Keep Economics Scores for the Candidates

So far, the tax commitments are murky. Then again, even clear-cut promises such as "read my lips -- no new taxes" can be broken after the election. Can the candidates better define their tax pledges, and can they then carry them out?

Jobs

The latest unemployment figures -- a five-year high on the jobless rate at 6.1% -- make it tough for McCain to campaign on a platform of respect for President Bush, while still promising job creation. What would he do differently from our current President, who has been in office while hundreds of thousands of jobs have vanished in the past year?

McCain says the private sector should create jobs, and he articulated a plan in his acceptance speech. "As president, I will enact a 'jobs for America' economic plan that creates jobs, helps small businesses, expands opportunities and opens markets to American goods." Details, please.

Meanwhile, Obama wants to form federal job training programs and end what he calls "tax subsidies" for companies that ship jobs overseas. Also, he pledges to protect American jobs though tough new trade deals. Can government legislate job protection when the economics of foreign labor are so compelling?

Government Spending

And what's the true cost of all these promises to a country already in $9 trillion worth of national debt?

Obama says if he's elected, he will cut taxes for "95% of all working families and provide an immediate $50 billion to struggling states so that they don't have to cut back on health care and education and can rebuild roads and schools." Now, all he has to do is explain where he'll get the money to do that.

McCain has come lately to the supply-side view that cutting taxes encourages growth. The tax policies he has recently articulated also encourage childbirth, because he promised to double the tax exemption for children from $3,500 a year to $7,000. Clearly, the man believes in tax incentives.

But are these the right ones? That brings us back to the real issue being played out in the global markets for U.S. debt and for the dollar. If politicians make all these promises to buy our votes, what is the ultimate cost, and how do we fund it? Do we print more dollars to pay off the political supporters, and destroy the value of the currency? Or do we go hat in hand to global central banks, hoping they'll lend us money by purchasing our debt?

So let's track both candidates' economic promises and policies. Together we'll try to sort out their economic positions and the impact they'll have on our future. Someone should keep score, and it might as well be our readers. And that's the Savage Truth.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting