It’s the economy, stupid.

Economics plays a major role in any campaign and election, no matter what other issues may be “hot” at the time. What is the best way to decrease the national deficit? Higher taxes on those with higher incomes, or lower taxes for everyone? Should the government regulate businesses from the smaller, privately owned to the larger corporations? Or should it leave businesses alone to run themselves? Should the government be responsible for funding social programs, such as Welfare and Medicaid? Trickle-down economics vs. Trickle-up economics; which theory works better and which one is morally the right one to pursue?

Traditionally, the conservative economic agenda has pushed for less government regulation of businesses, lower taxes and the encouragement of investment. The 2004 GOP platform outlined a commitment to making the tax reliefs of 2001 and 2003 permanent. The view is not that there is too little taxing, but rather too much spending. This means that spending limits on the government would promote a cap on discretionary spending that would limit the growth of overall spending while still able to provide funding for the nation’s security. The budget for 2005 proposed by President Bush increased funding for the War on Terror while limiting all other non-security related discretionary spending to less than one percent.

The 2004 platform also endorsed a Sunset Commission that would determine whether certain programs are duplicative, wasteful or inefficient, outdated or irrelevant, or failed, and would recommend to Congress programs that could be terminated, restructured or moved.

Another important agenda for conservative economic policy is a commitment to free trade. Ideally, this free trade would also be fair trade, and would advance America’s economic goals and protect American jobs.

The Democrats vision for the economy, however, supports fair trade agreements that will raise standards for workers in the U.S. and abroad. This agenda will also make American businesses more competitve and will create more jobs and economic investment. The Democratic party is concerned that only the “wealthiest citizens are benefitting from the current economic expansion.” This can be found at the Democratic Pary website. The party is concerned with the middle and lower classes, and wants the middle class to “stay ahead of inflation.”

They are also concerned with balancing the budget and working on paying down U.S.’s national debt. A problem they see is that we are spending money we don’t have because of the debt crisis. By gaining control of the debt, democrats envision the chance to have better medicare and social security plans in the U.S.

-Mineko and Lisa