Which Vice President Are You Voting For?
Political analysts weigh importance of a VP with solid economic credentials.
July 1, 2008 — -- With the economy becoming the No. 1 issue, both presidential candidates need to demonstrate that their administrations would have the economic gravitas to handle the country's troubled finances. The easiest way to do that is by identifying an economic guru -- such as Warren Buffett or former Treasury secretary from the Clinton administration Robert Rubin -- as the person who would be in charge of the economy.
Putting a face to an idea, said Thomas Whalen, presidential historian and associate professor of social science at Boston University, will be extremely helpful to candidates eager to demonstrate their fiscal responsibility.
"A lot of economics is tied to psychology," Whalen told ABCNEWS.com. "If you say, 'Wow, these people really know how to run things' and then you see [Barack] Obama rubbing elbows with them, it certainly won't hurt his chances."
While neither candidate has established a special expertise in economics, only Republican John McCain has publicly admitted that he doesn't understand finance as well as he should -- a line the Democrats have gleefully repeated.
Because of that statement, as well as the fact that McCain is already seen as having a strong international resume, he may need to make his vice presidential pick the face of his fiscal team, Whalen said.
"It would behoove [McCain] to pick someone who has some expertise in economic matters. Someone like a Mitt Romney, who is a businessman and a venture capitalist who has a track record and knows how to balance a budget," said Whalen.
The calculations are different for Obama, who must also overcome voter doubts about his experience in international policies.
"Because the Democratic Party has traditionally been associated with domestic policies, [Obama] may be looking to balance himself with a vice president who is strong in foreign policy," said Whalen. "But they could still bring out someone like Robert Rubin and say he is one of my chief economic advisers, look at the wonders that he did during the Clinton years."
Republican political consultant Reggie Bashur agrees with Whalen and said the more specific a blueprint the candidates can give Americans tired of high gas and food prices as well as falling home values, the better.
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