So how can one explain the massive Democratic drubbing at the polls yesterday? According to Philip Gumyi of Switzerland’s Le Temps, it all comes down to two things: the pain on Main street – and the relief on Wall street – are too great.
For Le Temps, Philip Gumyi writes in part:
So why such ingratitude on the part of the electorate, when such measures have prevented the U.S. from plunging into a depression like that experienced in the 1930s? And whereas growth could have become more sustainable more quickly, why would Americans reward the very Republicans who have decried these actions by Barack Obama? One will note that average citizens see a reality that is far removed from Wall Street, where the major banks, saved in the teeth of hundreds of billions of dollars of unpopular bailouts, have quickly resumed their mega-bonuses. Meanwhile, unemployment has risen steadily to about 10 percent, the highest since the early 1980s. The millions of workers laid off in the past two years and the millions of others who constantly fear for the their jobs have little taste for the bailout of General Motors, the car giant that was socked by soaring oil prices.
Although formally, the United States has been out recession since June 2009, voters have yet to feel the winds of recovery. Anticipated growth of 2.6 percent this year is too low – that is to say, that won’t generate enough new jobs for a nation of 300 million – a nation that exploded its debt to preserve its economy and status as a world power.
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