Do you think that we'll get out of the budget deficit during the next administration?

Question

Do you think that the next President- whether it be John McCain or Barack Obama- would get us out of the budget deficit? And get a surplus? Or do you believe that we'll stay in a deficit? I have concerns with both of their economic plans esp for their spending and/or tax policies. Thanks for your ideas. Im looking forward to reading them.

Answer 1

I think that a Democratic (Obama) administration has the best chances of getting rid of the deficit and creating a surplus.

In reality, that will depend on the status of American involvement in Iraq - if we are still maintaining a presence there in 5 years then it is unlikely the goal of a surplus will be achieved. If troops have been withdrawn before the end of Obama or McCain's 1st term than it is more likely that budget will be balanced.

Federal Reserve Chairman Ben Bernanke also says that the mortgage and credit crises will last well into 2009 which may make it even more difficult to balance the budget by 2013.

Balancing the budget will depend on many factors especially those out of a President Obama or President McCain's control. You never know what will happen to sway the economy's direction.

Obama proposes many tax credits and spending for government-led programs. He also would like a tax cut for those with an income of under $250,000 and he will eliminate the income tax for seniors with an income of under $50,000 dollars. You can visit his website for more specifics on his economic proposals. He also would allow Bush's tax cuts to expire in 2010.

At a glance it seems like McCain's primary proposal is to make Bush's tax cuts permanent. I think it's nice to have low taxes but they don't seem particularly effective in creating jobs and stimulating the economy in a major way. When the wealthy are allowed to keep their money, they are not going to create jobs for the poor. They will use it for self-aggrandization but that is a generalization and not all wealthy individuals are like that.

Again I believe that it is possible for any President to balance the budget but I think a Democrat would be more able to achieve that goal.