Well in truth the two countries were good business partners for decades. Yes, in the UK we are often seen as the smaller, older and underrated sister to big America however we are usually the one who is less gaff prone and remembers its underwear when climbing in and out of limos.
US President Obama won’t go down as the most successful president of all time but in my view he was handed a poisoned chalice for
this term of office. Nobody would have come out of this presidential stint smelling of roses and all the good candidates knew it. Anyone who had a genuine shot at the title could see the political and financial storm that was on their doorstep.
This is why (for me) no credible person ran against him in the 2008 elections.
The opposition for his first term of office was John McCain (who also ran and lost against Bush in the 2000 elections). McCain was soundly beaten in 2008 by Obama but at the time McCain was only 72 years old, so hardly going to appeal to the younger Ipad carrying voters. Being honest McCain had about as much chance as an iceberg being in hell of getting elected against Obama which just seemed to pave the way for Barak to fly unopposed into office. Also from memory John McCain came out of retirement for the one sided battle in 2008.
I will say McCain had a fantastic career but at 72 he was never going to be taken seriously and may not have even been expected to make it to the end of his term if he won. Thankfully he is still with us at the time of writing this.
So how will tonight affect the UK?
Well, international relations don’t seem as strong to me as they once were. The relationship between the UK and Obama isn’t a Thatcher and Reagan style marriage and I dare say our own government is equally to blame for some of this.
Economically, Obama wants to repeal Bush’s tax cuts for households earning more than $250k. We have had similar things here for high earners so this is hardly ahead of the curve policy making.
He wants to lower taxes for manufacturing (could have a knock on effect here perhaps at a component level) and he wants to pump some cash into the economy (as every other country is doing) to prop it up and get cash changing hands. Again this could see a little boost effect hit the UK but I suspect other countries will benefit more from it.
His long term plan is to reduce the deficit (sound familiar….) and tax the wealthy more which makes sense to a degree. Obamacare as its termed I think is what will win or lose the president his current job at the polls.
Romney though wants to make Bush’s tax cuts permanent for the wealthy…… He wants to lower corporate tax across to the board to 25% (a good move I think as things like this will get the economy trading, take note Cameron and Clegg!)
This should cause a bit of a boost eventually here as the US companies will have more to spend locally and potentially on the international stage as well – hooray!
One thing that both candidates haven’t mentioned in their tours or rhetoric is just how tightly balanced and debt ridden the US economy is….It seems the US is not ready to take its medicine neat just yet.
I think it’s fair to say Romney has the better leadership skills on the financial/business side of things but Obama still seems liked outside of the USA. Ok so the mania he enjoyed has died off as it was going to (due to the poison chalice I mentioned earlier). He is not that popular with his own congress and let’s face it this has to make his job even more difficult if he wins.
Here is the point of it, personally I don’t think it will matter one jot to the UK economy really over who wins as the USA of today is not the idol of the world it once was. But then again there isn’t anyone really to rival the USA of twenty years ago. Everyone is still finding their feet after the economical storm and the USA has still yet to fully wake up.
Regardless of if its Obama or Romney I don’t think it will herald a new dawn for the UK, USA or the global economy as the United States has a lot of domestic woes to sort first.
I do though hope that the public relationships between the leaders do seem to rekindle. Yes it’s hard with a UK coalition but the sooner that mess is fixed the better. Let’s hope we don’t have one again either.
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