CNBC’s Larry Kudlow offered some valuable advice to Senator John McCain on Tuesday, hours before McCain would debate Senator Barack Obama. Kudlow’s main point is that going after Obama may be important, without it McCain may not be able to win, but that it will not be suffice to win November 4th.

Rather, McCain should talk about the number one issue on the mind of voters. The economy. And he should not just talk about it, he should come up with and a defend an economic plained aimed at recovering the U.S. economy and which, in the end, will result in significant economic growth.

Additionally, McCain will have to tell American voters that Obama’s plan for the economy will not result in recovery, let alone lasting growth. Instead, it will cause the economy to shrink; small businesses and inviduals will be discouraged to invest, Kudlow wrote.

McCain, Kudlow argued, “needs to stress that tax hikes of any kind would be a total disaster during this economic emergency, and that letting folks keep more of what they earn is a recovery prescription. He needs to emphasize the need for across-the-board tax cuts for individuals and businesses. Lower marginal tax rates will reward work, investment, and risk-taking. They also will put money in people’s pockets as they keep more of what they earn.”

Furthermore, the senator from Arizona has to “point to Paul Ryan’s modified flat tax with two brackets of 15 and 25 percent. That would be a great message. This is an economic emergency and it calls for strong medicine. This is not the time to take away tax cuts. It’s a time to add them. And reducing marginal tax rates would add substantially to taxpayer benefits on a permanent basis with new incentive rewards.”

“McCain should next talk about a corporate tax cut from 35 to 25 percent as a means of boosting jobs and wages. He should note that study after study shows that roughly two-thirds of the benefit of a corporate tax cut goes to the workforce. A corporate tax cut also is pro-investment and will make this country more competitive. But the key point is that a lower corporate tax rate is a job-creator. McCain must explain that you can’t have jobs without healthy businesses that are funded by investment,” Kudlow went on to say.

“He also should address all the Americans who might be worried about their bank accounts. He should propose that all deposits be guaranteed by the FDIC, at least temporarily. He might also suggest that G-7 central banks guarantee all inter-bank loans for regulated banks.”

Although many will undoubtedly respond by calling Kudlow’s suggestions ‘right-wing,’ the fact of the matter is that McCain has thus far failed to come up with a true alternative vision for the economy. All voters have right now, are Obama’s plans. When one candidate does not bring anything to the table in times of crisis, while the other does, the latter will win.

Even if one believes that some of the Kudlow’s suggestions are no good, the overall message is correct: McCain has to offer an alternative choice to voters.

And he will have to explain Obama’s plans are not good for the economy, while they will fail to help it recover, and why they will result in less growth in the long run. He will have to explain that very carefully: American voters are concerned about the economy, they want their politicians to come up with plans to revive the economy, and to create lasting growth.

It will, of course, also likely result in a healthier outcome. If only one party weighs in, and comes up with a plan, it is likely that it will also pursue many policies that will prove to be a mistake. If the other party, however, comes up with plan of its own and informs voters about the weaknesses of the first party’s plans, many errors, or mistakes, may be prevented.