With the presidential election seven weeks away, we’re going to begin a new series on the issues tonight and we call it “What’s the difference?” Tonight, what senators McCain and Obama would do to address the nation’s economic troubles. The financial crisis of the past couple of days is just the latest in the long list of problems costing Americans their jobs, their homes, and their savings. Here’s ABC’s David Wright.
It’s not like they haven’t been talking about it: “There’s been tremendousturmoil in our financial markets." "We are in the most serious financial crisis in generations." "Our economy is broken." "What we need now is leadership that gets us out.” But what are the campaigns actually proposing? Both are now promising tougher regulations for Wall Street.
McCain’s called for a 9/11-type commission to recommend reforms that would bring greater accountability. Obama has identified six specific reforms, including giving regulators greater enforcement powers. “I don’t think either has put forward a really cogent or persuasive package.”
But economists say cracking down on Wall Street could well have an impact on Main Street, making it harder for Americans to qualify for a mortgage, for one. “Everybody’s for tighter regulation here. The fact of the matter is that’s going to make it harder for some people to get credit compared to the way it was.”
Perhaps the sharpest difference between the two is over the taxes people pay. McCain believes cutting taxes across the board would promote economic growth. He’d make permanent the Bush tax cuts for the wealthiest Americans, cut corporate taxes and double the personal exemption for dependents. Obama would raise taxes on the wealthy, people who make more than $250,000 a year, but cut them for most households. He’d give middle-class families a $1,000 tax credit and cut taxes completely for seniors on fixed incomes.
On the mortgage crisis, McCain says he’d encourage lenders to refinance loans for responsible homeowners. Obama would rely on a government fund to help people avoid foreclosure and would reduce taxes for low- and middle-income homeowners who don’t itemize. “Neither candidate has really addressed the cardinal, long-run, macro-economic problems of the economy. That is basically the budget deficit.” So far neither candidate has managed to convince the voters that he has all the answers. David Wright, ABC News, Warren, Ohio.
presidential election : 대통령 선거 address : (문제 따위를 해결하기 위해) 역점 을 두고 다루다 / to deal with a problem or question, for example by thinking carefully about it, or by doing things to improve a situation ex. Governments have been slow to address the problem of global warming. ex. A number of issues are being addressed. it’s not like ~ : ~는 아니잖아(요). ex. It's not like I didn't do anything. 제가 아무일도 안한건 아니잖아요. ex. It's not like I haven't seen this kind of behavior before. 이러한 류의 행위를 본적이 없는 것은 아닙니다. * It's not like you to ~ : ~하는 것은 너답지 않다. ex. It's not like you to get angry at me. 나에게 화를 내는 건 너답지 않은데. tremendous : 거대한, 대단한, 굉장한 / something that is tremendous is extremely good ex. We had a tremendous evening together. turmoil : 소란, 혼란, 불안, 동요 call for : ~ 을 요구하다, ~ 을 촉구하다 , ~ 을 필요로하 다 ex. Your plan will call for a lot of money. 너의 계획에는 많은 돈이 필요할 것이다. * a call for ~ : ~ 에 대한 요구 [촉구] / * a call on ~ to... ~ 에게 ... 하라는 촉 구 * call on ~ to... : (= call for ~ to....) ~ 에게 ... 하라고 촉구하다 ex. The President called on the Republicans to ... = The President called for the Republicans to ... accountable : (남에게) (행위에 대한) 책임이 있는, 해명할 의무 가 있는 * accountable to : Politicians should be accountable to the public who elected them. * accountable for : As director, she knew she would be held accountable for any budget deficit. * accountability : ex. There were furious demands for greater police accountability (= for the police to be made to explain their actions to the public). enforcement : 집행 ex. law enforcement : 법집행 / ex. a law enforcement officer 법의 집행관 put forward : (= put forth) ~을 내밀다, ~을 제안하다[제시하다] ex. He has put forth (= put forward) new peace proposals. 그는 새로운 평화안을 제안했다. cogent : 납득시키는, 설득력있는 persuasive : 설득력이 있는 crack down (on~) : (~ 을) 엄하게 다스리다, 엄벌에 처하다, 탄압하다, 단속하다, 진압하다 * crackdown : 탄압, 단속, 진압 impact : (물체와 물체의) 충돌 (collision), 충 격, (강한) 영향, vt.vi. (~ 와) 충돌하다, 충격을 주다, 강한 영향을 주다 * have an impact on~ : ~ 에 영향을 미치다 ex. Internet shopping has begun to have a serious impact on the traditional bookshops. Main Street : 번화가, 중심가, (Wall Street에 대비하여) (전통적.보수적인) 일반 대중[국민], 서민 /Main Street is used by journalists to refer to the ordinary people of America who live in small towns rather than big cities or are not very rich. ex. This financial crisis had a much greater impact on Main Street. mortgage : 저당, 주택 융자, 모기지, ~ 을 저 당하다 ex. hold a mortgage on a person's house 의 집을 저당잡다 / ex. The estate is mortgaged. 그 대지는 저당이 되어 있다. * take out a mortgage 모기지융자 받다 compared to : ~ 과 비교해서(with), ~ 과 비 유해서, ~ 에 비하면 * compare A with/to B : A 와 B 를 비교하다 ex. The results are then compared to the results of previous studies. * compare A to B: A 를 B 에 비유하다 ex. Shakespeare compared the world to a stage. 셰익스피어는 세상을 무대에 비유하였다. across the board : 전면적으로, 전반적으로 corporate tax : 법인세 * corporate : 법인(조직)의 personal exemption : 인적공제 * exemption : (의무 따위의) 면제, (세금의)공제 * exempt : …을 면제하다, 면제된, (의무를) 면제받은 사람, 면세자 ex. exempt a person from military service 병역을 면제하다. household : 가구 , 세대 , 가구의 , 가정용의 middle-class : 중산층 (upper class 상류 층) tax credit : 세액공제 / * tax relief 세금감면 (혜택) / the system of allowing someone not to pay tax on a part of their income * tax return 세금 신고(서) / income tax return 소득세 신고(서) / * tax rebate 세금환급 * tax break : 세제혜택 = tax benefit fixed income : (이자 수입과 같은)고정 수입 [소득], 정액 소득 / an income that does not change or get bigger over time (cf. regular income 일정한 소득, 정기소득) ex. Senior citizens on fixed incomes have been hard hit by price rises. refinance : to replace one LOAN with another one on which you pay less interest * finance : 재정, 재정학, [pl.] 재원 (the money which a person or company has), 자본[자금]을 공급[조달]하다, [돈]을 대주다 ex. It is unclear where the finances will come from for this plan.? rely on : ~ 에 의존하다, 의지하다 foreclosure : 담보물을 찾을 권리의 상실, 유 질 처분 * foreclose : <저당권 설정자에게> 저당물을 찾아갈 권리를 잃게 하 다, vt.vi. <저당물을> 유질 (流質) 처분하다 ex. The bank was threatening to foreclose on his mortgage. low-income : 저소득의, 저소득층의 * upper-income : 고소득층의 * middle-income : 중산층의 itemize : (주로 미국) 조목별로 내역을 쓰다, 항목별로 쓰다 * itemized deduction : 항목별 공제 / * standard deduction : 표준 공제 cardinal : 기본적인, 아주 중요한 ex. a cardinal principle 기본 원칙 long-run : 장기간에 걸친 * long run : 장기간, (연극·영화) 장기 공연, 롱런 budget deficit : 예산적자