Nov 3, 2008 5:01 pm US/Central
Voters Differ On Obama's, McCain's Economic Plans
CHICAGO (CBS) ―
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Sen. John McCain, R-Ariz., left, and Sen. Barack Obama, D-Ill., seen on the campaign trail at the end of October ahead of the Nov. 4 presidential election.
Robyn Beck/AFP/Joe Raedle/Getty Images
Americans hope the new president will be able to get the economy going again. Barack Obama and John McCain each have different plans to fix it.
On the streets of Chicago Monday, CBS 2's Jim Williams spoke to voters on whose economic policy they favor. Obama supporters said they believe he'll be better for the middle class.
"His tax policy will help ensure that the middle class, which is the stable point of our country, will really grow under his policies," said Obama supporter Chris Valadez.
Obama has promised to cut taxes for people making less than $250,000 a year and raise taxes for those above that line. John McCain's supporters don't like that.
"I don't like the redistribution of wealth," said McCain supporter David Galter. "I don't think you should be punished for your success."
McCain has promised to extend tax cuts to people in various income groups.
Both Obama and McCain started their campaigns nearly two years ago, but the economic crisis hit the country recently, so experts believe the winner will certainly have to alter what he's been saying.
"Their policies can't have taken the crisis into account. Both will need to step back," University of Illinois at Chicago economics professor Helen Roberts said. "Whoever is elected will need to step back and need to say, going forward now, what is best for the country?"
Both candidates vow to work to reduce the federal budget deficit, but the combination of tax cuts and spending on two wars and financial bailouts makes a balanced budget unlikely for some time, according to economists.
"In a crisis, we're not going to make the mistake we did during the great depression -- 'oh, let's balanced the budget now!' that, we know would be a bad thing," Roberts said.
And that's not even taking into consideration what could happen between now and inauguration day.
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