In the final presidential debate, the issue of the economy was all-pervasive. After another tumultuous day in the market with the worst one-day percentage declines since the crash of 1987, it was up to each candidate to use the final debate to lay out his vision for the country and promote his economic policies while drawing differences with his opponent.
McCain addressed his comments to Joe Wurzelbacher, a plumber who confronted Obama about his tax policies at a recent Obama rally in Toledo, Ohio. For a considerable amount of time, McCain and Obama debated over who would do a better job for “Joe the Plumber.”
McCain claimed that he would serve Joe’s needs by reducing taxes so that Joe could buy the business he had dreamed of and employ people. Joe would not be eligible for tax cuts under Obama’s proposal because he earned more than $250,000 per year. Obama argued however that in cutting taxes for the middle class, he was making life more economically viable for 95% of Americans
Capitalism believes that small businesses build strong economies. Yet we live in an era of capitalist mixed economy where within the main capitalist system, the state intervenes in market activity and provides some services. In a capitalist economy mixed economy that is teetering on the brink of depression, people and businesses are calling upon the government for help. It will take several small businesses run by people like Joe the Plumber to work towards rebuilding a strong economy. Who will help him realize this, Obama or McCain?
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