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Politics | 04/28/2008 8:53 am

wOw's Views on the News: Can Clinton, Obama or McCain Get Us Out of This $9.1 Trillion Hole?

By The Staff at wowOwow.com
© AP

There’s some bad news: the national debt is now $9.1 trillion. And then there’s … some worse news: the Republican AND Democratic presidential candidates — instead of plotting a way to get us out of the mess — appear poised to dig that hole deeper if they get the job, according to tax and budget experts interviewed by Larry Rohter and Michael Cooper for a report that appeared Sunday in The New York Times.

Are we damned if we do vote – for any of them? Whose plan has the most promise? Are the candidates ducking the issue? Will our children pay the price?

55 Reader Comments (so far…) Sign In or Register to comment

Brooklyn Gal
I don’t believe any of the candidates can do anything w/o the backing of Congress. It is just as important to vote the right people in Congress that can work with the president. They pass (or not pass) the necessary legislation and select the judges to the Supreme Court.
By Brooklyn Gal on 04/28/2008 12:20 pm
Renata
The Bush/Clinton dynasties and surrogates have made FORTUNES commoditizing our interests in/out-of-Office for 30 years. Robert Rubin “advised” Citigroup during his post-Clinton Admin. stint as our Treasury Secy., after Clinton DEREGULATION and repeal of the Glass Spiegel Act, in place since the last Depression — of the Financial sector made the merger of Citibank and Travelers possible. Chelsea works for a NYC hedge fund and Hillary was preparing for a NY Senate run during the repeal of the Glass-Spiegel Act. This is a prime example of what is DEAD WRONG and what may be on deck in another Clinton Administration. Now Congress is reconsidering the out-of-control nature of our Markets post the repeal and Americans are at financial RISK as boomers make their ascent into third age. The flip side of this nightmare (for the American people) is Halliburton’s former CEO becoming VP of the United States and arguably could ONLY make a killing/move their stock upward and relocate to Dubai — by this savvy BUSINESS move. No need to go into the results of how Halliburton has benefitted via the military industrial complex over the last 7 years. Turn the page, America. The media is not focusing on the aforementioned points and should be instead of Rev. Wright and guilt by association the Clintons could/would NEVER be able to withstand the same scrutiny. Just still undisclosed DONOR LIST to the Clinton Library would tell a tale of what the WSJ this weekend called “a rogues gallery” of interests — would be a place to start??? Turn the page, America. We need a new beginning not TAINTED by special interests comoditizing YOUR interests.
By Renata on 04/28/2008 12:32 pm
K O
Hi Renata, The Glass Steagall act was passed in 1933 as a reaction to the perception that commercial banks contributed to the 1929 stock market crash with speculative investing for themselves and offerings for their customers. It created a “firewall” between commercial and investment banks, which even its primary author, Henry Bascom Steagall, moved to rescind after its passage, claiming its restrictiveness was an overreaction to the crisis. Its repeal made the merger of Citibank and Smith Barney, not Travelers, possible. With FDIC insurance for bank deposits, and a clear explanation that capital market investments have the possibility of both gain and loss, I do not see the provision of these services by one financial institution as “out of control.” Bank sales of mortgage backed securities, selling mortgages made with lax underwriting standards, is the primary cause of the “sub-prime” crisis. It was not caused by Clinton administration policies. If you want to look for a primary cause, I’d sugges looking at the bond rating services (such as Moody’s and Standard and Poors), which rated these mortgage backed securities as “AAA” (high grade), when the underlying securities were sub-prime mortgages.
By K O on 04/28/2008 2:03 pm
Buh- Bye
A husband and wife who met during college with common political aspirations are not a dynasty. The Bush family however, with generational rulers are. Dynasty: a line of hereditary rulers of a country.
By Buh- Bye on 05/02/2008 12:02 pm
Lucinda Herbert
