Time to demand politicians address the money issue

Here we are, six months out from the November Presidential elections. Based on the non-stop propaganda flooding the flat screens, annoying texts begging for money that for some reason come from every candidate to my phone, the legal dramas and these gigantic rallies hosted by Trump, that are in my opinion both impressive and a bit unnerving, campaign season is clearly in full swing.

Now that it is "game on," I thought I would start following up on the economic policy analysis I promised earlier in the cycle and do some new research as to who is saying what on the campaign trail. I really wanted to understand what each candidate was saying in the way of economic vision, we certainly have serious economic issues in this country and a need for clear leadership on how we can address some of these challenges. So, what did I discover?

Well, Trump is talking. A lot. Despite being shackled in a New York courtroom most days, he is still talking. He loves to talk about the border, loves to talk about himself, is talking about Israel and Ukraine and especially China. He talks a lot about the economy during his Presidency, which he of course deems as the "best ever." But still not a lot of economic policy talk, so I went to the issues tab on his campaign website.

There's a tab called "Rebuild the Greatest Economy in History." I opened the tab, it boasts about the economy during his first administration. There is no policy specific items. It ends with, "President Trump's vision for America's economic revival is lower taxes, bigger paychecks, and more jobs for American workers." Um, OK.

To be fair, there are other tabs in the campaign website as well. One addresses his vision for "energy dominance," which involves permitting oil and gas drilling as well as pipelines. There is also a tab about "Fair Trade." This tab, when opened, talks about re-doing trade deals and reducing dependence with China. At least there's something economic related to chew on, but nothing new.

Biden, on the other hand, is not talking. It's very difficult to find Joe Biden talking about anything online. There are no long format podcasts, no meaningful campaign rally videos, and all the media interviews I can find seem short, vague and scripted. So, I went to his campaign website.

The website asks for money (they all do), and asks for volunteers (they all do), but there is literally not one word about policy or issues of any kind on the site. No vision, no ideas, no propaganda. Nothing. On President's Biden's official government website, whitehouse.gov, however, there is some policy talk, including economic policy.

The Biden government website has puffery about reducing cost burdens (inflation) on American families and some nominal talk about changes to the tax code. The approach toward reducing cost burdens appears to be focused on small tax credits for clean energy and health insurance. The tax approach is to implement higher taxes on corporations and a tax on corporate stock buybacks. There is also a vague policy talk of not increasing taxes on personal incomes under $400,000. The rest of the items on the website seem to be about cultural issues and touting the record of the Biden administration.

Then we have RFK Jr. Now this guy is talking to everyone. There's long format podcasts with hosts in the center, the right, and the left. Last year he was on Joe Rogan for three hours, Chris Cuomo for an hour, Tucker Carlson for 81 minutes. I love deep diving on a topic, but sometimes RFK dives so deep he loses even me.

I also went to RFK's campaign website. The website reads like a policy white paper. He is clearly focused on regulating corporations, is suggesting a national $15 minimum wage, is pro-union, and is proposing a national mortgage program which limits mortgage rates to 3%, funded by tax free bonds. The website has idea after idea, just like his podcasts. I may not agree with his approach on some economic issues, but at least he's talking about ideas, lot's of them.

Unfortunately, what I am yet to discover is anyone talking about the real elephant in the room. This year the federal government will spend nearly as much money on interest payments as it will on national defense. In 2035, the government projects the Social Security program to run out of reserves. Spending by the federal government is now projected to be over 23% of our national GDP, when has this type of government overhang ever led to prosperity or been sustainable?

Look, I understand rhetoric about abortion and gender issues may rile up the base, and no one is happy with the mismanagement at the border, but for American prosperity to continue it really has come to a point where it's all about the money. We need to start demanding these politicians address the money issue, it dwarfs every other issue by comparison. I will keep doing my part.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stock investing includes risks, including fluctuating prices and loss of principal. No investment strategy can guarantee a profit or preserve against loss. Past performance is not a guarantee of future results. Marc Ruiz is a wealth advisor and partner with Oak Partners and registered representative of LPL Financial. Contact Marc at marc.ruiz@oakpartners.com. Securities offered through LPL Financial, member FINRA/SIPC.