Americans are just one week away from deciding who will inherit an economy in recession and a government with beetroot-red bank sheets of unparalelled proportions.
Since June, when Democrats chose Illinois Senator Barack Obama to wave the blue flag, it’s really been Obama all the way. The Republican camp scored a short ride of success when they plucked Alaskan Governor Sarah Palin from political obscurity and thrust her behind Arizona Senator John McCain as his running mate, but the country’s conservative party have faltered again in the polls. Now, it could be too late. Reports have surfaced of hockey-mum Palin’s
rifts with the Republican camp and her family’s
spender bender on the campaign trail.
While national security pushed the masses towards the incumbent Republicans in 2004, the biggest issue of this year’s election is an obvious one - Americans this will approach the polling booths on November 4 with their wallets a little lighter than they’d like. Bill Clinton was right. It’s the economy, stupid.
The tidal wave of economic turmoil has been visible since Bear Sterns collapsed in March, but its only now, at the meaty end of the campaign, that the debris is really starting to wash ashore. Home prices are shot, banks are prudent, growth is next to nothing and everyone is blaming everyone else.
So it’s obvious that what the world’s largest economy needs now is a hasty injection of common sense.
Barack Obama wants to cut taxes for 95% of the population. That other five per cent (you know, the ones who
aren’t sure how many houses they own ), who have seen such massive gains over the past quarter-century compared to average wages, will face increased taxes. This is what Obama means when he talks about “redistributing the wealth”. Contrary to Republican rhetoric, this is not the return of socialism. It’s the return of common sense, something the US government lacked over the last eight years. It’s a tried and tested method. Robin Hood used to do it, remember?
This year’s Nobel laureate for Economics,
New York Times columnist (and my pick personal pick for President of the World) Paul Krugman pointed out in his 2007 book
Conscience of a Liberal that America’s Gilded Age of the 1920s has come hurtling back – once again greed is king, big corporate pay-packets fashionable and social and wealth disparity in America are at levels not seen since before the Great Depression. It’s been a new golden era for the supply-siders among us – those that believe a 'rising tide lifts all boats'. But it’s important to be weary of such claims. As Krugman points out, when Bill Gates walks into a bar, the average salary in the room goes through the roof. But nobody actually gets any richer.
The flailing economy has been a gift for Obama in this election, because I think Americans are starting to realise what this startling disparity of wealth is doing to them personally. They see their weekly expenditures rising while their wages stay stagnant. They see their debt rising, their home values depreciating, the price of fuel soaring and they know it’s going to be a bleak Christmas if something doesn’t change soon.
I think common sense will prevail. Common sense will put the best man in charge. And it has to, because America: The ship is sinking. We can all see the holes. You need to give the steering wheel to the one with best plan to steady ship, otherwise you’re going down. And you’re going to bring us all down with you.
by Paul Donoughue