Neither party reassures voters

Rights Boy’s good friend Mike Burgher was featured in this morning's From the Editor's Inbox on the Des Moines Register website. You can find his edited letter, along with a lively discussion from other readers, here. The unedited opinion follows.

It’s always interesting to add up and compare the potential cost of various programs proposed by the presidential candidates. It’s often very surprising, sometimes downright depressing.

Barak Obama gave an interview to the Wall Street Journal a couple of weeks ago outlining the Democratic economic platform. It must have been the worst news ever for Wall Street, small business, and even the middle class when you think it through. It included the expected “soak the rich” themes along with repealing Bush’s tax cuts.

Most economists estimate the cost of Obama’s proposals and promises - including $150 billion for green energy, $65B for expanded health insurance, $60B for infrastructure -to total $800 Billion and counting. He says it will be funded by repealing the tax cuts and increasing capital taxes.

The problem is Obama’s math doesn’t work. With everything else the same, repealing the cuts combined with his proposed tax increases won’t pay for his spending. Using his own model on who should pay more, one recent estimate showed his plan would result in up to a 40 percent personal income tax, a 52.2 percent combined income and payroll tax, a 28 percent capital-gains tax, a 40 percent dividends tax, and a 55 percent estate tax.

That’s not going to happen, and that means the middle class is going to get squeezed even further, with taxes disguised as usage fees, access fees, entrance fees, licenses and assessments.

Obama will also have to raise corporate and capital taxes which will styme business production, raise the cost of everything, and will directly affect your your compensation and take-home pay.

Now we look at the other side. What will McCain cost us? He would certainly cost less than Obama domestically, because McCain proposes very little, with almost no economic impact. He does have a new-found religion on global warming, but I don’t think even he knows what he’s proposing yet beyond $300M for new battery technology.

It’s McCain’s foreign policy that jumps out. Another 100 years in Iraq at current costs would be about $2.5 Trillion dollars and the loss of about 80,000 more brave troops.

And you wonder why so many people feel totally disenfranchised by both political parties.