Mr. Obama plans to boost federal spending 25 percent while nearly tripling the national debt over 10 years. Americans know that this kind of spending will have economic consequences, including new taxes being imposed by the new progressives.
The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.
Senator McCain believes there ought to be a limit to how much the government can take from anybody, and he believes that today with the federal tax rate at 35 percent that that's more than the government ought to be taking from any individual regardless of how much they make.
If we're going to have a strong and dynamic economy in the years ahead, we need to tackle some of the structural challenges that our economy faces and the tax code is one of the biggest.
To be able to compete, we've got to improve our education system, our litigation environment, our tax code, our health system and our trading policies if we're going to be as strong economically in the years ahead.
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