Electric Mayhem: April 2008

This happened maybe 2 weeks ago now. Old news now, but watching it reminded me of how wrong for our country either of these candidates is. A couple of items struck me.

1. Lack of questions about real issues. Considering I could only stomach about the first half of the debate things may have changed later into it but the first half hour to an hour seemed to revolve around either Obama/Rev. Wright or Hillary/Bosnia. I didn't have a problem with that line of questioning. It serves a purpose when the candidates differ so little on issues. Questions that directly pertain to integrity and honesty are entirely appropriate. Sadly neither candidate has much in either department. This is the best Democrats have to offer? And why is it that each campaign had been attacking the other on these very same issues tit for tat in the days leading up to the debate yet when they are raised in the debate they are appalled at their mention?

2. Withdrawal from Iraq. I knew both of their positions on the issue was immediate withdrawal, but to watch and to hear each of them lay it out on television was more disturbing than I expected it to be. Each of them proclaiming they would withdraw no matter what advice to the contrary they may get from military leaders.

First from Hillary

MR GIBSON: So if the military commanders in Iraq came to you on day one and said this kind of withdrawal would destabilize Iraq, it would set back all of the gains that we have made, no matter what, you're going to order those troops to come home?

SENATOR CLINTON: Yes, I am, Charlie. And here's why...

And then this answer from Obama...

MR GIBSON: So you'd give the same rock-hard pledge, that no matter what the military commanders said, you would give the order: Bring them home.

SENATOR OBAMA: Because the commander in chief sets the mission, Charlie. That's not the role of the generals. And one of the things that's been interesting about the president's approach lately has been to say, well, I'm just taking cues from General Petraeus.

Well, the president sets the mission. The general and our troops carry out that mission. And unfortunately we have had a bad mission, set by our civilian leadership, which our military has performed brilliantly. But it is time for us to set a strategy that is going to make the American people safer.

Now, I will always listen to our commanders on the ground with respect to tactics. Once I've given them a new mission, that we are going to proceed deliberately in an orderly fashion out of Iraq and we are going to have our combat troops out, we will not have permanent bases there, once I've provided that mission, if they come to me and want to adjust tactics, then I will certainly take their recommendations into consideration; but ultimately the buck stops with me as the commander in chief.

Obama's answer is a little more crafty. It's wrapped up inside an explanation of the roles of commander in chief and military generals. The answer is essentially the same. Call it withdrawal if you wish but I call it what it is, cutting and running. Whatever name you put on it, it's weak and most definitely does not make us safer at home. Iran anyone? Iran is our real enemy in Iraq and if you don't understand that then you don't understand much.

3. Obama on Capital Gains taxes. I'll start with the excerpt...

MR. GIBSON: You have however said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, "I certainly would not go above what existed under Bill Clinton, which was 28 percent." It's now 15 percent. That's almost a doubling if you went to 28 percent. But actually Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20 percent.
SENATOR OBAMA: Right.
MR. GIBSON: And George Bush has taken it down to 15 percent.
SENATOR OBAMA: Right.
MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.

So let me see if I have this right. "For the purposes of fairness" Obama is willing to raise taxes on the investment gains of hard working Americans who wisely chose to invest a portion of their income, even if it means the government will take in less revenue as a result. Put in another way it would appear Obama is willing to sacrifice the prosperity of Americans for some perceived notion of "fairness".

Obama continued...

...for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year -- $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair. And what I want is not oppressive taxation. I want businesses to thrive and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don't have it and that we're able to invest in our infrastructure and invest in our schools. And you can't do that for free, and you can't take out a credit card from the Bank of China in the name of our children and our grandchildren and then say that you're cutting taxes, which is essentially what John McCain has been talking about. And that is irresponsible. You know, I believe in the principle that you pay as you go, and you don't propose tax cuts unless you are closing other tax breaks for individuals. And you don't increase spending unless you're eliminating some spending or you're finding some new revenue. That's how we got an additional $4 trillion worth of debt under George Bush. That is helping to undermine our economy, and it's going to change when I'm president of the United States.
MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.

SENATOR OBAMA: Well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going. I think the biggest problem that we've got on Wall Street right now is the fact that we've got a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right. And if we can stabilize that market and we can get credit flowing again, then I think we'll see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.

It might happen or it might not? History has shown this again and again, yet you somehow think it will be different this time just because of market conditions. What an incredible display of economic ignorance. I rest my case.

Transcript of the entire debate here at RealClearPolitics.