US Economy: Barack Hussein Obama Wins US Presidential Election
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La Grande, OR, 4 Nov. “The issue of economics is not something I’ve understood as well as I should.” These very words, uttered by Senator John McCain came back to haunt him. Most likely, they played a role in him losing the White House.
La Grande, OR, 4 Nov. “The issue of economics is not something I’ve understood as well as I should.” These very words, uttered by Senator John McCain came back to haunt him. Most likely, they played a role in him losing the White House.
He set the tone for each candidate’s understanding of economics and how they would manage the nation’s financial system. And then the financial crisis hit. McCain had a lead, albeit very briefly. That comment contributed to people losing faith in his ability to lead the nation through the impending recession, and he lost his lead.
However, on January 20th the real work will start for Obama, now that the US has officially announced it is in a recession. The spooky announcement came on Halloween eve, with the US government reporting the US GDP having declined at an annual rate of .3% from July to September. It further added that disposable incomes were in decline too.
Obama’s campaign website promises the following:
-Tax cuts for working families which is said to apply to 95% of working Americans
-Tax relief for small businesses and startups by eliminating all capital gains taxes in order to promote innovation and job creation
-Push for fair trade policy to open foreign markets to support American jobs
-Protecting homeowners and cracking down on mortgage fraud
…and much more. But that’s all campaign talk, and the financial landscape could change considerably in the next few months before Obama moves in to 1600 Pennsylvania. And as we all know, what politicians promise is not always what they deliver.
Aside from economics, the perception the rest of the world has had of the United States during the Bush administration has been less than ideal. Indeed, many believed another Republican regime would merely perpetuate this negative view. McCain’s comments about keeping military in Iraq for another 100 or 1,000 years only galvanized this perception. The imperialistic, self-righteous, hubristic arrogance the US held did little to protect the US from foreign resentment and even terrorist attacks.
Despite his election, both by popular vote and by electoral colleges, racial prejudice is still alive in the US. Certainly many Americans had a problem with voting for a black president. There was even a group called “Democrats for McCain” who could not bear to see a black man in office.
However, the opposite is maybe truer, as shown by a recent CNN poll: The results said that those who were voting based on racial beliefs and opinions (vs. those indifferent to race) actually voted in favor of Obama.
Nevertheless, this is an event that will eclipse the financial crisis, and possibly even the September 11th attacks in American history. It is unprecedented. It speaks about the American Dream and the foundations the nation is set upon. The Civil Rights movement has long believed this to be the ultimate, and impossible. It was often believed a black child could dream of being an astronaut, but not president, as this was unattainable.
Jesse Jackson made significant inroads when he ran for the presidency in 1988, but all knew it was just symbolic. Even a dozen years ago, rapper Tupac Shakur said in the song Changes, “And although it seems heaven sent/ we ain’t ready, to see a black president.”
Most Americans would be more comfortable not discussing race, and would like to think it is not an issue, and we can see beyond it to the real issues at hand. This election may have proven that is true.
The final test will be Obama’s actions in office. While he has a hard road ahead, he only has room for improvement, given the state of the economy. Furthermore, he has massive droves of outspoken, proactive supporters who have a renewed American spirit, and unprecedented patriotism and faith in the American system.
Pasco Gutierrez, EconomyWatch.com
