Obama and McCain: The Incredible Shrinking Candidates’ – O Globo of Brazil

The financial crisis and the huge bailout being pursued by the federal government beg the question: When the deal is done, will it tie the hands of the next president so much that he won’t be able to fulfill his campaign promises, ie.: cut taxes, revamp health care, rebuild the American military, etc.?

Continuing with our Brazilian escapade of recent days, O Globo’s chief international columnist William Waack ponders the apparent impotence of the two contenders for the White House in the face of the most dire financial crisis in decades.

Waack writes in part:

“Even if the details of this government salvation end up being approved by consensus (and the markets, at this moment [Monday], showed that they didn’t believe it would be), it is impossible to run away from the essential point: the next American president will have to save a lot and spend little (forget the promise of tax cuts that were even made – even by Obama himself).

“Neither of the two seem willing to admit that he’ll be obliged to demand sacrifices from the people – and after a very hard period – will have to ask for even more sacrifices. … it will be up to them to display the kind of political leadership that has been so rare historically. The classic example of this comes from their own country. After the Great Depression, Franklin Roosevelt went down in history as the president who managed to combine long-term vision with short-term political expediency. Obama and McCain are confronting exactly the same challenge. ”

So are either of them up to it? Waack reckons:

“For now, both seem small in confronting this cataclysm.”

By William Waack

Translated By Brandi Miller

September 22, 2008

Brazil – O Globo – Original Article (Portuguese)

There’s nothing that Obama or McCain can do except wait with hands tied for their time to assume office. It’s possible that the next four years are being decided now, in conversations between the Treasury Secretary (who is seeking extraordinary powers for himself and his successor) and Congress – eloquent proof of this is the resistance of Democrats to the package now being offered by Bush.

Even if the details of this government salvation end up being approved by consensus (and the markets, at this moment [Monday], showed that they didn’t believe it would be), it is impossible to run away from the essential point: the next American president will have to save a lot and spend little (forget the promise of tax cuts that were even made – even by Obama himself).

At this stage in the election campaign, neither of the two seem willing to admit that he’ll be obliged to demand sacrifices from the people – and after a very hard period – will have to ask for even more sacrifices. For more than a decade, Americans have become used to living beyond their means, and up to now have been financed by the entire world. The disorder that the crisis is creating is such that the next president will probably have no reply to the question on everyone’s lips:. …

READ ON AT WORLDMEETS.US, along with continuing translated foreign and English-language press coverage of the U.S. election and the unfolding financial crisis.