World Economy: USA. Election against a backdrop of economic crisis

Sep 14, 2008

USA. Election against a backdrop of economic crisis

Rising gasoline prices, the collapse of the real estate market, massive debt overhang ... It is in a context of severe economic crisis that runs the campaign for U.S. Presidential November. The capital of the USA was more animated than usual, July 4. Usually, this national holiday, many residents are leaving Washington to go to the beach, either on the Chesapeake Bay, which is far only a few tens of kilometers, or by the sea, a journey less than three hours by car. But in the month of July 2008, gasoline prices had exceeded four dollars a gallon.
Households shake belt
For a European, this award is quite a good deal since it lies below one euro. But for Americans, accustomed to gasoline at very cheap, and which often lead monsters car whose consumption reached 20 liters per hundred kilometers, it was, and is still today, despite a relative decline in oil prices, a real disaster. Many of those who were accustomed to leave the city on that day, are therefore left, choosing to hold a barbecue in their gardens rather than the water's edge. Even the menu for this barbecue was rather tristounet. This year, in backyards over the homes of the middle class, the hamburger made its reappearance. Not because the U.S. population has suffered the crisis of real estate to the point of being forced to drastically change its way of life but the concern about the future sometimes leads to take precautionary measures which may seem excessive. "A few years ago, we were optimistic, saying Paul and Kris Richardson who, fortunately for them, have more than three years of credit to pay for the purchase of their home. We thought that every year, it would be better. Now, we believe that our generation will be the last to have experienced a prosperous and powerful America. " The motorist who left the capital to the west could fall to mid-July on an amazing spectacle. The self-convener of a small town in Maryland, Rocky Twyman, organized prayer sessions in front of service stations to bring down gasoline prices.
Increasingly indebted
The dream of every American, like almost all French, is to have a comfortable house. However, the USA, downtowns have not always good reputation. They have long been neglected and even in the eighties the crime rate was very high. Suddenly, in the few areas considered safe, the price of real estate prices reached extravagant. Everything is done by banks to facilitate real estate credit and gasoline prices being at a reasonable level, employees went live increasingly far and are increasingly indebted. The housing boom suburbs allowed emergency resell quickly empochant his house in a good profit. This system could collapse and the fall already partially recorded causes great anxiety in much of the population. Many commuters would sell cars too greedy to share against smaller models. But this market then collapsed. Pages of newspapers are filled with ads offering big cars at prices broken. "I have a Hummer (big vehicle-style armoured), confesses Raymond Dionne, who lives in Virginia. I would like to get rid of, but there is nobody to buy me. It consumes too much and then, especially at the beginning of the Iraq war, it was a patriotic look as much today as an enemy j'apparais for environmentalists. "
A hope for change
A 300 kilometres away in the industrial suburb of Pittsburgh (PA), Ed Moore, a trade unionist, representative of the so-called "Reagan démocrats", ie workers Caucasian committed to their traditions, those who have assured the success of the Republican Party since 1980, summarizes his vision of the situation: "Look what area, these houses are not all in good condition. You may be a little difficult to understand why so many people here have voted Republican since Reagan, and even for George W. Bush has made so many tax gifts to his friends billionaires. But is that the Republicans spoke a language they understand, patriotism, the right to bear arms. Here, you go out hunting, advocates traditional values while Democrats they appeared too frivolous. They have, moreover, during the primary preferred Mrs. Clinton to another, which seems too show-biz and too tanned. But now, I do not expect them to come back, obviously not all, to the Democratic Party. The price, and not only that of gasoline but also those of food, left to rise while the hourly wage has not budged and, worse, the number of hours worked decreases. Around them, they see plants that reduce their staff and they say that the election is perhaps a way to change things. Mostly they do not at all the positions taken by McCain in favor of free trade. "
Severe recession in road
In 1992, the battle cry of the election campaign of Bill Clinton, the only Democrat who has managed to interrupt the lease Republican in the White House was: "The economy, stupid! "(" The economy, stupid! "). At the time, USA lived, following the first Gulf War, a recession may be less serious than that potentially is under way today. It remains to be seen whether Barack Obama will be able to show the same energy and the same determination that the husband of Hillary.

World Economy

USA. Election against a backdrop of economic crisis

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