A long night was not necessary to know the results of the election for the presidency of the United States. Despite predictions, the noose was taut enough for the Republican candidate, after some tight scrutiny, to recognize the Democratic victory.
A superficial view shows everything the same on the day after. The president will remain in the White House for another four years. The House of Representatives retains its Republican majority while the Senate remains in the hands of the Democrats. It will be up to President Barack Obama again to perform political miracles to move his projects forward and meet the imminent challenges that knock upon his door with some promise of success.
“The best is yet to come…” was the synthesis of optimism brimming in the victory speech that reminded us of the Obama from four years ago when in the crisis-torn environment he raised the voice for “change” in his campaign and stood as a symbol capable of uniting efforts and directing resources to return to the path of economic expansion.
Four years seems a short time for such an enormous challenge and the electorate understood this, giving him a second chance in the search for “the best.” The president sought to spread hope for the future and foresaw the economic recovery that has started already, but very slowly. “I return to the White House more determined and more inspired. … I have never been more hopeful,” he stated.
He will likely be lacking determination and inspiration as the imminent challenge knocks upon his door: the fiscal cliff, well known as the immediate consequence of the large deficit that will require taxes or austerity or a combination of both to avoid the inevitable (according to economists) recession in the middle of next year with a rise of the unemployment rate, which would do nothing favorable for the Chinese economy and would also weigh on the beleaguered eurozone.
The behavior of the U.S. stock market gave the first warning to remind us that if an agreement is not reached before Jan. 1 to raise the debt ceiling, spending cuts and higher taxes will immediately take effect. Talking about or even referring to the subject is only causing allergies. On the opposite side of the card is austerity like the German prime minister’s, which is based on a hypothetical recovery of the peripheral nations of the eurozone. Washington is betting that investment and expenditures will stimulate the economy, create jobs and strengthen the confidence of citizens.
In addition to job opportunities, the Latino community is hoping and waiting for the fulfillment of the promise of comprehensive immigration reform. Obama will need to be cunning in negotiations with the legislature to repair the great injustices against undocumented immigrants who work and pay taxes.
“The best is yet to come…” Hmm, we will just have to wait and see.
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