Economy Making Impact On Election

Recent turmoil in the credit markets and other bad economic news has many residents of Atlanta fearful about the effects of the credit crunch on Main Street. Many small businesses that need short term credit to make payroll and maintain inventories have begun to feel the pinch. Some are considering closing their doors and declaring bankruptcy.

It has also centered the attention of voters in the upcoming presidential elections squarely on the economy. Democratic candidate Barak Obama received a slight bounce in national polls as more attention focused on economic issues. His lead over Republican challenger John McCain has tightened in the final days of the campaign.

A poll released by BankruptcyHome.com, a Web site that provides information on bankruptcy and debt consolidation, showed that those seeking information about bankruptcy favor the Democrat to handle economic issues by 26.78 percent over McCain. Obama was chosen by 48.17 percent of the over 1,200 respondents when asked which candidate was better prepared to handle the economy. Just over 12 percent were either unsure or thought neither could do much to address economic issues.

Recent polls show McCain holds a 6 point lead in the polls in Georgia, and is expected to carry the state. However, recent economic news is casting doubt on the Republican’s chances to win the White House.

Obama supports changing bankruptcy laws so that a judge can rewrite a mortgage on a first home in order to keep families in their homes. McCain opposes changing the bankruptcy reforms passed in 2005.

Both candidates voted to approve the Treasury Department’s $700 billion bailout of financial institutions that has the government purchasing interests in the nation’s largest banks.

He said that the program, intended to restore stability to the financial system, will not stop every bank from going under and that some financial institutions will fail. The program, according to Paulson, is not intended to save institutions just for the sake of saving them.

The stock markets have had mixed results in response to the measures the government has taken to the economic crisis. All signs point to a prolonged recovery from the current economic slowdown. If you are feeling the pinch of the financial crisis and can’t get ahead of your own debts, you might out to consider consulting an experienced debt law firm.

Economic Issues Top Debate Discussions

Economic issues dominated the questions asked of Republican John McCain and Democrat Barak Obama in their town hall-style debate in Nashville, Tennessee, last night. Questions submitted by undecided voters in the audience and online respondents focused mostly on the economic crisis.

Economic conditions have had a toll on Atlanta and the State of Georgia. Unemployment rates are high and home foreclosures continue to rise.

Recent national polls show Obama pulling ahead of his Republican opponent as economic issues have begun to dominate the political discussions. One conducted before the debate by BankruptcyHome.com of persons facing financial difficulty showed that 48.17 percent of respondents favored Obama to handle the economy. McCain trailed with just over 20 percent of the over 1,200 participants saying he was best capable to handle the economy. Recent polls in Georgia show McCain has an about a 6 point lead in the state.

Some in the debate audience asked about foreign affairs, but most seemed to want to know how the recent bailout of credit markets would affect them and what steps the candidates would take to shore up the faltering economy.

Both candidates criticized one another on the handling of the crisis. McCain tried to pin the blame squarely on Fannie Mae and Freddie Mac and by association on Obama, but the charge didn’t seem to stick. Obama countered that he had never acted on behalf of the two mortgage banking giants, but that McCain’s campaign manager’s lobbying firm, until recently, was paid thousands of dollars a month to work for Freddie Mac.

The candidates touted their health care plans as the best solution to the growing number of uninsured in the country and the rising cost of health care coverage.

The cost of medical care in the United States has risen exponentially in the last 10 years, and medical bills have become one of the leading causes of bankruptcy filings. Making reform a priority was suggested by both candidates.

Taxes and entitlement programs such as Social Security and Medicare were also heated topics up for discussion. Both candidates said that the government would have to make difficult decisions to deal with the record deficits that have been accumulated in the past eight years.

Both candidates returned to the campaign trail Wednesday vowing to highlight their opponent’s weaknesses. McCain says that Obama is too inexperienced, and his surrogates question his judgment by refering to his associations with Pastor Jeremiah Wright and Professor William Ayers. Obama paints McCain as out of touch with middle-class Americans, and says that McCain’s administration will be a continuation the policies of the last eight years under the George W. Bush administration.