America’s Gift to Obama
Published in Financial Times
(Germany) on 7 November 2012
by Ines Zöttl (link to original)
(Germany) on 7 November 2012
by Ines Zöttl (link to original)
Translated from
by Ron Argentati.
Edited by Rica Asuncion-Reed.
His first term in office wasn't outstanding, but Barack Obama can now fight for his place in the history books. Reelection was a personal gift to him as well as a chance for America.
A Mitt Romney victory wouldn't have been catastrophic, but Barack Obama's win is better for America and the world. The United States didn't experience an outstanding president over the last four years, rather one who more or less muddled through in bad times. Contrary to his opponent's accusations, Obama wasn't to blame for America's economic miseries.
On the contrary, without his billions in stimulus spending, entrepreneurs as well as the labor force would be far worse off today. The president wagered that government investment, even in saving America's automobile manufacturers from bankruptcy, would pay off. His ideas weren't especially popular back home, but he won those bets. After the precipitous fiscal collapse over the past few years, the United States is now poised for economic recovery. The new-old president will do everything in his power to make sure the nation stays on the right path because that's how history will judge him. Europe — also preoccupied with its own crisis — can be thankful.
Romney's promise of bold tax cuts and deregulation had merit, but they were never more than just campaign promises. The conservatives still owed America a look at the details, and when those weren't forthcoming, Romney lost credibility. A Romney victory would have only resulted in insecurity: Which Romney would be the one moving into the White House? [Would he be] the moderate manager or the man who for months parroted the radically conservative line of others in his party? The question of how much he planned to cut back Obama's health care reforms alone was enough to shake up the whole health care industry.
With a second term in office, Obama now has the chance to improve on his mediocre performance during the first term and earnestly attack America's burgeoning indebtedness problem. One can only hope that Congress interprets America's rejection of Mitt Romney as a vote for governmental cooperation, since Republicans will maintain control of the House of Representatives, empowering them to obstruct whatever Obama proposes. But the USA — as well as the rest of the world — needs a quick solution if it is to avoid going over “the fiscal cliff” of automatic budget cuts, which are scheduled to go into effect on Jan. 1. It's an opportunity for both parties to return to a policy of sound cooperation. Agreement here would be an important first step toward preventing the dangerous polarization paralyzing the nation.
This will be Obama's second and therefore final chance. It's a gift to him personally as well as a gift to America and the rest of the world because he now does not need to engage in another debilitating election campaign. He can work towards a place in history that, along with a debt reduction plan, should also address sorely needed immigration reform.
Obama learned the painful lesson during his first term that “hope” alone isn't enough for the president of a world power. Americans have given him a second chance. He should take advantage of that.
A Mitt Romney victory wouldn't have been catastrophic, but Barack Obama's win is better for America and the world. The United States didn't experience an outstanding president over the last four years, rather one who more or less muddled through in bad times. Contrary to his opponent's accusations, Obama wasn't to blame for America's economic miseries.
On the contrary, without his billions in stimulus spending, entrepreneurs as well as the labor force would be far worse off today. The president wagered that government investment, even in saving America's automobile manufacturers from bankruptcy, would pay off. His ideas weren't especially popular back home, but he won those bets. After the precipitous fiscal collapse over the past few years, the United States is now poised for economic recovery. The new-old president will do everything in his power to make sure the nation stays on the right path because that's how history will judge him. Europe — also preoccupied with its own crisis — can be thankful.
Romney's promise of bold tax cuts and deregulation had merit, but they were never more than just campaign promises. The conservatives still owed America a look at the details, and when those weren't forthcoming, Romney lost credibility. A Romney victory would have only resulted in insecurity: Which Romney would be the one moving into the White House? [Would he be] the moderate manager or the man who for months parroted the radically conservative line of others in his party? The question of how much he planned to cut back Obama's health care reforms alone was enough to shake up the whole health care industry.
With a second term in office, Obama now has the chance to improve on his mediocre performance during the first term and earnestly attack America's burgeoning indebtedness problem. One can only hope that Congress interprets America's rejection of Mitt Romney as a vote for governmental cooperation, since Republicans will maintain control of the House of Representatives, empowering them to obstruct whatever Obama proposes. But the USA — as well as the rest of the world — needs a quick solution if it is to avoid going over “the fiscal cliff” of automatic budget cuts, which are scheduled to go into effect on Jan. 1. It's an opportunity for both parties to return to a policy of sound cooperation. Agreement here would be an important first step toward preventing the dangerous polarization paralyzing the nation.
This will be Obama's second and therefore final chance. It's a gift to him personally as well as a gift to America and the rest of the world because he now does not need to engage in another debilitating election campaign. He can work towards a place in history that, along with a debt reduction plan, should also address sorely needed immigration reform.
Obama learned the painful lesson during his first term that “hope” alone isn't enough for the president of a world power. Americans have given him a second chance. He should take advantage of that.
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