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“Recession” Adds Fear to White House Race
Paul Harris
The Guardian
March 9, 2008
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| Actually, by the time Clinton moves into the White House with her war criminal husband, the country will likely be in a full-blown depression. | |
The prospect of recession is looming over the American presidential election campaign, amid a wave of job losses and collapsing home prices that could see the political battle being fought in the middle of an economy in crisis.
Last week was marked by rising oil prices, tens of thousands of lost jobs and plummeting share prices that will have a profound impact on the candidates vying to succeed President George W Bush.
Some experts believe the bad news could boost the chances of Hillary Clinton. She has scored wins against rival Barack Obama in states such as Ohio, where the economy is a dominating local issue. But the Obama campaign had a much-needed boost last night as he won the Wyoming caucuses 58 per cent to 41 with most of the votes counted. His win appeared to have been propelled by the heavy turnout of voters, especially among the state’s college students.
Though Wyoming’s caucuses are worth just 12 of the vital convention delegates needed to clinch the Democratic nomination, the win is never the less a boost to the Obama campaign.
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Clinton’s victories last week have allowed her to paint herself as a comeback candidate. As the economy falters yet further, it could provide Clinton’s revitalised campaign with more momentum, especially since the next key electoral battleground is Pennsylvania, which has a similar social make-up to Ohio. However, Obama has also struck a more populist economic tone in recent weeks, seeking to capitalise on middle-class fears over vulnerable jobs and losing their homes.
Many economists and commentators now believe that a recession is almost a certainty. Recent headlines have made deeply pessimistic reading. ‘End to the good times,’ the New York Times said yesterday in a story warning that the downturn was already here.
Elsewhere, stories of factory closures and hundreds of thousands of mortgage foreclosures are dominating newspapers and the cable news channels. Some TV shows are running special segments advising people on how to cope with being laid off.
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