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What Barack Obama stands for: Obamanomics: Paternalism with a new spin
However, it would be wrong to classify Obama generally as a tax hanger. The Tax Policy Center in Washington has analyzed the candidates' tax plans and comes to an interesting conclusion: For the 80 percent of households that earn less than $ 118,000 a year, McCain's plans would save $ 200 a year, Obama's suggestions on the other hand, $ 900. At the upper end of the income spectrum, the effect is different: the 0.1 percent of Americans, who earn an average of $ 9 million, would be relieved of $ 190,000 under President McCain, but would be burdened by a whopping $ 800,000 under Obama - above all because it would take away from them the tax cuts that George W. Bush had enacted.
Obama recognized his economic deficit early on and acquired a staff of advisors that included veterans of the Clinton era such as Bob Rubin and Bob Reich as well as ex-Federal Reserve Chairman Paul Volcker and stock market guru Warren Buffet. But his closest economic advisers are young economists developing new theories at the University of Chicago. These new Chicago Boys contradict parts of the neoclassical Chicago school around Milton Friedmann. Under the leadership of Steven Levitt, Richard Thaler and Cass Sunstein, they are primarily concerned with networks, the Internet, behavioral economics and neuroeconomics.
These economists include Obama's economic advisors Austan Goolsbee and Jason Furman. You are supporters of so-called behavioral economics. You question the neoclassical thesis that economic operators always behave rationally. Instead, they empirically investigate how to get people to behave as they should - a line of thought also known as "libertarian paternalism": the state does not dictate how to behave, but suggests it.
One example is Obama's concept of how the savings rate can be increased: instead of giving tax benefits to saving, employers are obliged to pay a percentage of the salary into a pension account - unless the employee explicitly decides against it. The situation is similar with the health reform: While Hillary Clinton advocated compulsory insurance for all Americans in the primary campaign, Obama wants to set the incentives for all citizens to take out insurance - but the decision remains open to them.
In the subprime crisis, Obama called for greater regulation of financial market players because deregulation has gone far too far for him since the Reagan era: "The market is the best mechanism ever devised for the effective allocation of resources," he said in an interview. almost as if he were quoting from a neoclassical textbook. "But there are some things that the market doesn't do automatically" - and the state has to be there. This means that the presidential candidate finds himself on the left spectrum of his party on some issues, but on many others he is a centrist. Or just a pragmatist.
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