decade to different tax credits, 'middle-class' tax cut benefits, and special exemption for seniors. His proposed income-based health-insurance subsidies and Medicaid elegibility will drill a hole to the tune of $1.63 trillion too!

Obama is going to fund/spend taxpayer dollars on 176 other programs, averaging out to $1.4 trillion over the next 10 years...

A Simple math reveals that these numbers mean approximately $4.3 trillion of increased spending, without adding to it the $1 trillion deficit already there.

But the million-dollar question : Who pays for such expenditure 10 years down the line?? Senator Obama has not pre-empted his voters or us about how he plans to fund these trillion dollar payments. How much ever he digs, the American taxpayer's pockets are not going to yield $4.3 trillion.  Its going to be less, and there's no doubt about it.

Coming back to his oratory skills and connecting with voters, he is the best at that! Who wouldn't want to be a speaker like Barack Obama?
Vernon Smith opines that speaking well does not necessarily represent someone's experience of handling economic situations like this....
He excels as a rhetorician -- common to both the great and the least of past presidents -- but performance cannot run on that fuel. Inevitably, I think his luster will fade even with his most ardent supporters as that reality sets in. We also have seen luster fade time after time with Republican presidents. The rhetoric of a smaller and less invasive government always leads to king-size performance disappointments.

Comments, votes, suggestions and your lovely opinions are always welcome!! Post them now..

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  1. facts, only facts, just the facts

    that will make anybody really afraid

  2. Chirag, you may be right about McCain's economic policies and his experience, first as a war veteran and then as a Senator for over 20 years.
    But what the American people want today is trust and faith, trust in their leader and that trust is reposed in Barack Obama. Obviously Obama won't be alone in office, his financial advisors would help him at every step, just as they would have done to McCain.

  3. I'm sorry I give McCain no points for economic skills. I respect his service but I am too aware of his policies and the ones he fought to promote and the ones he tried to kill.

    The fact that he has surrounded himself with way too many lobbyists is a particular turn off. I had really liked and adorned him in 2000 but he has morphed into less than who he really is. I strongly feel he has sold his soul to be president. At one point he had a viable chance but then he brought in Bush's helpers and then got all wonky and picked Palin.

    Once you lose someone's confidence it is not easy to get it back.

    As for Obama I have no fears that he will not be a great president. In fact I believe he will be exceptionally great. I have no fears that he is all talk. Obama will surround himself with plenty of smart people that is on point for the same goal that he is striving for and that is for the regular people.

    But it is good that McCain still have people like you who have faith in him. He will need that if he lose.

  4. Not a right person to comment who should win as I don't understand the underlying politics, but anything is better than Bush and Palin :)

  5. Hi,
    After all the hype created over the US presidential elections over the past months, the big day is finally here.
    If you were given a choice who would you cast your vote for?
    Don't think anymore. Do it now. I did it.

  6. Obviously on the whole perspective, the mccain campaign is not very
    effective...but there all a lot of loopholes as well in Obama's case - which
    is again not a very nice thing.

  7. OK.....i recently read this article by Krugman which is titled " The frightening MCcain". Well........ when a journalist asked him what he would ideally rate as one of the best measures to further prevent the effects of the global meltdown, he said......" i will cut off all taxes on capital gains made by large investors in the market". Jeez, Mr. McCain, floundering companies don't exactly make capital gains during recession or global turmoil for you to tax or slash.

  8. Nay..I'd still go with can no longer take 'only' an economic view. :( That luxury...has been depleting ever since the Industrial Revolution...