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Wednesday, November 7, 2012

Obama-Romney tied in Presidential Race: Romney still hopeful

The fact that it is a 50-50 tie between incumbent US president Barack Obama and Republican Mitt Romney tells you much about how Americans regard the Obama administration. Obama, whose meteoric rise to the Presidency, was perceived as a mythic figure by most Americans in the 2009 elections, so much hype has been heaped upon him, that expectations went over the roof during that elections. Obama won on his continued critique of the economic policies of the Bush administration, which he blames for the present financial crisis bedeviling the nation.

Now, Romney accuses Obama with the same sins as that of Bush. The financial crisis which is still a major concern among Western powers, remains a crucial factor in this year's US elections. Obama's economic prescriptions proved insufficient in solving problems such as unemployment and closure of small and medium enterprises. Some analysts say, the problem is beyond Obama, which I agree. The global financial slump really happens as part of the cycle of capitalism.

The solution really lies not on America but on external factors such as the continuing redefinition of the world's capital and labor configuration. The nexus of production has shifted from the United States to the East, specifically, China. China is reaping the economic rewards of being at the midst of global production, and it remains stable because China, by itself, is both a market and at the same time, a big production house.

The world waits with bated breath as the polls close in. CNN has just reported wins in favor of Obama in New Hampshire, a place where Romney calls home. Romney lags for about 15,000 votes behind Obama in Florida, with 86% of the votes in. If Romney loses Florida, he's toast, says Pierce Morgan of CNN.