The upcoming presidential election of 2004 could prove to be the most vital in our nation's history. Therefore, every issue is of importance; however, this paper will focus on George Bush and John Kerry from a non-partisan standpoint, and which candidate would be better for our economy. The economy is always changing, causing recessions as well as periods of growth for our country. However, each candidate is inclined to think he has the right answer or direction. Before deciding who gets your vote, there are various economic issues that must carefully be examined and taken into account when accessing each candidate. After reading these articles, I became aware of strengths and weaknesses for both candidates.
Business Week stated that the Republicans have it wrong on jobs and the unemployment rate. The unemployment rate should be higher, because the numbers of discouraged workers who were once in the labor force or are currently seeking employment are not being counted, therefore causing the job creation numbers to appear higher than they actually are. The Democrats are wrong about unemployment itself stating that outsourcing is the main reason for slow job growth in the past few years. Of the nearly three million jobs in our economy only 300,000 have been from outsourcing. (Forrester Research Inc.) In fact, the outsourcing of certain computer equipment to Asia in the 90's lowered computer prices for our country and helped spread a technological revolution in some places never thought possible. After reviewing these articles I gathered that our economy is steadily on the rise under the leadership of George Bush.
This President has dealt with a terrorist attack on our country, as well as war, high energy and oil prices, plus a devastating hurricane season. Despite all of these problems, the Gross Domestic Product and national income are rising and looking stronger. Inflation is also slowing down, while our spending is increasing. Our economy according to Glenn Hubbard in Business Week has rebounded, and the 4.8% growth in Real Gross Domestic Product over the past 12 months is faster than in any such period during the Clinton years. This Jefferson 2 growth in the economy does not mean that there are no jobs lost.
However, job losses are a result of changes in buying patterns and corporations who reorganize. John Kerry has spoken several times regarding 'the middle class squeeze' and the tax breaks for the wealthiest 1% of Americans. Business Week states that real family incomes for middle class families are constantly increasing and were stagnant for 2001 and 2002. There is a simple analogy that describes our tax system in America. If one pays $1000 in taxes, and a wealthier person pays $100,000 in taxes, if taxes are cut by 5%, then one will save $50 while the wealthier person will save $5000.
Their tax cut will be 100 time larger than the others because they pay 100 times more. John Kerry could argue that George Bush is the first president to oversee no job creation since the Herbert Hoover administration. However, some statistics, though fragile, show employment actually rising up to 1.4% under George Bush. Both George Bush and John Kerry show some strengths and weaknesses when it comes to economic issues; nevertheless, I think that Mr. Bush's plan seems to be the right direction for our country. Our country's economy is steadily growing and we may disrupt this growth by electing John Kerry.