I suspect many Touchstone blog readers have been watching the Democratic Party’s Convention over the past week. I have been struck by the assumption that the economy will be a negative factor for the Obama campaign – yesterday’s US employment figures were seen as bad news for the Democrats.
Certainly, American unemployment shot up much faster than British in the first months after the recession struck. But this was mainly before President Obama was elected or before any decisions he made could have any effect – and before David Cameron was elected Prime Minister. Look at what has happened to unemployment in the two countries since the UK general election in May 2010:
This is important: Mr Romney effectively wants to copy Britain’s failed programme of austerity for the poor and tax cuts for the rich. This is the wrong way round, if lessons need to be learned, we should be taking them from the USA.