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Thursday, September 04, 2025
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McCain, Obama have different plans for fixing economic crisis

Experts agree the economy will be at the forefront of voters' minds as they head to the polls Tuesday.  

 

Mark Copelovitch, a UW-Madison political science professor who specializes in economic issues, said presidential candidates U.S. Sens. Barack Obama, D.-Ill., and John McCain, R-Ariz., have different opinions on the role of government in the economy and on levels of government spending. 

 

Copelovitch said although both candidates agreed on the financial bailout bill, they might differ on the deregulation verses re-regulation debate,"" which he said is the long-term component to the bailout bill.  

 

He said McCain has traditionally disliked regulating financial markets. He said Obama, on the other hand, is more likely to get the government involved. 

 

""I think Obama, he's played it a little bit close to the vest, but I think he's more along the lines of someone who's going to say OK, there's going to be serious new regulation of banks and investment banks and financial institutions,"" Copelovitch said.  

 

According to UW-Madison political science professor Barry Burden, voters' concerns about the economy in the election could end up helping Obama. 

""It's just dominating everything else; the Iraq War, other domestic issues, the background of the candidates, all of that stuff is secondary to the economic situation and it's worked to Barack Obama's advantage,"" he said.  

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Burden said McCain is not as comfortable talking about economic issues. He said the current crisis has overshadowed issues like foreign policy and national security, where McCain is often at his strongest.  

 

The fact that McCain is a Republican automatically associates him with the economic policies of the Bush administration, Burden said.  

 

""McCain shares that brand in common with them and the brand is hurting,"" he said.  

According to Burden, whoever becomes the next president will have their hands tied for some time by the current economic situation, and the bailout bill specifically.  

 

""It's a huge sum and it's going to leave less money for tax cuts and less money for spending on healthcare, education, environment, or even the Iraq War,"" he said.  

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