Tuesday, November 04, 2008

McCain, Obama economic policies appear to be politics as usual

From LA Times.com:

As Americans head to the polls, they carry their deep fears about the economy coupled with the weight of dire warnings about the potential economic fallout of an Obama or McCain presidency.

Democrat Sen. Barack Obama is accused of having a "socialist agenda," and Republican Sen. John McCain allegedly wants to further enrich "millionaires and billionaires." To listen to the campaigns, the risks for ordinary Americans are extraordinary.

The heated rhetoric is tapping into more than politics as usual. The election is occurring at a time of serious long- and short-term problems in the U.S. economy.

Ever since the late 1960s, incomes have been growing more unequal, leaving middle-class wage earners with a smaller share of the American pie while vast fortunes have been accumulated by a tiny few at the top.

The nation has just ended a long era of economic growth that left the median incomes of Americans lower in 2007 than in 1999, according to Census Bureau data. The impact was particularly hard at the lower end of the income scale.

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