While polls show bad economic news during the presidential campaign’s summer season may be hurting President Barack Obama’s reelection campaign, some analysts say there are areas of economic good news for the president.
At RealClearPolitics, Will Marshall, of the Progressive Policy Institute, writes that in addition to new drilling technologies changing the U.S. energy outlook and continued innovation from the technology sector, exports have been growing through the recession in spite of slower growth in Europe and China.
“As these examples show, more domestic investment and innovation, not more debt-fueled consumption, are the keys to rebuilding America’s productive might,” Marshall says. “Rather than allow his campaign to wallow in the negative, the president should highlight these positive signs of renewed U.S. economic dynamism — and weave them into an inspiring narrative about America’s economic comeback over the next four years.”
At Reuters, columnist Martin Hutchinson writes that the U.S. housing sector is poised to boost economic growth. “President Barack Obama’s re-election campaign may draw comfort from this trend,” Hutchinson says. “But the policy implications should also be clear. Housing policy – not just bad bank lending – helped inflate the bubble which, upon bursting, triggered the recent financial crisis.” Whomever comes out on top in November will have his work cut out for him in the housing sector, he says.
For more on the candidates’ stances, check this issue tracker on The Candidates and the Economy.
Suggested Other Reading:
At CFR’s Renewing America blog, Edward Alden says the United States could learn a few lessons about rebuilding a national economy from Canada. “Mostly as a consequence of more stable housing prices, the average Canadian household now has a net worth slightly greater than the average U.S. household,” he says.
British multinational bank HSBC forecasts a 95 percent increase in U.S. trade by 2026, benefiting largely from growth in emerging markets. During the next five years, HSBC expects the annual growth rate of U.S. exports to China to outpace U.S. imports from China during next five years.
– Gayle S. Putrich, Contributing Editor