Dear Editor,
Your editorial ‘A poisoned chalice for Mr Obama’ (SN Sept 4) highlights the problems facing the American economy, the disastrous policies of the Bush administration and the challenges the new American president would face when he assumes office.
It is not certain at this time whether the new president is going to be Senator Barack Obama, the Democratic nominee. Most Caribbean Americans are rooting for Obama as I found in an informal survey. Right now, the prominent opinion polls have McCain slightly ahead or the race a dead heat in popular support. After holding the lead in most polls since June, Obama lost the lead this week. A week ago, it appeared Obama was heading for the White House. Now, it appears Mc Cain is heading for Pennsylvania Avenue. But I expect Obama to bounce back soon. It is too early to call a winner. I believe the race will go down to the wire and it is for all practical purposes a statistical dead heat.
As you correctly pointed out, America is in financial distress causing serious anxiety among Americans including Guyanese-Americans. The American economic problems have triggered a global economic problem. It would take a lot of doing for the new President to fix the problem. He will be the fall guy for the incompetence of the Bush administration. He will be forced to pursue policies that may very well render him a one term president. Americans will have to swallow bitter medicine and that will make the next president extremely unpopular. Thus, I agree with you that the next president will be around probably just for just one term unless he performs economic miracles the way Clinton did.
Major American companies are tottering on the brink of bankruptcy if not already seeking protection from their creditors in bankruptcy court. American companies have lost a trillion (US) dollars over the last couple years. This week, the government has taken over two mortgage banks with over one trillion dollars in debt. Airlines have lost billions of dollars and securities companies have lost hundreds of billions in assets. The New York stock market is shaky with many companies losing huge value on their stock. Millions of homeowners have lost their homes and millions more can’t make their mortgage payments. The unemployment rate is 6.1%, the highest in five years. The American deficit is over $400 billion for this year. The Bush administration has run a debt of a trillion dollars over the last eight years. No question, America is in deep financial trouble and it would require tough policy to get the country out of its morass regardless of who is president. He will have to pursue an unpopular policy (tight budgeting and perhaps higher taxes and a reduction in services) to get the country back on its economic footing after eight years of extravagant spending by the Bush administration. When Bush became President, the budget had about $200 billion in surplus. Bush turned it into a deficit. He took the country into a disastrous war that has cost a trillion dollars.
As a result of the disastrous policies of the Bush administration, America has lost clout, trust and respect globally. Bush acted unilaterally on the Iraq war violating an understanding with the Europeans to collaborate on international security matters. Bush is also deaf on environmental matters; the Europeans are open to a treaty to save the environment, but Bush is opposed. Also, the Europeans are willing to work with the poorer countries on a new WTO trade regime but Bush remains an obstacle to progress on concessions for India, Brazil, and other poor countries. That is why international opinion has favoured the Democrat Obama.
Yours faithfully,
Vishnu Bisram
