Tag Archives: election

An Obama Victory Less Certain? Maybe Not.

A One-Term President?

Barack Obama’s chances of re-election aren’t looking as assured as they were several months ago. His Republican opponent, Mitt Romney, raised $35 million more than President Obama in the month of June, President Obama’s new plan to extend tax cuts solely for those who earn $250,000 or less until 2013 faces large, bipartisan opposition, and the general population is less sure of how good of a job he has been doing than they were several years ago.

In the 2008 election, President Obama was able to draw from many donors, rich and poor, for support. However, in 2012, many of those donors are unwilling to give to his campaign. In 2008, “many Republican donors embraced the candidate [Obama]…now those donors are swinging hard back to the Republican party- and to Mr. Romney”, according to the New York Times.  (“Romney, Again, Outdoes Obama In Fund-Raising”). President Obama will need to raise an enormous amount of money in the coming weeks and months in order to catch up to Mr. Romney before the November election.

President Obama’s proposal to extend tax cuts only for those who make $250,000 or less, is opposed by some Democrats as well as Republicans. The Democrats would prefer that President Obama at least extend them for those who earn less than $1m yearly. It would reflect badly on President Obama if one of his final proposals before the election were soundly defeated.

According to a Gallup poll, in February 2009, 68% of Americans approved of how President Obama was doing as commander-in-chief, compared to only 45% in June 2012 (“Gallup Daily: Obama Job Approval”). This is a very concerning result. However, another poll suggests that he may still have the overall support of America.

Though Mr. Obama has had several difficult moments recently, he is still more favored by Americans than Mr. Romney. According to a July 2012 Gallup poll, he holds a five-point lead (48% to 43%) over Mr. Romney (“Obama Now Leads Romney, 48% to 43%”). Hopefully, Mr. Obama will gain more financial support, and will go into November with a stable lead over Mr. Romney.

 

The New York Times and Gallup.com were used as sources for this article. For the full citations, please contact me by writing a comment on the page.

“Flanby” Takes The Cake (And Maybe Some Tax Money, Too)

The election of Francois Hollande to President of France is the beginning of a new era in Europe. The Socialist, nicknamed “Flanby” after a popular dessert, has many ideas and proposals that will not only affect France, but the European Union as well. A few of these ideas will likely effect the economy of France, and even of Europe.

1) Hollande’s Wants a Tax of 75% On Those Who Earn €1 M Or More

In order to help France recover from the worldwide economic crisis, Mr. Hollande would much rather impose taxes then cut back on government spending. Recently, he proposed a 75% tax on people who earn one million euro or more anually, calling it “patriotic”and necessary in order “to get the country back on its feet”¹. This caused an uproar among his opponents, yet it did not prevent him from winning the elections.

2) Flanby Is Vehemently Anti-Austerity

In many European countries, austerity, or cuts in government spending, has been denounced by the populace as an unsuccessfull way to solve the economic crisis. Hollande agrees with these people- as stated above, he would rather tax the rich than stop spending money. However, Germany, one of the powerhouses of the European Union, still supports austerity. This could lead to serious conflict between France and Germany because Germany “the final say in every bailout negotiated by the IMF, EU, and ECB”². Hollande and Angela Merkel, the Chancellor of Germany, may clash over how to save the European Union.

As the new President of France, Francois Hollande has the responsibility of bringing France back from a devastating recession. If the rest of the European Union agrees with his ideas, much good may come to France and Europe.  If they don’t, however, Hollande will be no more useful than a half-eaten piece of cake.

WORKS CITED

1.  “French Election: Hollande Wants 75% Tax on Top Earners.” Bbc.co.uk. British Broadcasting Corporation, 28 Feb. 2012. Web. 07 May 2012. http://www.bbc.co.uk/news/world-europe-17189739.

2. Prial, Dunstan. “Shelving Austerity for Growth Poses Big Risks in Europe.” Foxbuisiness.com. FOX Buisiness, 7 May 2012. Web. 07 May 2012. <http://www.foxbusiness.com/markets/2012/05/07/shelving-austerity-for-growth-poses-big-risks-in-europe/&gt;.