Obama McCain Debate - Tax Cuts and the Economic Black Hole

I watched a bit of the debate last night. The point was made that John McCain wants to give the wealth more tax cuts and surpass the failed Bush administration's economic policies.

Since the Bush administration tax cuts in 2001 an average of 450-600 Billion dollars has been added to the Federal debt per year for a total of over 3700 Billion. About a total of 700 Billion for the Iraq war and about 3000 Billion from the tax cuts to the wealthy.

I believe Bernanke himself said that these deficits and added debt had a depreciating effect on the US dollar. So I would like to know how the reduced purchasing power of the US people affected the common American and the US economy.

If you make the wealth wealthier by 3000 Billion dollars does this make the middle class and the United States "poorer" by 3000 Billion dollars?

Let's say we gave the wealthy all of the money. How would this affect the economy and would it be like an Economic Black Hole?