The Bushes, whether you like them or not, were voted in. Caroline Kennedy, as lovely and intelligent as she is reputed to be, may be appointed to the position of Senator of New York because she is a Kennedy and Uncle Ted has made some phone calls — when she lacks formal political experience. This I truly object to. In fact, as a resident of New York, I also object to this state allowing a woman, who hails from Illinois and later Arkansas, to make use of it as a spring board to her higher ambitions, when she had no history with the state. No doubt, the Chappaqua house will soon be on the market because Bill is going to have to curtail his foundation activities. Washington will soon become their primary residence.
By Lucinda Herbert on 12/08/2008 11:11 am
Roberta G
I’ve decided I’m not going to vote for anyone, because if you want to be the President of this mess, you have to be completely insane!
By Roberta G on 04/28/2008 12:32 pm
pat bell
The most impressive and positive piece I have read to date is “The Next President’s First Task: A Manifesto” in Vanity Fair, May 2008. In his piece, Robert F. Kennedy Jr. provides a provocative design for economic growth through green energy development, global warming solutions and sustainability. Read this article and pass it on. Demand this type of paradigm for economic growth, the health of our world, and most importantly the lives of our children. As Mr. Kennedy says, “The benefits to America are beyond measure. We will cut annual trade and budget deficits by hundreds of billions, improve public health and farm production, diminish global warming, and create millions of good jobs.” We sit on geothermal reserves, bask in solar energy and are continually buffeted by wind, all sources of energy that when gathered on a smart power grid can make the gathering and sustaining of energy a boon to the entire society. Millions of new jobs. Talk about spreading the wealth! What a great new paradigm. Imagine a world without oil wars, debts, and deaths. Now, that is a world for my kids.
By pat bell on 04/28/2008 12:42 pm
Merrie M
I’m a Democrat - specifically a Hillary supporter - but I have been really impressed with Mitt Romney’s genius with money and budgets. And it’s the economy which is one of the big problems likely get more problematic come November. One thing against supporting Mitt is that he’s in favor of keeping Guantanamo open. Other than his fiscal genius, I am not sure about his other policies. It’s unlikely that Hillary will be the next President (sigh) - all due to that ghastly Democratic Party election process which has by accident favored Barack who won’t even consider a re-run of Michigan and Florida because they would be Hillary states. So much for Change and Hope - instead we get non-democracy Barack style. Whoever is the next President I hope will get some sound fiscal advice from Mitt Romney, and will have developed some sound budget proposals of his (or her) own by Presidential election time.
By Merrie M on 04/28/2008 1:25 pm
Renata
Thank you, Pat Bell!
By Renata on 04/28/2008 1:31 pm
Mugsy Peabody
And why are two out of three people in those pictures above smirking?
By Mugsy Peabody on 04/28/2008 2:03 pm
K O
They’re rich, baby!
By K O on 04/28/2008 2:07 pm
Bonnie Oliver
But only two are nouveau riche…….since they became politicans!
By Bonnie Oliver on 04/28/2008 2:32 pm
Bonnie Oliver
Will any of the three candidates be able to get us out of this trillion dollar hole? NOT WITHOUT THE PARTICIPATION AND COOPERATION OF THE CONGRESS! And that is where, I fear, the goal of reelection rears its ugly head. None of the citizenry is going to like all the needed solutions and will undoubtedly protest to the rooftop of the Capitol dome….and by our own actions, Congress will once again be able to deliberately not fulfill their own constitutional responsibilities by taking cover behind our right to protest. The next President must be prepared to do his/her part in solving the crisis. But, he/she can not lead the Executive branch to success without sharing that success with the Congress who must, in turn, share the burden of resolution.
By Bonnie Oliver on 04/28/2008 2:21 pm
Maggi D
I think that any one of the three could get us out of this hole if they decided that was their goal - instead of how popular they would be in the polls. It is going to be hard to tell Congress and America that you can’t write checks if you don’t have money in the bank. GET RID OF GOVERNMENT WASTE. If we managed our money the way the government manages our money we would be in jail.
By Maggi D on 04/28/2008 3:20 pm
Sally Smith
No, not really! No matter how good they are it would take at 2-4 terms to get us out of this mess! Only a willing Congress and a Pro Active President would do! and Buffett and Gates as advisors :)
By Sally Smith on 04/28/2008 3:30 pm