The Economist, the world's leading economics magazine, will announce its endorsement of Barack Obama, says Forbes.
The Economist said it would have chosen Romney if he had maintained his positions from the first debate, or promoted himself as the Romney that ran Massachusetts in a bipartisan way. Even then, however, Massachusetts is a solid Democratic state, with very few Republicans in the state Congress on Beacon Hill. There is not a whole lot of partisan bickering in the golden domed State House of Massachusetts.
The problem for the magazine was that there were too many versions of Romney—and, as they have outlined — those versions come with a lot of dangerous ideas, including:
Foreign Policy: On foreign policy matters, Romney seems too ready to bomb Iran and he has vowed to label China a currency manipulator, something the U.S. Treasury Department has said China is not.
Government Spending: Although he would slash red tape on the domestic front, Romney said he wants to start with huge tax cuts yet again and dramatically increase defense spending. With what revenues? Magazine editors said, “He is still in the cloud-cuckoo-land of thinking that America’s finances can be dealt with entirely through spending cuts. Backing business is important, but getting the macroeconomics right matters far more.”
Economy: Romney has an economic plan that works only if you don’t believe most of what he says.