san diego union-tribune
"In our analysis, Republican candidate John McCain has a documented record of enlightened leadership in Washington – leadership that often has run counter to the status quo and challenged the folly of senior members of his own party. McCain never has been a conventional politician. He thinks for himself and acts on what he believes to be in the best interests of the nation, and not necessarily in the interests of his party or his own political fortunes. In an era of dismaying partisan paralysis in Washington, McCain has stood out as a bipartisan force, best illustrated by his collaboration with liberal Democratic lion Edward Kennedy on a comprehensive solution to America's immigration dilemma.
"When the Great Depression struck in the early 1930s, Washington responded with misguided tax hikes and trade barriers that only exacerbated the crisis. Today, in the face of renewed economic turmoil of historic proportions, Obama proposes to boost the capital gains levy – a particularly onerous tax on business expansion and job growth – and increase the tax rate on dividends, which account for a big chunk of Americans' retirement earnings.
"Obama touts his economic policies as providing tax cuts for 95 percent of Americans. In truth, he would achieve this only by refunding the Social Security taxes of the millions of Americans who don't make enough to pay income taxes, while imposing even higher rates on wage earners who already pay a disproportionate share of income taxes. Thus, Obama's “share the wealth” thrust would penalize the most productive, job-creating elements of society in order to reward the least productive. This is a political gambit, not sound economic policy. Which is why a joint statement from 100 leading economists, including five Nobel laureates, declares that Obama's plans “defy both economic reason and economic experience.”
"And what would McCain do? The GOP nominee proposes to make all of President Bush's tax cuts permanent. This includes maintaining the capital gains levy at the current rate of 15 percent. Meantime, he would chop the corporate tax rate from 35 percent to 25 percent, and broaden business tax deductions for equipment and new technology investments. Rather than be a drag on the economy, McCain's policies would stimulate job creation and growth, the key to healthy government revenues in the long run.
"Lastly, Obama and McCain differ sharply on international trade, an issue that is critically important to San Diego. As the 100 influential economists note, rising exports have done far more this year to stimulate growth than the phony stimulus package passed by Congress. San Diego, perched on the U.S.-Mexico border and the Pacific Rim, relies increasingly on global trade. Yet Obama would constrain international commerce by “renegotiating” the most successful of all trade pacts, the North American Free Trade Agreement. He also opposes pending trade accords with Central America and Colombia. McCain, on the other hand, has supported every conceivable agreement to reduce the barriers to open international trade."On Election Day, Americans historically have voted their pocketbooks. This innate common sense is more important than ever in stormy economic times. At this critical moment, America needs John McCain in the Oval Office."