Economy Worsens: Why Neither Obama Nor McCain Can Help Much

Posted on July 3, 2008
Filed Under Journalism, News, commentary |

The truth of the matter is–the world’s economy is so interconnected now, there is little any occupant of the White House can do to bring up significant change in such things as employment, the price of oil and the escalating cost of food.

Both John McCain and Barack Obama have their “plans” for so-called economic stimulation, but many economists and other experts will tell you that these plans offer little real help. Here’s why:

The rising price of oil is largely due to the increase in demand for oil by growing giants such as China and India. Yes, there may be some speculation at play here,too. But even that can’t really be addressed by the President of the United States.

The escalating costs of various food products, again, has more to do with increased demand worldwide as well as climate changes that have wrought destruction to farms in various parts of the world, causing some nations to stockpile such things as rice and wheat, driving up prices.  Not much a president can do about the weather!

As for the loss of jobs in this country–six months in a row now–a lot of those losses have to do with the outsourcing of many blue-collar type jobs–as well as a growing number of white collar ones. The uncertain world economy is driving the stock market down which means companies are losing trillions of dollars. Not a lot a president can do about that,either.

A grain of salt

So, one must listen with a grain of salt (price of salt up,too???) to all the speeches and economic plans being offered up by both the Democrats and Republicans.

The truth of the matter is–what the president of China does may actually have a bigger impact on the world’s economy–and ours–than what the president of the United States may do!

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