Presidential Politics and the Economy
In these uncertain economic times only one thing is for sure; the economy is a serious issue that is likely to be the deciding factor in elections on both sides of the border. Stephen Harper has billed himself as the "steady as she goes" candidate in the Canadian election that will ride out economic crisis while making Stephane Dion and his "Green Shift" look like a risky choice. The story has been much the same in the U.S. Presidential Election. McCain is a seasoned political veteran while Obama has been made to look like a risky choice. All that being said, a recent poll by The Economist shows that respected economists think Obama has what it takes to preside over the largest and most dynamic economy in the world - and by a large margin.
Source: www.economist.com
Perhaps this is the reason for the recent suggestions that Barack Obama may be the victor this October when American's make their decision at the ballot box. The economy has quickly become the defining issue of the election and Mr. Obama is perceived as the best equipped to handle this mammoth problem. Although I do not doubt the accuracy of The Economist's polling methods, I do wonder if the support of academia is mirrored in the general public. The Economist notes that while Obama garners more support amongst economists, this seems counterintuitive to the free-market ideals that economists hold dearly and which are generally represented more by McCain than Obama.
This may be the result of many now viewing the financial crisis in the U.S. as the consequence of too little regulation in the financial sector, not too much. Obama has made it clear that his government would play a larger role in the economy and keep a watchful eye over Wall Street. Either that or people are sick of policies that concentrate wealth in the hands of a few at the expense of the rest. McCain's economy policy looks like it would largely be a continutation of President Bush's policies that have touted free market ideology while simultaneously subverting these ideals for political gain.
Whoever comes out on top with this issue will have to be the one who has framed the issue. If McCain can convince the average voter that Obama is a risky choice and his more interventionist economic policy is just another example of big government spending taxpayers hard earned dollars in a time of economic uncertainty, then he will likely be successful in dominating the debate. On the other hand, Obama will need to demonstrate to voters that he is a capable politician who can handle one of the largest economic crises the U.S. has ever seen. He will need to convince people that McCain will be more of the same and continue the policies (or lack thereof) that got people into this whole mess in the first place.
Get the full story here: http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=12342127
0 Comments