Both Obama and McCain Weak on Economic Issues

In the final days of the 2008 presidential campaign, the focus on the economy highlights the fact that neither candidate has the credentials to lead the nation successfully through the latest crisis on Wall Street.

At USA Today, Richard Wolf offers an analysis titled “Economic upheaval shakes up campaign debate.” Wolf reports:

“The economy was at the top of voters' minds in the latest USA TODAY/Gallup Poll. More than two in three respondents cited an economic issue, including energy or health care costs, as their biggest concern. The cratering of Wall Street titans and its impact on jobs, pensions and portfolios are likely to cement those worries.

‘“I always thought this was a campaign about the economy,’ says Doug Holtz-Eakin, McCain's top policy adviser. ‘In the end, it's about will this disaster on Wall Street roll over and crush the Main Street economy.’

“Though more talk about the economy may be a good thing for voters, it poses a risk for both candidates: McCain acknowledged early in the campaign that the economy wasn't his strong suit, and Obama has a short economic résumé.

“Obama emerged from Wall Street's wreckage Wednesday with the better chance of making gains, some analysts say. Polls show voters side with Democrats on the economy.

‘“The tectonic plates shifted, and it's the economy, it's the financial sector, it's Wall Street,’ says Robert Reischauer, president of the non-partisan Urban Institute. ‘The Republicans have been identified with market deregulation, with low taxes on financial executives, and let capitalism and markets show their stuff.’

“Others say McCain can point to his support for tighter regulations on Fannie Mae and Freddie Mac, last week's federal bailout targets. And he can tout his opposition to tax increases.

‘“I think the jury's out on who this is going to benefit,’ says Pat Toomey, a former Republican congressman who leads the anti-tax Club for Growth. McCain, he says, ‘is on the right side of the tax issue, in the minds of the general public.”’

To read Wolf’s article in its entirety, go here.