NEW YORK (CNN/Money) - In the final presidential debate Wednesday evening, the economy is likely to be one of the most hotly contested issues.

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Sen. John Kerry will probably attack President Bush's economic policies, citing rising energy prices and continued concerns about job growth as evidence that the economy is in trouble.

Bush likely will counter by saying that the tax cuts passed on his watch helped awaken the economy from its slumber following the terrorist attacks of 2001. For support, he can point to a recent upward revision in gross domestic product (GDP) growth for the second quarter and the fact that Federal Reserve is in the process of raising interest rates (signifying an improving environment).

Of course, the truth lies somewhere in between. The economy is neither as good as the president will proclaim or as bad as Kerry will make it out to be.

With that in mind, here's a quick cheat sheet to cut through the rhetoric. And for a look at how the candidates' proposals on taxes, health care and other issues will affect your pocketbook, click here.

Is the labor market improving? This will probably be the area where the candidates will disagree the most.

Expect Bush to tout the fact that about 2 million jobs have been created during the past year. Expect Kerry to counter by pointing out that there has been a net loss of jobs during Bush's tenure.

Both of these facts are correct, so the key will be whose spin is more effective. "One of the things voters will have to sort out is which statistic matters more," said Mark Zandi, chief economist for Economy.com.

Bush may also argue that employment data does not accurately reflect the creation of jobs from small businesses, said John Lynch, chief market analyst for Evergreen Investments.

Economic observers don't expect the trade deficit to be discussed that much during the debate, since both candidates are fairly supportive of free trade policies.

But the impact of foreign trade on U.S. jobs probably will play a big role.

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"The trade deficit will be couched in terms of outsourcing. If you look at trade itself, it doesn't capture a lot of attention until it spills into the question of losing jobs overseas," said David Joy, capital markets strategist with American Express Financial Advisors.

"Protectionism plays well if you can tie it to outsourcing and jobs," Joy said, so Kerry may go on the attack with it.

Barry Ritholtz, chief market strategist for Maxim Group, expects Bush to weather the charge by pointing out that outsourcing, while gaining a lot of attention, is not a new phenomenon.

"Manufacturing jobs have been leaving for half a century," he said. "This is a continuation of an existing trend."

With oil prices creeping over $50 lately, consumers are starting to feel some pain at the gas pump. Some worrywarts are even beginning to talk about a crude-induced recession in 2005.

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Expect both candidates to address a need to find alternative sources of energy in order to lessen the country's dependence on foreign sources of oil. But there will be one key difference, said Zandi.

Zandi thinks Kerry is likely to use the headlines about near-record high oil prices as a way to tout a greater need for energy conservation. Bush will probably talk more about ways the government can provide incentives to oil companies for exploration and development programs.

The budget deficit is expected to exceed $400 billion by the end of the year. Not surprisingly, observers expect both candidates to pledge that they will lower the deficit.

So this concern, while clearly important, isn't likely to yield much in the way of major ideological differences that either candidate can use as ammunition to sway voters.

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"Both candidates seem to be proposing roughly equal deficits over time," said Joy. "Both plan on cutting it in half but doing it by growing the economy as opposed to lowering the dollar amount."

Lynch said that relatively stable bond prices lately are an indication that the financial markets are not overly worried about a growing deficit.

"The bond market is telling us it doesn't fear the deficit," he said. "The economy is always in deficit spending when we're emerging from a recession," he said.

But Lynch added that one factor where Kerry could score points about the deficit is by noting that the increased percentage of foreign ownership of U.S. debt could lead to inflationary pressures going forward if the dollar drops in value and fore gin investors bail.

Finally, the issue of taxes is likely to be the most contentious. What the two candidates have to say about plans for taxes could have a major impact on the economy for the next few years.

Lynch thinks Bush will talk about maintaining lower tax rates on corporate dividends, as well as extending the accelerated depreciation rules for corporations to encourage business spending.

Kerry, however, is more likely to talk about redirecting more tax relief to the middle class and eliminating some of the tax cuts on the most affluent households. That might stimulate the economy and give the government more money to spend on things like healthcare initiatives.

Taxes, more than any other topic, also will probably provide the candidates with the greatest opportunity to trade partisan barbs.

"Bush will paint Kerry as being a tax-and-spend liberal and Kerry will paint bush as only providing tax cuts for the rich," Zandi said.

Of course, you can always watch baseball.