Oh, Grow Up

Do the presidential candidates live in a fantasy world? Or do they assume that we just can’t handle the truth?

In the real world people need to pay their bills. So why do the candidates assume that they can hand out goodies to all and sundry and no one has to pony up?

Barack Obama says he’ll reduce taxes for 95% of working families. John McCain plans to cut corporate taxes. Neither specifies where he will make up for the lost income. But if they don’t offset the lost revenue and just add to the deficit, future taxes will have to go up.

Everyone wants to cut taxes. No one wants to say how he’ll pay for it. Milton Friedman said there’s no such thing as a free lunch. Someone has to pay. We all know this. If the politicians acted like grown-ups and treated us like adults—leveling with us—maybe we would trust them just a little bit more.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-15T14:44:17+00:00 October 30th, 2008|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. –
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