The election is only one month away and Boom! is proud to have the two presidential nominees on our cover. We will endeavor to provide valuable information for both candidates on the additional issues not covered in last month’s issue. I'll say this right up front, these are only summaries of their positions and every reader should to go to barackobama.com and johnmccain.com to obtain all the detail necessary to help you decide who can best represent America and resolve the challenges confronting us.

No single issue in this campaign is perhaps more important than leadership around the economic disaster that now embroils us. The financial environment in which we find ourselves has been allowed to befall our economy because of years of lax to non-existent federal regulation. Wall Street has proven, time and again, that it is only concerned for the short-term profits it can generate for its firms and the huge compensation programs for executives. As in 1929, the hands-off government philosophy allowed them to lead the financial system down the path to ruin.

The next president is going to have his entire economic program changed, and the steps either one might have taken, will now be limited because of this financial albatross. The following information will present the recent respective campaign position summaries of both John McCain and Barack Obama for the economic crisis, economy, healthcare, social security and taxation. For additional details go to each campaign’s Web site listed above or sites such as politico.com, slate.com, realclearpolitics.com or any of the major newspapers. Another excellent article is Doris Kearns Goodwin’s The Secrets of America’s Great Presidents that appeared in Parade, September 14, 2008. Go to parade.com.

Neither candidate has issued anything other than a cursory response to Henry Paulson’s and Ben Bernanke’s short, vaguely worded proposed bailout plan.

The current situation is historic and unprecedented. No plan of action should be rushed through Congress. As we near the election, watch to see which candidate discusses and embraces these basic elements to protect every American’s interest:

• Greatly strengthened regulatory power and staffing for all regulators with some responsibility for this crisis.
• Federal licensing of all mortgage lenders and loan officers.
• Real estate lenders must be the first to suffer economic losses for defaulted loans.
• Congress should make all compensation and termination contracts for major executives of firms bailed out by the government null and void.
• The federal bailout plan must incorporate provisions for frequent Congressional oversight and reporting to the American people.

To his credit, Barack Obama’s Web site has detailed proposals for far more aspects of the economy than McCain’s. Obama’s proposals include plans for jump-starting the economy, middle class tax relief, trade, infrastructure investment, job creation and innovative investment in technology and green jobs. Obama also addresses specific portions of the economic crisis with help for homeowners and communities most impacted by housing problems.

Barack Obama wants trade policies that are fair deals for American workers and would renegotiate NAFTA. He would strengthen the ability of workers to organize unions. Obama proposes to stop predatory credit card practices and reform bankruptcy laws to protect Americans facing a medical crisis. He would also place significant emphasis on creating green jobs and rebuilding our infrastructure with emphasis on all forms of transportation.

McCain’s economic emphasis centers on balancing the budget by 2012. It is premised on a growing economy, however, these plans could be derailed by our current crisis. To help achieve a balanced budget he wants bi-partisan reform of Social Security, Medicare and Medicaid. Although details on his Web site are absent, McCain’s policies will be small business friendly and proposes to lower tax rates for sole proprietors and partnerships, lower tax rates on dividends and capital gains, lower corporate tax rates and improved research and investment for modern technology. He places major emphasis on spending restraint and will review every federal program for effectiveness. He promises to veto every pork-laden spending bill and to stop earmarks.

America’s other crisis. 47 million uninsured. Americans and most participants in our healthcare system agree that our system is badly broken. Medical bills are a major reason for bankruptcy declarations. Healthcare costs have grown at 4-6 times the rate of wage increases.

INSURANCE PLANS — McCain would provide a tax credit, $2,500 individual, and $5,000 for families to purchase healthcare. Obama would establish a national health plan similar to that which members of Congress have and make it available to all Americans.

ELIGIBILITY — Obama’s plan will not allow exclusion for pre-existing conditions or illness. McCain would work with states to establish a guaranteed access plan.

PORTABILITY — both candidates support portable healthcare insurance.

DRUGS — both candidates support re-importation of safe drugs from other countries to lower drug costs.

Both candidates support strong initiatives to provide preventative healthcare coordination for chronic diseases, introduction of technology in medical systems and continuous outcomes reporting to improve healthcare.

If this is a top issue for you, Obama’s plan insures more people and involves a more active federal government role that will most likely be quicker to implement.

I am indebted to the AARP Voters Guide for the following information. AARP asked each candidate the following questions:

"Will you support or oppose a balanced Social Security plan to continue the program’s guaranteed benefits for future generations?"

McCain — chose not to support or oppose
Obama — chose support

"Will you support or oppose diverting Social Security payroll taxes to individual retirement accounts?"

McCain — chose not to support or oppose
Obama — chose oppose

The American people very quickly informed George Bush that private accounts for Social Security were DOA when they were proposed. They still are.

Both candidates agree to speak the truth, as they see it, about how to provide for the long-term solvency of Social Security. Obama believes that phasing in increases from 2-4% for those making in excess of $250,000 can make up the shortfall. McCain believes the system can meet its obligations without tax increases but no details are offered.

McCain wants to control the growth of spending in Medicare but does not stipulate how. There is no comment as to reforming Medicare to stop paying providers for the private supplemental insurers more than those providers in the regular program. This amounts to a $17 billion subsidy to private firms and is now, as we speak, driving providers out of the Medicare system.

Obama opposes the higher payments to private insurance programs and promises to close the prescription drug “donut hole.” Obama will also have the government negotiate lower drug costs for Medicare recipients just as the VA does today for veterans.

I was prepared to list each candidates taxation position but our financial crisis, the state of our economy and our national debt are virtually certain to drastically alter any proposals or plans either candidate now espouses. We are now at the roulette table in Vegas.

See you at the polls November 4th!