Which Vice President Are You Voting For?

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.

"Americans want to hear from these presidential campaigns about what their plan is to control these prices and get them back down," said Bashur, who is based in Austin, Texas.

"For McCain, it's probably more relevant to pick a vice president who reflects his economic positions than it is for Obama. McCain has already said economics is not his forte," said Bashur. "McCain has got to show the public that he's going to turn the page and do things differently.

"He might be smart to name his whole economic team before the election," said Bashur, who added that Obama's challenge may be altogether different, focused more on finding someone to provide a good foreign policy perspective rather than an economic one.

Romney would be a good person for McCain to align with to solidify his economic stance, Bashur said. Others include Phil Graham, the senator's current economic adviser, and Carly Fiorina, the former Hewlett-Packard CEO.

Do Vice Presidential Picks Matter?

Former Republican National Committee media spokeswoman Cheri Jacobus told ABCNEWS.com that she questions whether the vice presidential pick has much to do with the candidates' economic positions.

"The vice presidential pick isn't going to make that much of a difference in the minds of voters in terms of the economy," said Jacobus, who now works as a political consultant in Washington, D.C. "If the economy is considered to be a crisis, voters are going to look at which candidate is the strongest and who has the most reasonable approach to things."

"Both Obama and McCain need to gain credibility on their own," he said.

The specifics of each candidate's economic plan, not who joins them on the ticket come November, is what matters in terms of gaining Americans' trust, according to Steve McMahon, a Washington Democratic media consultant and strategic adviser.

"[The candidates] economic approach has nothing to do with their vice presidential picks. It's about being clear on what their plan is for the economy and how it's different," said McMahon.

"For Obama it means talking about the economy more and making it about good judgment and common sense," he said. "McCain wants this election to be about experience and foreign policy."

"The economy has been in the tank for four or five years now. Who are they going to be able to pick [for vice president] that is going to be able to say their ideas for the economy are better than ours?" said McMahon.

McMahon suggests that in addition to driving home his economic platform, Obama should continue to surround himself with economic advisers known for their work with the Clinton administration -- Robert Rubin, Robert Reich and Leon Penatta, to name a few -- in hopes of reassuring people about his economic plan.

"Smart candidates who are thoughtful and articulate tire of saying the same thing over and over again," said McMahon, who urged Obama and McCain to continue to drill into the minds of Americans exactly where they stand in terms of the economy.

"And so they want to say something new or different or something people haven't heard, but the fact is that people haven't heard the things they've been saying a thousand times, which is why they have to say it ten thousand times."

But McMahon warns that no matter who Obama or McCain chose as running mates or as economic advisers. Who they are as presidential candidates is what matters most come election day.

"At the end of the day, people vote for the president. They don't vote for the vice president or the Treasury secretary," said McMahon.