The Economist Endorses Obama, Lambastes McCain

The fiscally conservative publication, The Economist, announced its endorsement of Senator Barack Obama for president on Thursday. This blow to the McCain campaign came after the Financial Times announced its support of Obama on Oct. 26.

The Economist, a weekly from the UK, is distributed in over 200 countries and is one of the most respected on the subject of economics. Its circulation in the United States is over 700,000, which Editor-in-Chief John Micklethwait says, is almost half their worldwide total circulation. The cover on the new issue shows a picture of Obama, with the simple caption, "It's Time."

The Economist endorsed Bush in 2000, and Kerry in 2004. The endorsement might have been one McCain could have counted on, but the Economist cites as reason for the Obama endorsement, McCain's adoption of extreme positions he previously opposed:

"The fiscal conservative who once tackled Mr Bush over his unaffordable tax cuts now proposes not just to keep the cuts, but to deepen them. The man who denounced the religious right as "agents of intolerance" now embraces theocratic culture warriors. The campaigner against ethanol subsidies (who had a better record on global warming than most Democrats) came out in favour of a petrol-tax holiday."

They go on to note McCain's lack of economic credentials: "Mr McCain has never been particularly interested in economics, but, unlike Mr. Obama, he has made little effort to catch up or to bring in good advisers (Doug Holtz-Eakin being the impressive exception)."

The endorsement goes on to say what so many Obama-backing conservatives already have; the selection of Sarah Palin was irresponsible:

"The choice of Sarah Palin epitomised the sloppiness. It is not just that she is an unconvincing stand-in, nor even that she seems to have been chosen partly for her views on divisive social issues, notably abortion. Mr McCain made his most important appointment having met her just twice."

In contrast The Economist finds a great deal to like about Barack Obama. Issues like entitlements, medicare, and restoring the image of the United States in the world all come up. Most important, though is the immediate problem of the economy. On this The Economist feels the Obama has shown more steady leadership than McCain:

"On the financial crisis his performance has been as assured as Mr McCain's has been febrile. He seems a quick learner and has built up an impressive team of advisers, drawing in seasoned hands like Paul Volcker, Robert Rubin and Larry Summers. Of course, Mr Obama will make mistakes; but this is a man who listens, learns and manages well."

Perhaps the most unrecognized advantage Obama brings to the presidency, The Economist says, is the result of his identity as a black man with an Arabic middle name. Which is, of course, something that has been used by McCain against Obama throughout the election, but which The Economist nevertheless sees as a plus:

"Most of the hoopla about him has been about what he is, rather than what he would do. His identity is not as irrelevant as it sounds. Merely by becoming president, he would dispel many of the myths built up about America: it would be far harder for the spreaders of hate in the Islamic world to denounce the Great Satan if it were led by a black man whose middle name is Hussein; and far harder for autocrats around the world to claim that American democracy is a sham. America's allies would rally to him: the global electoral college on our website shows a landslide in his favour. At home he would salve, if not close, the ugly racial wound left by America's history and lessen the tendency of American blacks to blame all their problems on racism."

The Economist's endorsement of Obama must come as a surprise to the McCain camp. Particularly after so many leading conservatives have jumped to Obama in the last couple of weeks, including Peggy Nunan, George Will, and Colin Powell.