Crisis shows need for substance

Not since 1992 has the economy been this crucial to the U.S. presidential race. Recent events on Wall Street have reminded voters of the urgent need for principled leadership over partisan politics. Amidst economic turbulence, Americans need more than hope, they need leadership. Only Sen. John McCain has the experience and the plan to fix America's latest economic challenge.

Any effort to restore America's economy must put the taxpayers first and special interests last. That starts with keeping taxes low, especially those affecting the heart of our economy: small business, which has produced nearly 80 percent of all net new jobs this decade. There is no surer way to force jobs overseas than to raise taxes on businesses, and that's what Sen. Barack Obama intends to do. Obama has called for higher income, social security and corporate taxes, as well as doubling the capital gains tax rate. By contrast, McCain has pledged to eliminate the Alternative Minimum Tax (saving middle class families $60 billion), cut business taxes, keep income taxes low and he opposes Internet taxes.

In addition to keeping the tax burden low, the next president will have to reform some of America's most entrenched institutions. First, McCain will work towards balancing the budget by the end of his first term. Second, McCain will use investment and research incentives to jumpstart rapid growth, especially in new technology. Most important, a McCain-Palin administration will end the disgraceful culture of cronyism in Congress. McCain and Gov. Sarah Palin each have dedicated their careers to rooting out corruption, and as the failure of Lehman Brothers and AIG boldly demonstrates, we need a president capable of reforming Wall Street.

Finally, because we send more than $700 billion per year to unfriendly oil producers, McCain knows that successful economic policy must include energy solutions. McCain will initiate an "all of the above" approach to break our addiction to oil. While American families suffer from high gas prices, Obama has stubbornly opposed additional oil drilling and more nuclear power. McCain knows we need to take advantage of the resources we already have while still promoting alternatives like flex-fuel vehicles, new nuclear facilities and other low-carbon fuels such as wind, hydro and solar power.

The fact is Obama wants to: raise taxes, hope and inflate our tires... in that order. That's not change we can believe in, that just leaves change in our pockets.

Cliff Satell is a Trinity sophomore. He is a vice chair of the Duke College Republicans.