Will the next president hurt your bank account?

In short, yes. All three presidential hopefuls want to lower taxes and limit tax hikes. However, all of them have vast social programs that will eventually cost billions in taxpayer dollars. Here is a quick run through of Hillary Clinton, Barack Obama, and John McCain with a quick glimpse of their policies.

Hillary Clinton

• Seeks immediate relief for housing crisis
• calling to freeze interest rates
• Co-sponsored bills totaling $502B in spending thru 2005
• Voted NO on paying down federal debt by rating programs’ effectiveness.
• Voted NO on $40B in reduced federal overall spending.
• Higher Social security tax

Barack Obama

• Bush stimulus plan leaves out seniors & unemployed.
• Help the homeowners actually living in their homes
• Save $150 billion in tax cuts for people who don’t need them.
• Rejects free market vision of government.
• Voted NO on paying down federal debt by rating programs’ effectiveness.
• Voted NO on $40B in reduced federal overall spending.
• Higher Social Security tax

John McCain

• Continue strong in Iraq
• Voted YES on $40B in reduced federal overall spending.
• Private social security accounts

A quick glimpse at the candidates platforms show that many of them would continue with the same federal budget, and all of them have shown a net increase in the budget. Their stances on each federal program, and program types are different, but total spending is the same.

The biggest cost to taxpayers, and an integral part to the 2008 election, is the war in Iraq. Two candidates, Hillary Clinton and Barack Obama both want to put a timetable for withdrawal in place – although Obama’s would be much sooner than Clintons.

John McCain wants to continue with the current strategy in the war on terror, and is adamant about staying in Iraq for as long as it takes, even if it takes 100 years. Ending the war in Iraq would save US Taxpayers roughly $150 Billion per year and cut the Federal Deficit by nearly half. The war is a much bigger expenditure than most people think.

All three candidates want to aid in the subprime blowup, which will cost even more in Federal money. After the buyout of Bear Sterns, all candidates agreed that the citizens of the United States needed assistance in keeping their own homes. No bill has yet to pass regarding new funds for homeowners, but it should remain a key talking point in Congress.

Hillary Clinton and Barack Obama support raising the bar on Social Security taxes so the upper class pays the current tax rate on more of their income. John McCain does not support the measure; only wanting to privatize social security so each person can make their own decisions.

As it appears, every candidate will affect your bank account negatively. Hillary Clinton desires more homeowner assistance and greater social programs, while requesting higher tax ceilings on social security. Her call to end the war in Iraq will lower the federal deficit, but not until 2012, her date of withdrawal.

Barack Obama wants to end the war in Iraq as soon as possible, but wants higher social security ceilings and more social programs than the two other candidates. It is safe to say that the savings from the war in Iraq would quickly be spent in more social programs. Universal healthcare being the key expenditure.

John McCain is also likely to increase the federal budget. Although he highlights his ability of foresight for the bridge to nowhere (which would serve 200,000 people) and various military expenses, he is willing to continue with the $150 Billion a year war. He supports some kind of health care aid much like his two democratic challengers although not as widespread.