[Editor’s note: This is the second face-off style column in an occasional series aimed at giving the College Democrats and College Republicans a chance to weigh in on issues in this year’s election.]
Ford stocks are currently $2 a share. The economy has plummeted in the previous few weeks, and we must ask ourselves how we can prepare for the future. As the presidential election draws nearer, it is our duty as Americans to make a decision. Sen. Barack Obama (D-Ill.) wants the government to be more involved in the economy. But seriously, hasn’t the government done enough damage to the economy already? The economic problems in the nation today are not entirely the result of predatory lenders. In the 1990s, Congress gave incentives to banks that provided loans that could not possibly have been paid back. The American people deserve more.
Sen. John McCain (R-Ariz.) has developed an innovative economic plan that includes such necessary changes as obtaining more efficient sources of energy and a fairer tax system that supports small businesses. These solutions will surely bring America into the next generation of world affairs and bring the country out of debt.
The United States will not be able to restore its economic standing as a superpower as long as its citizens rely on foreign oil. Forty-one percent of our trade deficit is due to oil imports. According to the Minerals Management Service, there are an estimated 18 billion barrels of oil and 76 trillion cubic feet of natural gas in the lower Outer Continental Shelf of the United States. As a nation, we spend billions of dollars annually on products imported from countries in the Middle East that are unfriendly toward the West. Meanwhile, trillions of dollars worth of gasoline resources are sitting untapped in our own backyard. We can heat our homes with our own natural gas, which will diminish our reliance on foreign powers and create many energy-related jobs for struggling Americans. As long as the congressmen in our nation’s capital, such as Speaker of the House Nancy Pelosi (D-Cal.), refuse to acknowledge how much energy relief is in our own backyard, it will be very difficult for our economy to recover.
As America is a capitalist nation, entrepreneurs are the heart and backbone of its economy. Small businesses must be encouraged to flourish. McCain wants to fight government regulation in the market so that small businesses may grow and American workers can support their families.
Obama wants to tax all families with an income over $250,000 per year. At first this may sound as though it has no effect on the average person. What Obama does not advertise is that he wants to raise taxes on all small businesses that earn more than $250,000 per year. A small business must pay rent, utilities bills and wages to its employees while still earning a profit. A small business that earns less than $250,000 annually is likely earning little to no profit after all of these expenses are paid. In addition, according to McCain campaign literature, Obama plans on forcing small businesses to spend approximately $5,000 to $12,000 on each employee through his health care plan. In a sense, Obama plans to tax every small business that is actually doing well, which will severely hurt small businesses and the middle-class citizens who work for and own them.
Instead of inhibiting small business growth, we should encourage it. McCain will support small businesses by cutting energy costs by diminishing our reliance on foreign oil, simplifying the tax system and encouraging American products abroad.
Jeff Gray is an executive board member of the College Republicans. He can be reached at jgray12@umd.edu.
