News & Observer | newsobserver.com | Economic concerns to guide ballot choices

Published: Oct 11, 2008 12:30 AM
Modified: Oct 11, 2008 04:14 AM

Economic concerns to guide ballot choices

Pitt County farmer W.C. Moore climbs down from one of his tractors Thursday. He's worried about winter, when he'll need loans for next year's seed. He and his wife think John McCain is the candidate who can make their lives better.

Story Tools

OBAMA PROPOSALS

JUMPSTARTING THE ECONOMY

* Enact windfall profits tax on excessive oil company profits to give families an immediate $1,000 emergency energy rebate to help pay rising bills.

* Establish $25 billion state growth fund to prevent state and local cuts and $25 billion in a jobs and growth fund to prevent cutbacks in road and bridge maintenance and fund school repair.

TAX RELIEF

* Temporarily extend an expiring tax break to let small businesses write off the cost of many new investments immediately, rather than over several years.

* Create "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family.

* Eliminate all income taxation on seniors making less than $50,000 per year for an average savings of $1,400.

JOB CREATION

* Create 5 million new green jobs by investing $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure including acceleration of plug-in hybrids.

COMPILED BY NEWS RESEARCHER LAMARA WILLIAMS. SOURCES: BARACKOBAMA.COM, JOHN-MCCAIN.COM, THE ASSOCIATED PRESS

McCAIN PROPOSALS

JUMPSTARTING THE ECONOMY

* Pass legislation suspending a requirement that investors age 70 1/2 begin to liquidate their retirement accounts.

* Have the government buy bad home-loan mortgages and renegotiate them at a reduced price.

* Repeal the 54-cents-per-gallon tax on imported sugar-based ethanol, increasing competition and lowering prices of gasoline at the pump.

* Roll back corn-based ethanol mandates, which are contributing to the rising cost of food.

TAX RELIEF

* Keep the top tax rate at 35 percent and maintain the 15 percent rates on dividends and capital gains; phase out the Alternative Minimum Tax.

* Cut the corporate tax rate from 35 percent to 25 percent.

* Allow first-year deduction, or "expensing," of equipment and technology investments.

* Establish permanent tax credit equal to 10 percent of wages spent on research and development.

JOB CREATION

* Build 45 new nuclear power plants by 2030, creating roughly 700,000 jobs.

Advertisements
PITT COUNTY - N.C. 11 runs through the heart of Pitt County, southward through fields still white with cotton, past homes where worry fills the air like humidity. Tractor-trailers rumble by, or they stop at the Country Mart for $3.99 diesel.

The four-lane highway links countless economic stories: of the cafe supervisor who must pay for a ride to work, the trucker who may soon file for bankruptcy, the unemployed woman whose trailer hasn't had electricity for a year.

Josie Briley, 51, knows there's a presidential election this year, but she couldn't tell you who's running.

"We don't have no current," she said, "so I don't watch no TV."

On television last week, Sens. Barack Obama and John McCain couldn't say in their debate whether the economy will get worse before it gets better. They should take a drive down N.C.11.

The farmer knows about the economy. So does the trucker. The barber, too. His business is down 20 percent the past six months.

"And it's not just me," said Steve Roebuck, 69, as he ran a comb around a client's balding head in the near-empty downtown of Bethel. A McCain 2008 sticker was pasted on the wall next to the Ten Commandments. "We lost 159,000 jobs in the United States in the month of September. The whole world is suffering now."

Big hurt in small towns

In many ways, the communities along Pitt County's main north-south highway reflect the rest of North Carolina -- a dichotomy between the old farming economy and the new industries stemming from technology and higher education. Whether business is down, milk costs more or the banks won't offer loans, the effect for residents around here is the same: They have less money.

Strung along N.C. 11 are small towns with empty storefronts, trailer parks where children's togs wave from clotheslines, farmlands sown with peanuts. There's also the city of Greenville, where jets fly over the new hospital wing and East Carolina University's Pirates are 3-2.

The unemployment rate in Pitt County was 7.5 percent in August, slightly above the statewide rate of 6.9 percent. The median household income is $33,000.

This could be McCain country, in the tradition of southern Democrats who vote Republican in presidential races. More than 8,000 McCain supporters showed up at a Sarah Palin rally Tuesday in Greenville. But Obama has opened an office here, too, and folks who might normally swing toward McCain say now they're not so sure.

Begin in Bethel, pop. 1,774, at the northern tip of Pitt County's slice of N.C. 11. Stores are boarded up, the streets feel deserted. The Piggly Wiggly closed a few months ago, and now folks must drive 14 miles to the nearest grocery. Outside a local bank, new teller Carrie Graham-Brown stands on a stepladder and adjusts the marquee to remind customers their last Christmas Club payments are due.

She's overqualified for this job. She's a paralegal who works in real estate, but her business wasn't doing well and she was living on credit cards.

A Republican by nature, she doesn't know how she'll vote yet. She just knows she's angry.

"Why is it that I'm up here with this sign and I can't keep my business afloat?" Graham-Brown asked.

A few miles south, W.C. Moore, 65, oversees the first day of cotton harvest on his 2,500-acre farm. He figures the crisis will hit him this winter, when it comes time to take out new loans for next year's seed. The bank will want more collateral -- land, equipment.

His wife, sitting in the farmhouse, is incredulous. "We don't have anything else to give them," she said. The couple are in the middle of a renovation -- ceilings, carpets, walls knocked out. They saved for it for years.


Next page >

Washington correspondent Barbara Barrett can be reached at 202-383-0012 or bbarrett@mcclatchydc.com

Get $150+ in coupons in every Sunday N&O. Click here for convenient home delivery.

No comments have been posted for this story. Log in to be the first to comment.
 

 

The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.

Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.

If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.

Hosting Partners of
newsobserver.com

A subsidiary of The McClatchy Company