New Presidential Face to Your Dollar Bill?

Last Tuesday, October 7, Presidential hopefuls Senators Barack Obama and John McCain, sparred in the second Presidential debate of this election year.  In a town hall-style debate setting, the candidates answered questions from select voters in the audience, as well as questions sent via email.  Among the issues discussed in the debate was the economy--Wall Street, the "Rescue" of financial institutions, as well as jobs and wages.  Like many of you, I watched in suspense and anticipation: how will Sen. Obama or Sen. McCain handle our economy as President? As Pilipino Americans, what should matter to us?

For Pilipino American families, the financial crises on Wall Street and on the international market may bring up concerns related to jobs and wages. In Hawaii, for example, where many Pilipino Americans work in various service and tourist-based industries, the slump in the economy may result in less people visiting the islands, thus, less hours or no hours at all.  Traveling or vacationing, in general, does not seem to be a priority nowadays.  The looming threat of a recession have made so many of us holding tightly to our dollar bills.

So what should we hope to see from our next president?  

CNN Money provides a detailed, yet brief, overview of each presidential candidate's vision for the U.S. economy.  Here, I have chosen three categories to illustrate how Sen. McCain or Sen. Obama may tackle the issues.

To boost consumer confidence and to mitigate the issues in Wall Street:

•    McCain wants to examine how banks and firms are structured and to assess their value assets to see what may have contributed to the credit crunch.
•    Obama wants to create an "oversight commission" to advise the President, Congress, and regulators about the risks and factors facing financial markets.

To restore and maintain Jobs and Wages: 

•    McCain wants to leave minimum wage at $7.25 an hour until 2009.  He opposes tying minimum wage hikes to inflation. To spur job growth, he also wants to consolidate and reform unemployment programs.
•    Obama, on the other hand, proposes raising the minimum wage to $9.50 an hour by 2011 to tie in with inflation.  He advocates for the unionizing of workers, and proposes tax credits for companies to keep jobs in the U.S. than abroad.

To help with Gas Prices:

•    McCain wants to enact a gas tax holiday as an immediate economic stimulus, to take a few dollars off the price of gas for Americans.
•    Obama seeks to tax oil profits and use money to fund $1,000 rebate checks for those hit by high-energy costs.


For more comprehensive information and detailed comparisons:
http://obama-mccain.info/index-obama-mccain.php
http://barackobama.com
http://johnmccain.com