McCain’s proposal is ridiculous. That said, the economic damage he will do in office is nothing compared to what Obama will do. An Obama administration backed by a democratic congress would pass huge amounts of legislation with disastrous long term consequences (taxes, health care, bank/personal bailouts). The government’s balance sheet will move from scary large to teetering on collapse.
I’ll throw this out there. Obama wins, and in Fiscal 2009, the national deficit exceeds $1 trillion (frankly, wouldn’t surprise me if we hit $1.5 trillion).
The nation will be like a drunken sailor at a night club. What seems good at 2AM won’t seem quite so wise at 9AM.
