Mr. Obama's fiscal plan is totally implausible. He has, according to the National Taxpayer Union (NTU), already promised to increase spending on a variety of government programs by more than $344 billion per year. He intends to pay for it by increasing taxes on the "wealthy" (the top 1 percent of taxpayers already pay 39percent of the income tax). But the revenue he seeks will not be there, because the rich are able to find many legal (and illegal) ways to avoid paying much higher tax rates. ...
Nobel Laureate and "father of the euro" Robert Mundell said if Mr. Obama does not renew the 2003 tax rate reductions, "the U.S. will go into a big recession, a nosedive."
John McCain and his advisers have developed a more responsible fiscal plan, but need to explain more clearly how and where Mr. McCain will reduce spending (in light of his proposed $69 billion spending increases — again using NTU estimates) to attain his projected balanced budget and economic growth targets.
DISCLAIMER: I am supporting McCain
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