The Economy Debate
The debate on the economy focuses on employment, taxes, and spending. What is the best way to increase economic growth and lower the unemployment rate? Should the government prioritize lowering the national debt? Did the 2009 stimulus have an effect on lessening the recession? Should taxes on individuals and businesses be reduced or increased?
Official Democratic position
The Democratic Party opposes “The failed economic policies of the past, in which tax relief for the wealthy explodes the deficit and asks the middle class to shoulder that burden.” The Party opposes Social Security privatization. The Party believes that debt reduction should be balanced between spending cuts and by enacting the Buffett Rule, which would raise taxes on wealthy Americans.
Official Republican position
“The best jobs program is economic growth.” The Republican Party supports free market policies that lead to job growth. The Party supports permanently extending the Bush Tax Cuts, and would like to “Eliminate the taxes on interest, dividends, and capital gains altogether for lower and middle-income taxpayers.” The Party believes that minimizing the national debt should be a priority. The Party supports the adoption of the Balanced Budget Amendment and supports reforming Medicare.
At the federal level, the Department of Labor and the Federal Reserve have the most influence over the economy. The Federal Reserve controls monetary policy by controlling interest rates and the money supply. Congress passes laws to fund stimulus packages and bailouts.
Congress also sets federal rates for taxes such as federal income tax, capital gains tax, and estate tax. States and local governments can set state income taxes, sales taxes and property taxes. These jurisdictions can also raise the local minimum wage.
Bush Tax Cuts 2001 and 2003 - Series of temporary laws (that have been extended) to lower federal income taxes, capital gains taxes, and taxes on dividend income
American Recovery and Reinvestment Act of 2009 (ARRA) - Economic stimulus package enacted in response to the Great Recession which included direct spending to infrastructure, education, energy, and expanded unemployment benefits
Budget Sequestration 2013 - Automatic spending cuts to the federal budget from 2013-2021
Most Vocal on Economy
These are the candidates who focus on this issue the most, with the most liberal on this issue on the left and the most conservative on this issue on the right. Click on the circles to see more information.
The Spectrum on Economy
These are the candidates who are most liberal, most conservative, and most moderate on this specific issue. Click on each candidate to see more information.