"For the United States, the best is yet to come": this
was Barack Obama message to his constituents in his victory speech in Chicago.
The President of the United States won his second term, conceded by challenger
Mitt Romney, but economists are watching the future with concern.
While the news of
Obama's victory spread across the world, the Asian markets show little change: the
stick markets in Tokyo, Seoul and Hong Kong remain almost immobile.
Market concerns
are focused on the future and on the so-called "fiscal cliff", the tax
cliff that America will face as of January 1st 2013.
At the end of
2012 tax incentives established by the Bush era expire and the Government must
increase taxes by 600 billion dollars.
At the same time, Obama and
Congress-dominated by his opponents-will have to find a solution for the US
debt ceilings, which
has reached dizzying figures, to avoid automatic cuts to spending.
Despite some positive
signs in the past week, U.S. unemployment remains around 8% and it is thought
that the future may bring an even harsher recession. The prospects are not
encouraging for Asian economies, which rely heavily on export demand from the
US and Europe.
On the other
hand, Obama's victory has already led to some cultural changes: at the polls Maine
and Maryland also approved marriage between persons of the same sex.
So far the
gay marriages were recognized in Massachusetts, Iowa, New York, Connecticut,
New Hampshire, Vermont and the District of Columbia, but the result of a
Supreme Court decision.
The victory at the polls shows a profound change in the
mentality of the US population. This year, Barack Obama became the first
President to support this issue, changing the position he had taken in 2008.
According to some
exit polls, three-quarters of those who want to vote on gay marriage are
supporters of Barack Obama.