[Het Parool, The Netherlands]

 

 

Wen Wei Po, Hong Kong

Blaming China Led Obama to Midterm Election Defeat

 

"Since taking office, Obama has blamed U.S. trade and unemployment problems on how the yuan is pegged to the dollar. This is an attempt to divert public attention and shift the blame for a sluggish economy to China. But to accelerate U.S. economic growth and create employment opportunities, the key is to change its protectionist trade policies and enhance the competitiveness of U.S. companies."

 

EDITORIAL

 

Translated By Sarah Chan

 

November 11, 2010 

 

Hong Kong - Wen Wei Po - Original Article (Chinese)

As the dust settles after the U.S. midterm elections, Obama's Democratic majority lost the House of Representatives, and maintains only a slight advantage in the Senate. The election results reflect voter disappointment with Obama's failure to revive the economy and were an expression of strong dissatisfaction with the effectiveness of his policies.

 

But solving the economic crisis triggered by the financial tsunami is by no means easy. These are persistent and deeply-rooted problems in the U.S. economy and society and are not easy to resolve, regardless of which party holds power. If the United States doesn't find solutions to its domestic problems and instead shifts blame to the yuan exchange rate or trade protectionism, it will certainly be like climbing a tree to catch fish - an utterly wasted effort.

 

Obama's election was based on wave of popularity for him as the first Black U.S. president. American voters had high expectations, hoping that Obama would accomplish a lot and lead the U.S. out of the economic downturn with a rapid cleansing of the mess left by President Bush and the Republicans. But two years later, the U.S. economy remains stagnant, with unemployment hovering around a high of ten percent, and the American public has lost its patience. This election was even considered to be a "referendum" on the policies of Obama and the Democratic Party, as voters use ballots to express dissatisfaction with his achievements.

 

In fact, the instigator of the current U.S. economic downturn was the Bush Administration's lax regulation of financial institutions, which allowed Wall Street elites to cause wild shifts in financial markets. To bring recovery to a weak economy, Obama changed the fiscal policy of "limited-government liberalism" that the U.S. had been pursuing to allow the state to take control of the financial system, increase spending and implemented quantitative easing to stimulate the economy and improve employment.

 

But there has been no improvement in the economy and market sentiment remains pessimistic. This shows that America's sluggish economy is not only because of problems in the financial sector, but long-term over-consumption, excessive borrowing and the pursuit of high fiscal deficits that increase the level and complexity of social conflict within American society. This has caused the U.S. banking system, businesses and the public to lose confidence in the economic outlook. In times of economic crisis, only a strong government can get the economy back on track. But the results of this midterm election reveal a weak government that could lead to stalemate.

Posted by WORLDMEETS.US

 

SEE ALSO ON THIS:

Le Temps, Switzerland: Obama Pays Big for Anemic Growth

Le Figaro, France: Tea Party: An 'American Fever' that Will Quicky Pass

News, Switzerland: Obama: Don't Bargain with Your 'Political Assassins'

La Jornada, Mexico: Obama 'Bit Off More than He Could Chew'

Le Temps, Switzerland: Cheap Advice for President Obama

Tageblatt, Luxembourg: Prepare for 'Tea Time' in America

El Pais, Spain: As U.S. Exposes its Divisions, China Powers Ahead

Global Times, China: The West is Forming an 'Axis of Evil Ideology'

Hispanidad, Spain: How Spain Can Build its Own Tea Party: Copy Palin

El Universal, Mexico: Immigration Reform: Obama's Ace in the Hole

Le Temps, Switzerland: America's 'Cry of Agony' Through the Tea Party

Izvestia, Russia: Evil Obama and China's Yuan: It's About the Midterms

Liberation, France: Christine O’Donnell at the 'Oral Stage'

Financial Times Deutschland, Germany: West Must Halt Slide Since 9-11

El Mercurio, Spain: The 'Neo-Nazi' Campaign Against President Obama

El Mundo, Spain: Beck and Palin Search for Mythical 'Paradise Lost'

Der Standard, Austria: In Despair Over Democracy - Both America's and Ours

National Post, Canada: U.S. Democracy Suffers 'Death By Talk-Show Host'

La Jornada, Mexico: Beck and the New U.S.-Right: 'Like a Horror Movie'

Iraq News Agency, Iraq: Sarah Palin: The 'Seductress' of the American Election

 

 

In China, it's a sensitive issue whenever the U.S. holds an election. Since taking office, Obama has blamed U.S. trade and unemployment problems on how the yuan is pegged to the dollar. This is an attempt to divert public attention and shift the blame for a sluggish economy to China. But to accelerate U.S. economic growth and create employment opportunities, the key is to change its protectionist trade policies and enhance the competitiveness of U.S. companies.

 

Instead of starting to improve the economy at home, Obama sought to benefit by suppressing China, and of course the results have been just the opposite. After the midterm elections, Democrats and Republicans should recognize the importance of Sino-U.S. relations, not only in economics and trade, but in diplomacy as well. It is important to maintain stable, rational and pragmatic development of Sino-U.S. relations.

 

CLICK HERE FOR CHINESE VERSION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Posted by WORLDMEETS.US November 4, 1:40pm]