FELIX SALMON: Obama Will Win In November And That Will Be A Disaster For The Economy

It’s an election year and the big question on everyone’s mind: Will President Barack Obama or former Massachusetts Governor Mitt Romney take the White House next year and what does it mean for the U.S. economy?

Recent national polls show Obama with a slight lead over Romney in the general election. Obama held 46% of the vote compared to Romney’s 42%, in the most recent Quinnipiac University national survey.

At the same time, Obama’s job approval rating is back at 50 per cent with 44 per cent of people disapproving of his job performance, according to Gallup. This uptick in Obama’s approval rating is in line with a marginally improved economy. U.S. gasoline prices are down to four-week lows and unemployment hit 8.2 per cent in March.

Felix Salmon, financial blogger at Reuters, says another Obama win is likely, but it would not be good for the U.S. economy.

“I do believe that, at least in the short term, Mitt Romney would be better,” Salmon tells The Daily Ticker’s Henry Blodget in the accompanying interview. Should Obama win, “we are going to create four more years of this absolute dysfunctional nightmare in Congress where no one can agree on anything.”

In Salmon’s view, Republicans are adamantly opposed to Obama’s policies, regardless of the issue. One prime example is the Affordable Care Act, which began as a conservative idea.

“[Obama] is not making mistakes, he is doing it right,” Salmon says about the president’s handling of the economy. “The more successful he is the more that the Republicans reflexively just want to oppose everything that he does for no other reason than that he is doing it.”

Salmon believes gridlock in Washington would end if Romney became president, which is why he thinks Romney would be good for America.

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