Expert View: Why global growth could be Bush-whacked by election
http://news.independent.co.uk/business/comment/story.jsp?story=572858
The implications of another term for George Bush could include big
deficits and high oil prices
17 October 2004
As media excitement over the US election mounts, many financial
commentators are strangely unmoved. In focusing narrowly on George
Bush and John Kerry's campaign pledges, they may be missing just how
different their policies could be. The risk is that, relative to a
Kerry presidency, a re-elected Mr Bush would deliver greater
geopolitical tension and fiscal laxity.
Some would argue that the financial markets should ignore the election
- the president has little influence on the economy. Monetary policy
lies in the hands of the Federal Reserve, while, the president's
impact on fiscal policy is constrained by Congress. And the difference
between the basic thrust of Mr Bush and Mr Kerry's fiscal policies is
slight: both plan to cut the budget deficit in half.
Mark Cliffe
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