Economy

Joe Biden On The Economy

Stop Spending on War and take care of Homeland

• Balancing budget is about priorities; GOP made wrong choices. (Dec 2007)
• Save Pentagon spending by getting the troops out of Iraq. (Dec 2007)
• More transparency for hedge funds and private equity funds. (Aug 2007)
• Invest in new programs by ending war & eliminating tax cuts. (Apr 2007)
• Voted NO on $40B in reduced federal overall spending. (Dec 2005)
• Voted NO on prioritizing national debt reduction below tax cuts. (Apr 2000)
• Voted YES on 1998 GOP budget. (May 1997)
• Voted YES on Balanced-budget constitutional amendment. (Mar 1997)

Q: Would it be a priority of your administration to balance the federal budget every year?
A: You don't have to make a choice of balancing the budget and/or leading with the priorities that most of us feel strongly about, from health care, to education, to the environment. And I'll just put it in real stark terms: It's about priorities. Just by eliminating the war, & eliminating the $200 billion in tax cuts that goes to the top 1%, if you add it all up, [with $350B in cuts to military special programs], that would allow me to do everything I want to do -- my priorities on education, health care and the environment -- and still bring down the deficit by $150 billion.

So, the Republicans are trying to sucker us into this, "You either have to balance the budget and do nothing to make people's lives better, or you're going to balloon the deficit." They have ballooned the deficit with their bad priorities.

The defense department's gigantic. It's not just the war in Iraq. Over the first four years I think all of us are going to try to get the troops out of there. I think I can do it in the first year. We shouldn't buy into the Republican paradigm, and that is the idea they've built this deficit up, the republicans, in order to make it difficult to do the things we need to do. You can take 20 Billion a year out of the defense department just by eliminating weapons systems. You can, in fact, cut.

Source: 2007 Des Moines Register Democratic

Debate Dec 13, 2007

Q: On your website you say about programs for energy research, health insurance, tuition deductions--all noble goals for Democrats, but it's more money, more money. Where you going to get it?
A: First of all, we're going to end this war. It's $100 billion a year we're spending.

Eliminate the tax cuts for people making over a million bucks --that's $85 billion a year.

Eliminate the tax break for investment on dividends--$195 billion.

We have a fancy word--a new "paradigm" [about crime, health, and energy]: Investment in these areas
Source: Meet the Press: 2007 "Meet the Candidates" series Apr 29, 2007

Q: The Fed lowered the discount rate for banks to address the mortgage crisis. Should they lower rates for everyone else?

A: The answer is yes. But we need more transparency, particularly with regard to hedge funds and private equity funds. They are the ones that are causing this thing to go under. And there's no transparency, no accountability. We don't know how deep this problem is. I think it's almost as deep in terms of dollars, not liability, as the savings and loan crisis.

Source: 2007 Democratic primary debate on "This Week" Aug 19, 2007

Sarah Palin On The Economy

Use State Surplus to make cuts

Palin Left Wasilla $20 Million In Debt. As mayor of Wasilla, Palin cut taxes while simultaneously expanding the town’s operating budget by almost $2 million. She ended her term in 2002 with Wasilla $20 million in debt.

Source: Anchorage Daily News 10/23/06; the Politico, 8/29

Palin Instituted A Windfall Profits Tax On Oil Companies. In 2007, Palin raised taxes on oil company profits by $1.5 billion a year, enabling Alaska to double its oil revenue. However, in 2008 she said, “Windfall profits taxes alone prevent additional investment in domestic production.”

Source: Bloomberg, 3/8; Seattle Times, 8/10; Governor’s Office Press Release

Palin Supported Flat Tax Advocate. Palin appeared in campaign commercials in support of Republican Senate candidate Mike Miller, who was advocating the Flat Tax.

Source: Fairbanks Daily News-Miner, 4/24/04

• Control spending by request if possible; by veto if needed. (Sep 2008)
• $7 billion savings plan for education & transportation. (Dec 2007)
• Reduced general fund spending by $124 million. (Mar 2007)
• Aim to reduce general fund spending by $150 million. (Jan 2007)
• Firm believer in free market capitalism. (Nov 2006)
• Coordinate state tourism marketing but no additional funding. (Oct 2006)

 Control spending by request if possible; by veto if needed

I got rid of a few things in the governor's office that I didn't believe our citizens should have to pay for. That luxury jet [for personal use by the governor] was over the top. I put it on eBay. I also drive myself to work.

And I thought we could muddle through without the governor's personal chef--although I've got to admit that sometimes my kids sure miss her. I came to office promising to control spending--by request if possible and by veto if necessary.
Source: Speech at 2008 Republican National Convention Sep 3, 2008

Reduced general fund spending by $124 million

Governor Palin is committed to a budget that controls the growth of government, forces the state to live within its means, and encourages a healthy savings for the state's future. The Governor's budget includes funding to restore the longevity bonus program, a community revenue sharing program and fully funds the education foundation formula. From the moment Governor Palin took office, she directed all state agencies to look for efficiencies and savings. Through a collective effort, the Governor was able to reduce general fund spending in the operating budget alone by over $124 million. The capital budget maximizes federal funding and focuses on the Administration's priorities. The Governor will continue to work with the Legislature to craft a final budget that meets the needs of Alaskans.

Source: Alaska Governor's Office: press release, "100th Day" Mar 13, 2007

Aim to reduce general fund spending by $150 million

I have established an aggressive goal of reducing general fund spending by $150 million dollars. This takes tremendous effort by staff as well as the cooperation of the Legislature. On the savings side, by depositing our one-time surplus of $1.8 billion dollars, we'll build our savings account to nearly $4.3 billion dollars. It's a necessary step to ensure that we can fund essential services tomorrow; and avoid massive "single year" cuts down the road, if and when, faced with tougher times.
Source: State of the State Address Jan 17, 2007

Firm believer in free market capitalism

I am a conservative Republican, a firm believer in free market capitalism. A free market system allows all parties to compete, which ensures the best and most competitive project emerges, and ensures a fair, democratic process.
I will communicate progress on gasline negotiations to the public. My Administration will pursue the plan that is best for ALL Alaskans. All qualified and viable proposals and applicants will be considered.

Source: Palin-Parnell campaign booklet: New Energy for Alaska Nov 3, 2006