Honestly, I don’t really get what’s Obama Doctrine all about. Obama admin hasn’t given any interpretation on the doctrine yet. So, the doctrine is open to public discussion. Bush junior hasn’t vividly revealed out his doctrine only after he left the White House in his memoir “Decision Point”.
Mostly, economic policy is not included as a doctrine. I acknowledge that the Fed has privileges to manage the economy. When it comes to a decision that is likely, however, to create a huge impact on the economy, the Fed must at least seek informal green light from the President. The President still gets a final say on the economy. It is worth noting that economic policy should be included in the doctrine.
I don’t want to elaborate on economic policy of the United States because I have gone through it many times already. For now, I will just touch on it. President Obama won a landslide in 2008 and lost the House of Representatives to the Republican Party in mid-term election but still retains a majority in the Senate. People said it was a consequence of Obamaconomics, a view I don’t necessarily share.
For me, Obamaconomics is a short term gain for a long term gain. Some of my friends tried to challenge me that US can’t still compete in global economy even in the wake of economic crisis. American products aren’t much cheaper than those of Europe, let alone than those of Asia. On the contrary, cheap labor, long term low interest rate, out-of-this-world technology, qualified/skilled workers and savvy entrepreneurs will very much boost US competitiveness.
For instance, General Motors reported revenue and net income for 135.592 billion dollars and 6.172 billion dollars respectively for 2010[1]. For the first quarter of 2011, GM net profits rose more than triple to 3.2 billion dollars. The factors I raised above have supported that gain.
There is no something such as a free lunch. Americans have to pay the price. Obamaconomics drives up the prices of everything, ranging from food to oil, that suffers the poor the most. Obama admin is increasingly unpopular within middle class people and now even within the top brass. However, it is a price that Americans, especially middle class ones, have to pay to get America back on its feet, meaning that being able to compete globally.
Some readers might ask: Did you ever visit World Economic Forum website. The answer is that I did and I saw that US was ranked Number 1 ,Number 2 and Number 4 for 2009,2010,2011 respectively. I can’t disagree with you that US competitiveness is being downgraded year by year. I used to mention that America is in transition but not in decline. It takes time for the afore-mentioned factors to permeate throughout American society and I believe that it won’t be long. Those factors will shake America’s economy some time at the eve of President Obama’s term.
As a result, US and China will rescue the World from the beset of uncertainties. Nouriel Roubini, an economist who predicted recent economic crisis, once said that China’s economy will start to dramatically slow down after 2013, a view that I don’t buy. I will discuss it in details in my next article. President Obama will get a big credit for his attainment in kick-starting the economy. However, 2012 Election will be a neck-and-neck competition. Why? President Obama recently proposed that Israel -Palestinian peace negotiation be based on Israel’s pre-1967 borders with mutually agreed land swap putting Israel at a disadvantage. Many Israeli-American people living in US are millionaires. They will support fund Republican Party in the coming election.
Let me brief you about ideologies of US political party. Republican Party favors tax break for the rich and corporations. They claim that the surge in business activities will grow the economy and help to create jobs for working class and the country will be better. Democratic Party favors tax cut for middle class and the poor. They also claim that a diverse middle class will have a bigger potent.
Two parties take and leave power that serve as an invaluable check for US economy. Two ideologies level inequality in Americans society. Some people say a society with equality will be in everybody advantage. It’s not a good idea if you think it over. A society with equal equality produces no creativity and innovation because people won’t work hard, study hard and think hard to realize their dream. We had better prefer less inequality to equality.
Eight years of Bush presidency had been a good day for Americans business. It is time to buck that trend. America’s Middle class is need of special attention after eight years of being left behind. Should the middle class is still unconsidered, they will feel discouraged and they will stop producing any output. America will suffer the most. Recent proposal of Obama to increase the taxes for the rich and corporation is vital for the future of America. I agreed with Gabor Steingart, author of War for Wealth, view pinpointing “America’s biggest problem is not China but America itself.
Obama administration is walking on the right track. Obama Doctrine is saving America from self-appointed wise or unwise Americans seeking to freeze tax break for Corporations and the rich operating at the expense of the whole American society. Just drop me an email if you would like me to cover on Obama Doctrine related to foreign policy filed. Obama’s Olive Branch to Muslim World will be discussed in detail if it gets the support. Thanks for reading. God Bless You.
