August 1st, 2008
08:09 AM ET
6 years ago

CNNMoney.com: Sharply different economic plans from candidates

NEW YORK (CNNMoney.com) – When it comes to stagnating wages, Barack Obama and John McCain agree on one thing: Americans are suffering. And that's about all they agree on.

The presidential candidates have starkly different plans on how to reverse the years-long slide in workers' incomes. Democrat Obama's proposals of creating jobs through government investments are aimed at helping the middle class. Republican McCain focuses his plan on cutting taxes on businesses that he says will spur more jobs and keeping tax rates low so people have money in their pockets.

Wage stagnation has made the downturn in the nation's economy is even more painful, economists say. Skyrocketing fuel and food costs have hit workers hard because their incomes largely have not kept pace with inflation during this decade.

On Friday, unemployment hit a four-year high after employers trimmed 51,000 jobs, the Labor Department said. A day earlier, a separate government report showed that inflation-adjusted wages showed their biggest decline in the survey's eight-year history.

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Filed under: Candidate Barack Obama • John McCain
soundoff (129 Responses)
  1. al

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    MCCAIN HAS A PLAN? WHOOPIE. PROBABLY BY THIS TIME HE ALREADY LEARNED FROM OBAMA TO COME UP WITH HIS COPY CAT VERSION OF AN ECONOMIC PLAN.

    PARIS AND BRITTNEY ARE OFFENDED BY THE COMPARISON THEY SAY YOU ARE JUST JEALOUS BECAUSE YOU ARE NOT HIP, AS IF..............ATLEAST WE KNOW HOW TO USE A BLACKBERRY.....................ITS NOT A FRUIT MCDADDY........ITS A PHONE SLASH COMPUTER THINGY.

    August 1, 2008 01:06 pm at 1:06 pm |
  2. KT

    People are so stupid and uninformed these days... claiming Obama is a socialist??? Are you serious?? most of those people don't even know what a socialist is or are familiar with marxist theories.

    Just because Obama wants to create government programs and more jobs, doesn't mean he's a socialist. LEARN FROM YOUR PAST PEOPLE!!! What does that make FDR? He created tons of government jobs and greatly benefited america by doing so! Are you calling FDR a socialist? give me a break.

    Know your facts. Know your past.

    OBAMA 08!!

    August 1, 2008 01:06 pm at 1:06 pm |
  3. Lesley

    What's with McCain? We've been doing the tax cuts for the wealthy and big corporations thing for 8 years now. His plan has been tried and it failed, it has reduced jobs, hello! Do people seriously think that more of the same will not produce more of the same? Put that together with "free" trade that has ties to immigration by requiring the US to allow a certain number of non-citizens into the country to work as part of the agreements. Why isn't anyone talking about the ties to immigration in some of these trade agreements that reduce work for Americans? That's a big contributing factor, it's not just outsourcing jobs. Our mission should be renegotiate to ensure fair trade to protect workers and take a new path using new ideas.

    August 1, 2008 01:09 pm at 1:09 pm |
  4. KH in Wyoming

    I find it funny that republicans call Obama’s tax policies “Socialism.” Maybe so. However, the tax cuts for the wealthy, aka Trickle-down-economics, is really no different. Call it what it is, Socialism for the Rich.

    August 1, 2008 01:12 pm at 1:12 pm |
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