The global economy is tanking. An election is approaching.Here’s your guide to understanding what comes next.
BOSTON: Economics is an up and down game. So, too, is politics. But as President Barack Obama has been reminded in recent weeks, the two are inextricably linked. And right now for the White House, the direction on both is decidedly down.Mitt Romney, naturally, has pounced on the bad news.
In a speech Thursday that he no doubt dreamed of making, the GOP nominee said President Obama “simply doesn’t understand” the free-market economy.
Then Romney got downright nasty:“This is not just a failure of policy. It is a moral failure of tragic proportions.”President Obama fired back Friday at a hastily-called press conference, putting the blame on Congress for not enacting his job growth proposals.
President Obama also said private-sector hiring in the US is “fine” and proceeding at “a solid pace,” in contrast to shrinking public-sector employment. The comment prompted gleeful howls of outrage from his Republican critics.
The link between economics and politics is strong in any election year, of course. It’s even more pronounced with the US economy sputtering again, and much of the rest of the world looking shaky, too. So as we careen towards November’s election, here are the three biggest things to watch — for both the economy and the presidency.