Which is better for the economy: Obama or McCain?
I’ve heard the theory before that when a Democrat is President, the economy thrives and when a Republican is President, the economy falters. Up until now, it was my mom (a lifelong Republican business owner) who told me this. Today I read the same thing in Is History Siding with Obama’s Economic Plan? written by Alan Blinder in the New York Times.
Now, I realize that Professor Blinder is an ardent Obama supporter. But as I read his article, I see no mention of what - beyond the presidency - accounts for the economic growth. My guess is that taxes are the missing ingredient; there is only one brief mention of “tax and transfer policies”.
“…if history is a guide, an Obama victory in November would lead to faster economic growth with less inequality, while a McCain victory would lead to slower economic growth with more inequality. Which part of the Obama menu don’t you like?”
I’m not making any statements. I just want to better understand why this happens. Anyone else familiar with this theory?
Picking out a single factor from many causes makes for bad statistics. It wasn’t like there weren’t two other branches of government in operation.
If you know of anyone who is economically uncertain, ask them to read Oscar Wilde’s essay “Socialism and the Soul of Man,” and contrast it to Milton Friedman’s book “Free to Choose.” Friedman, by the way, is the easier read while Wilde is the shorter work. Ask which view of the world they take, then ask which candidate best fits their view of the world. Obama seems to have a view of the world that is closer to Wilde. I haven’t quite figured out how McCain sees the world. I’m reading his book “Hard Call” for some insight.