June 10, 2008 in Nation/World

Obama, McCain talk about economy

Scott Martelle and Dan Morain Los Angeles Times
 

With recession in the air and gasoline surpassing $4 a gallon, presumptive presidential nominees John McCain and Barack Obama focused on the economy Monday, each accusing the other of not understanding how it works.

Obama launched his “Change That Works for You” tour in Raleigh, N.C, where he blamed much of the nation’s economic troubles on the Bush administration and policies that he said are “little more than the worn dogma that says we should give more to those at the top and hope that their good fortune trickles down to the many who are hardworking.”

Stronger government investment in health care, education, energy and the infrastructure could have lessened some of the economic impact on families, he said, according to a prepared text of his remarks.

“We did not arrive at the doorstep of our current economic situation by some accident of history,” Obama said. “This was not an inevitable part of the business cycle that was beyond our power to avoid.”

He blamed “special-interest driven policies and lax regulation” for “a housing crisis that could leave up to 2 million homeowners facing foreclosure (that) has shaken confidence in the entire economy.”

The McCain campaign said Obama’s economic plan would “further weaken our economy.”

“While hardworking families are hurting and employers are vulnerable, Barack Obama has promised higher income taxes, Social Security taxes, capital gains taxes, dividend taxes and tax hikes on job-creating businesses,” campaign spokesman Tucker Bounds said.

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