In addition to the recent financial and banking crisis in the US the country faces unprecedented debt and massive job losses. The US economy has been shedding jobs at an alarming rate. Because of losses in the stock markets many have seen their retirement savings dissipate and their children's college funds shrink to a fraction of their former value. The fact that the US faces a presidential election only adds to the uncertainty felt by millions.
For the incumbent administration and members of their party bad news is simply bad news. For the challengers bad news is good news and recently there has been no shortage of bad news. Historically during economic downturns US voters have traditionally punished the incumbents blaming them for current economic conditions.
Despite the $700 billion dollar bailout and the $250 billion dollar plan to recapitalize banks many are not confident that the economy will fully recover. Unemployment is still only 6.1%, but everyone expects it to rise. Some economists feel the US is entering a recession and many voters feel it has already entered a recession. Massive home foreclosures, slumping house prices, massive job losses have most voters on edge.
Few voters truly understand why the economy is in crisis but many blame the Bush administration. John McCain although a competent candidate is saddled with being from the same party as Bush and many voters see his candidacy as a continuation of the policies of the last eight years. Mr. Obama, due to the fact that his party does not occupy the current white house has a hefty advantage among the disgruntled. Barring a sudden economic turnaround, Mr. Obama's prospects look good.
The candidates differ on economic issues with McCain sticking to relatively conservative positions and Obama promising tax reform and many social programs. Obama's tax cuts would favor the middle class while McCain's tax policies would be a continuation of the Bush policies. McCain favors corporate tax cuts in an attempt to stimulate business growth but opponents characterize these as 'tax cuts for the wealthy.' The truth probably lies somewhere in between.
No matter which candidate wins the election, he will face economic problems of historic proportions. On Wednesday, the International Monetary Fund -- a cornerstone of the Breton Woods system -- warned that the world economy faces "the most dangerous financial shock in mature markets since the 1930s." Obama must offer voters a coherent plan for the economy if he expects to win in November. The problem is no one really knows what to do about current economic conditions, not Obama, not McCain, not Ben Bernanke or Paul Krugman or Larry Summers or Hank Paulson. The country is facing problems for which there are no clear solutions.
A lot can happen between now and November and it will be January when the new administration actually takes office. The future of the US economy and its currency are at stake. At present the US dollar is holding its own in Forex markets and the recent rise of the Euro is seen as an indicator that the global bailout is starting to work. The US faces unprecedented economic challenges and whoever wins in November will face challenges not faced by a US president since Franklin D. Roosevelt took office in 1933.
Results Of 2008 Election
At least on this planet, the USA is considered the leading democratic nation and by many scorecards the hands down numero uno country in the world. What the rest of the world is finally beginning to understand is that we in the U.S. have worked incessantly to improve and hone our political system until it is the envy of the world and the pride of every hearth and barbecue pit in our great land. Almost. A great example of how we are envied is our current 2008 election campaign.
On the Democratic side we have the Clintons, Obama (aka Osama) and Proletarian John. What a country! What a cast! Lately the Clintons have been sliding as Osama takes advantage of name recognition and voter confusion. Fully three quarters of Americans recognize the name Osama though less than half can remember in what context. The Rev. Jesse Jackson also helped Obama by stating that Obama was not black enough giving Osama supporters hope that he could actually win. The Lord most definitely works in mysterious ways...
As Obama attacks, the Clintons defend and deflect and take courage from Bill's strong stand on his principles: "I did it because I could." Not even Hillary could argue with that sharp strategy. Talk about mental horsepower...remember that in a poker game you always want Bill on your side.
Meanwhile Comrade Edwards starts to rot as only even 15% of the Demos still believe he is a proletarian. Dennis Kucinich, the sentimental favorite, is gaining ground as voters admire his determination at finding a date any which way he can. (Ever been to Tijuana, cowboy?) Senators Joseph Biden of Delaware and former New Mexico Governor Bill Richardson will maintain a longstanding Democratic tradition as being by far the most qualified Democratic candidates yet having no chance whatsoever at the nomination.
To sum things up, we have a cat fight on our hands. Or at least half a cat fight. As the party faithful begin to wonder can Hillary stop the gaffes and can Bill stop butting in and can the Clintons in fact win, many are looking at who else could go up against Rudy and Mitt. Mark these words: watch out for a late surge by Dennis Kucinich. You heard it first from me.
On the other side, it's Rudy and Mitt and sometimes John. Yet these guys are much more sociable, likable and less belligerent than their counterparts. Part of this trio's confidence derives from the fact they've got tons of dirt on the Clintons and it will be a mud fest. It looks like John just didn't quite put it all together and it will be Rudy and Mitt or Mitt and Rudy.
About a year out the polls are showing a dead heat between frontrunners The Clintons and Rudy. Most Republicans wonder why they are so close and most Demos are starting to squirm a la 2000 and 2004.
If enough progressives bolt from The Clintons and the ultra right rally around a pro-choice candidate, Rudy stands a good chance. Out here in California we would call Rudy an Arnold Republican. At this point there are no serious Independents although Ralph Nader may jump in if he feels The Clintons can win.
OK I hear you shouting and demanding to know where I stand and I'm going to tell you simply because I can. I have been a lifelong registered Democrat. I have not always voted Democrat and even voted once for Ross Perot. I can't remember ever having voted a straight ticket.
Right now I'm undecided between Obama, Mitt and Kucinich. I have to give the edge to Obama as anyone that is a friend of Oprah's is way overqualified for the job anyway.
On the Republican side I'm going with Mormon Mitt. I like the way Mitt laughs at religion but says his faith is his guiding light. It takes a real astute politician to pull that one off.
The truth of the matter is both sides have several very qualified candidates. Whether these godsends get the nomination or not is another matter. For my party, petty internal politics and bad judgment lost the past two elections. That and Al not calling for a statewide recall. And John saying he voted for the war but really didn't...
But hey, the truth really doesn't matter. All these cultural wars and election angsts are irrelevant. The USA is going to do what it damn well pleases because it is a free country despite who it elects!
What is strange is the statement above is humorous and silly when taken in context. Taken out of context in a country like Cuba, or Venezuela or Iran, that simple statement could land me in jail. Or worse.
So let's laugh and have a good time and carry on but lest we forget, we get what we deserve and we deserve what we elect here in the greatest nation in the universe.
I wonder if our man Kucinich would stand up to Emperor Hugo Chavez or would he surrender in the first minute?
Both Anthony Wayne & Jack Deal are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Anthony Wayne has sinced written about articles on various topics from Distance Learning, Currency Trading and Interest. Anthony Wayne works in the marketing department of the Interbank-FX in Pennsylvania. He is also editor of the Forex Network Site a network of. Anthony Wayne's top article generates over 165000 views. to your Favourites.
Jack Deal has sinced written about articles on various topics from Computers and The Internet, Health and Web Development. Jack D. Deal always votes despite it all and is the owner of Deal Business Consulting. may be found at. Jack Deal's top article generates over 2240000 views. to your Favourites.
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