Obamanomics
- 9 Dec 08, 01:51 PM
David Cameron repeats his message today that Britain cannot spend its way out of a recession.
In so doing, Labour wants to paint him as being isolated from the international consensus.
Most voters may not care that the French or the Japanese are in favour of a fiscal stimulus. What's more, they may accept the Tories' argument that they - unlike Britain - can afford to do it.
The biggest risk Cameron is taking is opposing what I call Obamanomics.
Economically, Obamanomics represents a belief in the need for governments to stimulate their economies with spending increases and tax cuts paid for by increases in borrowing.
Politically, it means a belief in big government and an emphasis on what politicians of the centre-left call fairness - as illustrated by promises to make the rich pay more tax.
The world's biggest celebrity - the soon-to-be President Obama - also stands for optimism and change.
Up until now, these have been the key elements of David Cameron's appeal. What is stake in this argument is that positioning.
Now, you may say: I can see how Gordon Brown is trying to position himself as politically and economically in step with Obama.
However, you may cry, surely Mr Brown will never ever be identified with optimism and change?
To which I merely reply that I can't help noticing that that's exactly what he is trying to do.
With Obama scheduled to dominate the news agenda in the New Year and due in London in the spring, Gordon Brown's goal is to prove that although David Cameron may be the young new candidate, he represents old, failed "do nothing" responses to recession.
Mr Cameron needs to find a way of avoiding that trap.
