R. Glenn Hubbard, senior economic adviser to GOP presidential candidate Mitt Romney, criticized the Obama administration’s policy toward Europe’s economic woes in an op-ed in a leading German business newspaper over the weekend (NYT).
“Unfortunately, the advice of the U.S. government regarding solutions to the crisis is misleading. For Europe and especially for Germany,” Hubbard wrote in the in the German business journal Handelsblatt, according to the New York Times‘ translation. Hubbard proposed a pro-austerity, anti-Keynesian approach to the eurozone crisis and argued that cutting government spending will restore public confidence, encourage growth, and avert future tax increases.
“President Obama’s advice to the Germans and Europe has therefore the same flaws as his own economic policy–that it pays for itself over the long term if we focus on short-term business promotion,” Hubbard wrote.
The Obama campaign took issue with the international op-ed. “
In a foreign news outlet, Governor Romney’s top economic adviser both discouraged essential steps that need to be taken to promote economic recovery and attempted to undermine America’s foreign policy abroad,” said Ben LaBolt, press secretary for the president’s reelection campaign.
President Obama’s reelection campaign is slowly beginning to offer more insight to potential second-term policy (
NewYorker), including addressing climate change, nuclear proliferation, immigration reform, and more robust aid for developing countries. A second term would have to include continued efforts to right the struggling economy, but it would also mean more focus on international affairs, writes Ryan Lizza.
“The final two years of a second term need not be a loss for a president. All but exiled from domestic affairs, presidents inevitably focus more attention on foreign policy, where many leave a lasting mark,” he says, including focus on the U.S.-China relationship and “a renewed push for peace between the Israelis and the Palestinians.”
The failed Wisconsin gubernatorial recall has brought new election-year attention to unions, the latest Gallup poll shows. Gallup’s study found that 57 percent of the union workers polled would support Obama, while 35 percent would vote for Mitt Romney. Historically, unions have been strong and vocal supporters of Democratic presidential candidates.
“All in all, union workers provide a substantial bloc of support for Obama’s reelection efforts, although their impact on the presidential race will be limited by their size–just about 12 percent of employed voters are union members–and the fact that a sizable minority support Romney,” Gallup says.
– Gayle S. Putrich, Contributing Editor