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With the latest poll showing that fully 90% of Americans believe the country is headed in the wrong direction, the Republican Party has precious little credibility in laying claim to continued leadership. And the necessity of making a sharp break became all the more pressing with the sudden arrival of financial distress.
Unfortunately, a centerpiece of McCain's economic plan is an extension of Bush tax policy--a bad idea anytime, but horrible in these newly dire circumstances.
As the fates would have it, now is simply not the moment for this fine public servant.
Millions of Americans vest great hope in Barack Obama - and there is good reason why. It has been a long time since many have felt the government was in their corner. And here came an accomplished, fresh figure--a black man, at that--with plans for restoring the faith.
The agenda is sweeping, but the theme is clear. Whether on tax fairness or health care or the cost of college, Obama pushes the balance toward the working and middle classes and those farther down the ladder.
Still, reservations persist about specifics of his proposals.
On the international front, Obama faces tough calls regarding the war in Iraq. When he visited the country in July, Sunni leaders pleaded with him to drop the thought of pulling out before they and Shiite chiefs had forged working political relationships.
The Sunnis were right, because bringing the troops home prematurely could well unleash an upsurge in violence with disastrous consequences. Among them: an opening for Iran to play a dominant role in Iraq, the alienation of Sunni-led countries in the Mideast and a dramatic loss of credibility in Afghanistan.
Obama would have to recognize that combat troops must stay in Iraq at appropriate levels until the situation is resolved.
Domestically, Obama would have to shift to some more effective approaches while trimming sails to match fiscal realities.
It's a solid idea to raise the low tax rates enjoyed by the wealthy, but it would be counterproductive to increase capital gains levies. The first would boost revenue and fairness; the second would crimp investment.
Providing tax breaks to those at the low end is attractive, but Obama would achieve greater economic stimulus with aggressive spending on infrastructure projects, such as roads, bridges and, especially, mass transit.
Enabling homeowners to get relief from mortgage debt in bankruptcy court, as Obama proposes, would further disrupt housing finance. But directing the government to buy up troubled mortgages would help stabilize housing prices and bail out families, not just Wall Street.
In sum, we are banking on practicality trumping political dogma in an Obama White House. The fantasy that the U.S. can move toward energy independence without fully committing to domestic drilling and nuclear power must be banished. The reality that America can't make strides toward universal health care without fiscal discipline elsewhere must sink in.
At this critical juncture, the nation must elect a President who will renew bipartisanship and hard-headed pragmatism to rescue America's standard of living, secure the country from global threats, whether of arms or of climate, and lay a foundation to meet 21st century challenges.
That is our hope for Barack Obama.
