New Yorker magazine: ‘The choice’

by Michael O. Allen on October 3, 2008

In a long article, the New Yorker magazine endorsed Sen. Barack Obama, (D-IL), and made the argument for why Sen. John McCain, (R-AZ), would be the wrong choice to lead the nation at this time:

Since the 2004 election, however, McCain has moved remorselessly rightward in his quest for the Republican nomination. He paid obeisance to Jerry Falwell and preachers of his ilk. He abandoned immigration reform, eventually coming out against his own bill. Most shocking, McCain, who had repeatedly denounced torture under all circumstances, voted in February against a ban on the very techniques of “enhanced interrogation” that he himself once endured in Vietnam—as long as the torturers were civilians employed by the C.I.A.

On almost every issue, McCain and the Democratic Party’s nominee, Barack Obama, speak the generalized language of “reform,” but only Obama has provided a convincing, rational, and fully developed vision. McCain has abandoned his opposition to the Bush-era tax cuts and has taken up the demagogic call—in the midst of recession and Wall Street calamity, with looming crises in Social Security, Medicare, and Medicaid—for more tax cuts. Bush’s expire in 2011. If McCain, as he has proposed, cuts taxes for corporations and estates, the benefits once more would go disproportionately to the wealthy.

In Washington, the craze for pure market triumphalism is over. Treasury Secretary Henry Paulson arrived in town (via Goldman Sachs) a Republican, but it seems that he will leave a Democrat. In other words, he has come to see that the abuses that led to the current financial crisis––not least, excessive speculation on borrowed capital––can be fixed only with government regulation and oversight. McCain, who has never evinced much interest in, or knowledge of, economic questions, has had little of substance to say about the crisis. His most notable gesture of concern—a melodramatic call last month to suspend his campaign and postpone the first Presidential debate until the government bailout plan was ready—soon revealed itself as an empty diversionary tactic.

By contrast, Obama has made a serious study of the mechanics and the history of this economic disaster and of the possibilities of stimulating a recovery. Last March, in New York, in a speech notable for its depth, balance, and foresight, he said, “A complete disdain for pay-as-you-go budgeting, coupled with a generally scornful attitude towards oversight and enforcement, allowed far too many to put short-term gain ahead of long-term consequences.” Obama is committed to reforms that value not only the restoration of stability but also the protection of the vast majority of the population, which did not partake of the fruits of the binge years. He has called for greater and more programmatic regulation of the financial system; the creation of a National Infrastructure Reinvestment Bank, which would help reverse the decay of our roads, bridges, and mass-transit systems, and create millions of jobs; and a major investment in the green-energy sector.

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