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Obama, Clinton or McCain - who is good for business?
Sunday, February 24, 2008
Dear Editor,
America's economic health is closely linked to Jamaica's economic prosperity, therefore, we should have more than a passing interest in the presidential election process in that country and who eventually becomes its president. In one of her articles Gleaner columnist Dawn Ritch concluded that Obama is neither white nor black and is therefore an "imposter".
The substantial question that needs to be asked at this point should not be clouded by the issue of race, although historically important, neither should the focus be on individual personality. My question therefore is, which presidential candidate is good for business? This is also an indirect way of asking which of them is good for Jamaica, taking into consideration the outlook for the American economy - the pillar and nucleus of the global capitalist system - in the next three to five years.
In terms of business, America traditionally prefers to have a Republican in the White House, and in a recent senate tally the Chamber of Commerce gave McCain an 88 per cent favourable rating compared to the Democratic candidates Clinton, 67 per cent and Obama, 55 per cent.The National Association of Manufacturers rated the Democratic candidates at zero while McCain received 100 per cent.
According to Marx, "He who holds economic power has real political power." Notwithstanding this, however, Obama has been able to raise an impressive $1 million per day.
A look at some of the draconian anti-immigration policies being supported by Republicans will definitely affect the bottom line of businesses by driving up costs, and in fact, the downside for America is that business would move to Mexico and hopefully Jamaica and the other Caribbean countries.
Take for example, one measure being contemplated in Arizona to suspend the licences of businesses caught with illegal immigrants - a repeat offence would result in the licences being completely taken away. Agriculture, tourism and some areas of manufacturing that depend heavily on immigrants would suffer immensely. Unless there is a turnaround of the hard-line Republicans, that party could be seen as bad for business and subsequently McCain missing out on the White House.
Imposter, populist or not, Obama seems to have the implicit support of one of America's richest white men, Warren Buffett, with whom he met or at least exchanged notes recently. The support of former presidential families - the Kennedys and Eisenhowers - is also a plus. Obama, Clinton or McCain? Which one is good for business in America and Jamaica?
Michael Spence
PO Box 630
Liguanea, Kingston 6
Micapen2@hotmail.com
Sunday, February 24, 2008
Dear Editor,
America's economic health is closely linked to Jamaica's economic prosperity, therefore, we should have more than a passing interest in the presidential election process in that country and who eventually becomes its president. In one of her articles Gleaner columnist Dawn Ritch concluded that Obama is neither white nor black and is therefore an "imposter".
The substantial question that needs to be asked at this point should not be clouded by the issue of race, although historically important, neither should the focus be on individual personality. My question therefore is, which presidential candidate is good for business? This is also an indirect way of asking which of them is good for Jamaica, taking into consideration the outlook for the American economy - the pillar and nucleus of the global capitalist system - in the next three to five years.
In terms of business, America traditionally prefers to have a Republican in the White House, and in a recent senate tally the Chamber of Commerce gave McCain an 88 per cent favourable rating compared to the Democratic candidates Clinton, 67 per cent and Obama, 55 per cent.The National Association of Manufacturers rated the Democratic candidates at zero while McCain received 100 per cent.
According to Marx, "He who holds economic power has real political power." Notwithstanding this, however, Obama has been able to raise an impressive $1 million per day.
A look at some of the draconian anti-immigration policies being supported by Republicans will definitely affect the bottom line of businesses by driving up costs, and in fact, the downside for America is that business would move to Mexico and hopefully Jamaica and the other Caribbean countries.
Take for example, one measure being contemplated in Arizona to suspend the licences of businesses caught with illegal immigrants - a repeat offence would result in the licences being completely taken away. Agriculture, tourism and some areas of manufacturing that depend heavily on immigrants would suffer immensely. Unless there is a turnaround of the hard-line Republicans, that party could be seen as bad for business and subsequently McCain missing out on the White House.
Imposter, populist or not, Obama seems to have the implicit support of one of America's richest white men, Warren Buffett, with whom he met or at least exchanged notes recently. The support of former presidential families - the Kennedys and Eisenhowers - is also a plus. Obama, Clinton or McCain? Which one is good for business in America and Jamaica?
Michael Spence
PO Box 630
Liguanea, Kingston 6
Micapen2@hotmail.com
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