"The Economist" Endorses Obama

The Economist held a live "Hangout" via Google+ at 12 p.m. EDT today, in which editors announced the London-based publication was endorsing President Barack Obama for a second term. Chris Lockwood, editor of the U.S. edition, was interviewed about the endorsement, fielding several questions from Economist readers as well.

Explaining the reasons behind the endorsement, Lockwood cited the stabilization of the U.S. economy. He said The Economist also approved of the Detroit auto industry bailout, the stimulus package, and the health care reform bill, although noted right off the bat that The Economist wasn't "immensely impressed" with Obama's first term. He said their default position was that Obama "handled the terrifying recession and the economy not too badly."

Lockwood said the recovering economy "very much put the onus on Mitt Romney" to identify how the challenger would be an improvement.

As for what The Economist disliked about Romney, Lockwood said that "you never know...which Mitt Romney you're going to get." That said, the editor applauded Romney for his "small government emphasis," agreed with the former governor that the deficit is "an immense problem," and hailed his stance on entitlements.

One notable economic issue Lockwood criticized Romney for was his stance on China. Romney has said he plans to label China a currency manipulator on day one of his presidency. Lockwood was skeptical that the Chinese currency was being manipulated, citing analysis from the IMF as well as China's "precipitously" declining trade surplus. He worried that a President Romney would initiate punitive tariffs on imports from China, instigating a "tit-for-tat trade war."

The Economist has a varied record on presidential endorsements. Since 1980, the publication has endorsed Ronald Reagan, Bill Clinton, Bob Dole, George W. Bush, John Kerry, and Barack Obama. Obama is the first in that period to have been endorsed twice.

John Divine has no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.

The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (1) | Recommend This Article (6)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On November 02, 2012, at 1:52 AM, seattle1115 wrote:

    "Obama is the first in that period to have been endorsed twice." A related fact -this is the first time in 20 years that the Economist has endorsed an incumbent, or even the incumbent party's nominee.

Add your comment.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2089715, ~/Articles/ArticleHandler.aspx, 10/23/2016 11:50:14 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 2 days ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes