CONGRESS AND THE ECONOMY
If Sen. Barack Hussein Obama is elected president of the United States, do you know what will happen to federal tax rates and government spending?
If you answered "yes," then you have not been paying attention, because Mr. Obama and his advisers keep changing what they say they are going to do.
Even more importantly, under the U.S. Constitution, Congress has the sole power to tax and appropriate funds, not the president. Congress always rewrites presidential tax and spending proposals, even when the president and congressional majority are of the same party, and hence no president gets to dictate fiscal policy.
The questions we should be asking are: What changes is Congress likely to make in the tax law, the level of spending, and energy policy if Mr. Obama is elected, and likewise if Sen. John McCain is elected? This table shows what happened to the economy during the past quarter of a century when each party controlled (or shared control of) Congress: