THE BASIS POINT

Obama Links Economy & Iraq War, McCain Retaliates

 

In a speech in West Virginia today, Democratic presidential candidate Barack Obama implied a direct link between the Iraq war and the U.S. economy by saying that “when you’re spending over $50 to fill up your car because the price of oil is four times what it was before Iraq, you’re paying a price for this war.” Obama also said that “John McCain once opposed these tax cuts — he rightly called them unfair and fiscally irresponsible, but now he has done an about-face and wants to make them permanent, just like he wants a permanent occupation in Iraq.”

Obama is right. An economy can’t have Guns AND Butter. That much has been proven. In perhaps the best analysis of the economy vs. Iraq war to date, New York University Stern School of Business financial history professor Niall Ferguson covered this topic in December 2003. He said the Bush Administration can have both guns and butter for now, but eventually someone has to pay.

A McCain spokesperson said Obama “once again displayed how fundamentally wrong he is on the central issues facing America’s future: our economy and national security.” A clever but hollow soundbyte given McCain’s inconsistent goals: low taxes and a war that could last 100 years, according to McCain (see video). Eventually someone has to pay for the five years of war so far, let alone however long it’s going to continue.

The Basis Point editor supports Obama. Some of The Basis Point’s regular contributors support McCain.

 

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