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Economy tops agenda of US presidential candidates
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NewsByte on 07 June, 2008 03:11:02
 
The oil prices shooting up to a record $139 per barrel, weakening dollar, rising
unemployment and job losses catapulted economy to the top of the US presidential
candidates' agenda as the Bush administration considered fresh measure to
stimulate it.
Analysts said that if economy fails to improve, Iraq war would be way down
among the concerns of the voters when they go to polls in November to select a
successor to President George W Bush.
As presumptive Democratic candidate Barack Obama and his Republican rival John
McCain prepared to launch their campaigns, the economy presented more bad news
with some economists predicting that worst might come.
Dow Jones industrial tumbled almost 400 points on Friday as several economists
blamed rising oil prices on speculators. With dollar weakening, the speculators
are investing in oil which shoots up the prices and they make profit by selling
at higher prices.
But the rising gas prices at pumps could force the two candidates to detail how
they plan to deal with the situation.
Currently, both are expressing concern which, analysts and pollsters say, is
not likely to impress the voters.
The just-released economic data shows that about 49,000 jobs were lost in May,
the fifth straight month in which employees got pink slips. That takes the
number of job losses in 2008 to 324,000 with the unemployment rate of more than
5.5 per cent.
An estimated 8.5 million people nationwide are said to unemployed.
Taking note of deteriorating economy, Obama called the numbers "deeply
troubling" and McCain said they were unacceptable and "stark reminder" of
economic challenges facing American families.
Though both asserted that turning the economy around is on top of their
agendas, neither offered any concrete proposal.
Bush, who refuses to acknowledge that the economy is in recession, said the
numbers show the slow economic growth.
“This is a time of turbulence in the housing market and slow growth for our
overall economy,” Bush said.
Analysts said that one reason for growing unemployment is that workers are
unable to relocate as the houses they have bought do not sell because of slump
and they are unable to buy another if they move.
“The economic mess would need to be cleared by the next President as Bush has
little time left to take any effective action which could show results. And over
next months as the campaign heats up, the candidates would be under pressure to
disclose their plans,” the analysts added.