There's the Beef

Once again, Obama has borrowed liberally from the standard Democratic policy playbook, adding a few twists of his own. He's willing to gently challenge the teachers' unions on merit pay, the trial lawyers on medical malpractice and liberals on raising Social Security taxes rather than pretending there's no problem with the retirement program. But this is hardly the kind of challenge to Democratic interest-group politics that Obama's "change" rhetoric suggests.

Particularly disappointing is his willingness to parrot the labor movement mantra about labor and environmental standards, which is really nothing more than protectionist code. And there's no way Obama can do all that he proposes and get anywhere close to balancing the federal budget.

But such shortcomings are hardly unusual for a political campaign; the Clinton economic program is no better. And as we're all about to find out, it's far better than the thin gruel offered so far by John McCain, who, God help us, plans to bone up on economics by reading Alan Greenspan.

McCain's economic program consists of extending the Bush tax cuts, cutting corporate tax rates and banning taxes on the Internet and cellphones. His "comprehensive" health-care reform program consists of two pages of platitudes with no specifics and no way to pay for itself. And while he calls for "tough choices" in reining in entitlement spending, he still hasn't found one he's willing to share with us.

Barack Obama isn't a saint. He's not a savior. But in substance as well as style, he's the most impressive presidential candidate to come along in quite a while.

Steven Pearlstein can be reached atpearlsteins@washpost.com.