While the US economy is on everyone’s minds these days, there’s no doubt that the person who it concerns the most is President Obama. To put it simply, the next month will be all about raising the national debt ceiling and this will only act as a precursor to the Presidential elections next year where Obama will have to defend his economic record.
It’s apparent that the political debate over the mounting debt can turn out to be a major factor in who wins the Presidency next year between the President and several contenders to the “throne” from the Republican Party.
To make things worse, the Obama administration is saying that if $ 14.3 trillion isn’t raised by August 2 this year, not only will world economic markets be thrown into turmoil but the fragile US economy will find it difficult (to put it lightly) to make a full recovery.
There’s no doubt that all Republicans want Obama out of office while the Democrats stand firmly behind Obama for a second term in office, and while the latter claim that he was dealt a bad hand when it comes to the economy (thanks to the Bush’s terms in office), critics are clear in saying that the President is solely accountable for the state of the economy just as Bush was.
Until now, Obama is slightly ahead of Romney while remaining far ahead of the other Republican candidates at the polls, but due to the economic downturn working against his record, can face fierce opposition next year when the fight for political supremacy between the two parties begin.
And with domestic economic problems being the reason why three presidents were denied a second term, it will be a tough call as to determine right from the outset who the winner of the Presidential elections will be next year.