Obama's recipe for a recession


JOHN McCain's White House campaign today dragged rival Barack Obama back to the domestic fray, scorning his economic plan as a recipe to plunge the US into a 1930s-style depression.

Top aides to the Republican senator vied to steal the thunder from an illustrious panel of economic advisers being convened by Senator Obama - and recapture some of the headlines after the Democrat's much-acclaimed foreign tour.

But with fewer than 100 days now to go before the November 4 election, Senator Obama had opened up a nine-point lead in the latest Gallup poll released yesterday - 49 per cent to 40 for Senator McCain.

Carly Fiorina, a key lieutenant to Senator McCain and former boss of computing giant Hewlett-Packard, said a recession triggered by the 1929 Wall Street crash became a depression through the imposition of higher taxes and trade barriers.

"The reality is when an economy is slowing, if you raise taxes and you curtail free trade through isolationist policies, bad economic times become worse," she said.

"We know this from history... and that is precisely the proposal that Barack Obama is making," Ms Fiorina said.

"And that is why I say as a businesswoman, I hope Barack Obama continues to consult with experts because I think his understanding of the economy leaves a great deal to be desired."


This is a good line of attack because it is historically accurate and Obama has shown himself to be historically ignorant. Not only is he history challenged he is also economics challenged and geography challenged. But it is history where he is at his worst and it would not surprise me that Fiorina's argument is the first he has heard of this. He is so wrapped up in the concept of "economic justice" that he is willing to create and economic nightmare to make all of us poorer in that pursuit.


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