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Barack Obama Wins Re-Election

Barack Obama is re-elected as President of the United States on November 6 2012.

Barack Obama is re-elected as President of the United States on November 6 2012. Obama with 332 electoral votes defeated Republican challenger Mitt Romney with 206 electoral votes returning the sitting President for 4 more years.

Social networking played an important role for both candidates in getting their messages across to the millions of American people, with perhaps the effectiveness of the Democrats to control the topics more effectively on social media sites such as Twitter and Facebook, tipping the votes their way; despite the 2 Billion dollars the Republicans spent on the campaign. In fact President Obama announced his victory on Twitter at 11:14pm American East Coast time on Tuesday followed by a picture of himself and his wife with the words “Four more years” which almost immediately became the most re-tweeted message in Twitter history.

Obama positioned himself as the champion of the middle-class, attacking Romney as an out of touch equity executive only looking after the wealthy. Romney hammered Obama on the economy; high unemployment and broken promises.
The economic recovery however in the swing states gave the advantage to Obama, with Ohio’s unemployment rate down to 7 percent; due in large part to the automotive industry bouncing back; the largest employer segment in Ohio.

The Obama campaign also frequently reminded voters that Romney opposed the federal bail-out back in November of 2008.

Why Obama’s re-election is good for Australia.

The Reserve Bank in November left the official interest rates unchanged, sighting moderate economic growth around the world, but what remained unsaid was their waiting for the American election result. Romney was on the record saying that he would cut spending and increase taxes with many economists saying would push America back into recession. Obama’s approach would be softer, more moderate; taxing the uber-wealthy instead, and printing more money to put back into the economy.

With election victory to Obama, I foresee the Reserve Bank dropping interest rates another quarter percent come December; which will be a welcome sight to retailers, especially if it is passed on by the major banks.

About Nigel Brookson

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