Presidential Economics: How The Candidates Would Shore Up American Finances

By: Jennifer Hale/NBC 13 | Alabama's13.com
Published: June 10, 2008

McCain or Obama - who's economic plan will best shore up American finances? Economists say there is no silver bullet, no instant fix for the economy...regardless of whether American voters choose the McCain Plan or the Obama Plan. Except for stimulus checks, economists predict it will take a few years for either candidate's economic plan to affect your bank account.

To decide which plan will help you the most - think of each plan as an investment:

Samford University Business School Dean Beck Taylor says McCain's plan invests tax money into private sector employers: small businesses and large companies.

"It really is the trickle down theory - we invest in the machine that creates the jobs we enjoy," Dean Beck Taylor, Samford University, Brock School of Business.

Obama's plan invests in the individual worker through the government - especially lower class laborers.

"Democrats like Obama - typically bet on the public sector. They want to see the government institute as much change as possible through social programs," says Taylor.

As far as which plan will pad your wallet in the long run - it's a gamble.

"If you look back in history it’s not really clear which one is the winner," says Taylor.

"Some of the things they're talking about aren't feasible because they can't be paid for," says Dr. Chuck Cowan, Economic Consultant, Analytic Focus LLC.

Cowan warns both candidates' plans likely over promise and under-deliver. He says neither one will have an immediate impact on the average checkbook. Cowan predicts McCain's economics will affect more people faster.

"I think Senator McCain's plan is more directed and precise. It will get into the economy faster," says Cowan.

He predicts Obama's economics will have the biggest affect on those who are hurting the most.

"Senator Obama's plan is to help low income families -- that doesn't translate into an improvement in the economy. It translates into a reduction of stress for people who are suffering," says Cowan.

Presidential Economics: How The Candidates Would Shore Up American Finances

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