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"Not
one of them has made eliminating poverty a cornerstone of
his agenda," so writes Marcia Ann Gillespie, editor in
chief of Ms. Magazine about the "bevy of pale males vying
for our votes."
In this months Ms. magazine she comments on certain
issues that have taken the sideline in the candidates highlighted
campaign agenda. She
says there’s been a “deafening silence” about such
issues such as poverty, quality childcare and putting
profits before public good. All troubling elements of our
society that need to be contended with.
Instead of tackling them one by one progressively,
both political camps have created their own plans to address
the economic issues facing American families.
I would like to explore the moral character and agenda
of the candidates stumping for the presidential vote, but
no matter the shallow pool we may be swimming in, making the
right decision could determine whether you sink or stay afloat
within your household financial structure.
The most detailed programs have come from the Democrats
and Republicans so we'll stick with those two camps. There
are very real differences between the parties and each party
will likely have an impact on three important financial issues:
taxes, interest rates and the stock market.
TAXES
The tax issue is a tricky one to dissect and interpret,
as some would say it's like comparing apples and oranges.
The fact is that Republicans and Democrats define the middle
class with different statistics. So you have to analyze where
they're coming from, and where you fit into their financial
structure before making a decision.
George W. Bush's economic plan includes an across the board
tax cut, and according to political economic analyst Marty
Cantor, "this tax cut will strongly favor the wealthy,
but on the other side he wants to drop about six million of
the lowest taxpayers off the tax roll which is admirable."
But Cantor adds that everyone who pays, gets a discount,
which allows the wealthy to get the most benefit from such
a cut. The middle class as described by the Bush proposal
includes households which make seventy thousand or less.
On the other hand, Cantor says the Gore plan is much more
targeted and favors families who make fifty-thousand dollars
or less; the families most burdened by taxes and struggling
with every day living. His platform traditionally caters to
the working families of America, and is intent on keeping
jobs and increasing wages in the labor sector. There is criticism
thrown at both parties,
but especially the Bush camp because of its sprawling
tax cuts. The big question is whether tax cut plans will be
too expensive and result in cutting services and programs.
Neither camp has addressed these issues in enough depth for
the media, public or either camp’s spin masters.
INTEREST RATES
As for interest rates, while the rate is currently capped
off, it's likely due to the looming elections; but you can
be sure that the rates will be effected depending on which
administration lands in the White House.
Buying a home, consumer spending and car sales are
all impacted by interest rates. During the past year interest
rates have steadily risen due to the booming economy and Federal
Reserve Chairman Alan Greenspan's efforts to stave off inflation.
George W. Bush's tax cuts proposal will likely send more
money into consumer’s pockets and the economy, but that could
be inflationary and increase interest rates. In contrast,
Al Gore's model is to use the surplus to pay down the national
debt with a more targeted tax cut. That scenario is more likely
to keep interest rates where they are or even reduce them.
WALL STREET
Wall Street generally favors the Republican Party, but
it has thrived under the last eight years of Democratic reign.
Even with the volatility of the Dow Jones over the last six
months, it is still historically in excellent standing. With
Vice President Al Gore taking a larger interest in courting
Wall Street, it’s not unlikely that the Dow will be more amiable
to the Democratic camp.
But with the Democrat’s line on keeping jobs here in
America and increasing wages, many companies on Wall Street
may see that as threatening revenues and profits.
If Gore is elected it is likely to have an impact on
Wall Street and you may see some selling.
Traditionally, big business tends toward Republicans and
the philosophy of its hands-off policy when it comes to government
regulation. The market should react favorably if Bush is elected.
Bush enjoys support from a large percentage of big business,
such as the tobacco and oil industries, drug companies and
financial institutions.
WHAT TO CONSIDER...
The average householder should take a look at the family
income, and closely examine the policies of Gore and Bush.
Before you throw your support behind a candidate consider
the following:
A. Which tax bracket does your household income place you
in.
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B. Determine whether you are making any large purchases
such as a car or home.
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C. Check out your long-term debt and interest rate structure.
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D. Do you have a variable mortgage rate on your home?
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E. Will you be refinancing your home in the next four years?
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F. Are you working in the labor force and pushing for better
wages?
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G. Do you have a large stake in the stock market?
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Women
make up more than fifty percent of registered voters here
in the United States. The voice of women is likely to be heard
this election. If you have further questions about the candidates
economic programs, check out their websites. Sift through
the rhetoric and if you can read between the lines, more power
to you.
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BUSH VS. GORE
