--Laurence Copeland is a professor of finance at Cardiff University Business School. The opinions expressed are his own.--
The Great Debate
Speaker John Boehner (R-Ohio) is now in Williamsburg, Virginia, meeting with his House Republican conference at their annual retreat. The GOP House members have likely gotten over the initial shock of the November elections – in which President Barack Obama won more than 51 percent of the vote and the Democratic majority swelled in the Senate.
The reason that President Barack Obama won reelection, as most everyone knows by now, is that older white males, on whom the Republican Party has long relied, are declining in numbers, while women and minority voters, key components of Obama’s base, are increasing. In the electoral post-mortems, Obama’s victory has been considered a kind of valedictory to white male supremacy. But his win did something else: Obama killed John Wayne on Nov. 6 — with the complicity of roughly 61 million Americans.
Looking at Tuesday’s election results, it’s clear the United States has morphed into five distinct political nations. This marks a sharp consolidation of the nine cultural and economic regions that sociologist Joel Garreau laid out 30 years ago in his landmark book “The Nine Nations of North America.”
This essay was submitted through the Romney campaign as a response to Lawrence Summers’ most recent column, “This election, Obama is the wiser economic choice.”
Do you recall just seven months ago when Romney campaign aide Eric Fehrnstrom let slip that having won the Republican primaries, his candidate would “shake it up and restart it all over again” as if wiping clean an Etch-a-Sketch screen? Romney did just that last night. From a standing start Romney executed a perfect backward somersault, landing with both feet slap-bang in front of a bemused president, who appeared quite taken aback that his rival should plant his feet firmly in the middle ground where elections are won and lost.
One of the few things that President Obama and Mitt Romney are likely to agree on when they debate next week is the need for tax reform. Both candidates have backed streamlining America’s crazy-quilt tax code, and both have said that reforms could boost economic growth. Meanwhile, two key congressional committees held a rare bipartisan hearing last week – with lawmakers from both parties saying that tax reform is needed to rev up the economy.