Wall Street Journal Praises Barack Obama's Economy Policy

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The old Wall Street Journal talks about politics only in terms of a business point of view. But with Rupert Murdoch in charge, it has a great deal of political news, as the U.S. presidential elections are only months away. It has Karl Rove, "the man who refuses to go before House despite the subpoena" as one of the editors.

In a WSJ editorial, they praise Obama for favoring a strong dollar currency to help reduce oil prices. In a town hall forum in Parma, Ohio, Obama told forum attendees how the U.S. can help reduce oil prices.

"If we had a strengthening of the dollar, that would help…The way to strengthen the dollar is for us to get our economy back in shape."

The WSJ says this should have been the biggest news last week. But most were distracted by
“Paris Hilton”, “tire inflation” and “the affair”.

The Bush administration and Federal Reserve blame high oil prices on supply and demand, despite the falling demand due to slower global growth. Obama’s views are at odds with both of them with a “strong dollar” concept.

The WSJ said in the editorial:

This conveniently absolves the Fed and Bush Treasury of responsibility for the consequences of what has been their destructive and all but explicit dollar devaluation strategy. If the Illinois Senator rejects greenback debasement, that's the best news to date about Obamanomics.

Obama hopes strengthening the dollar would help the economy by reducing inflation in food and energy prices.

The WSJ said Americans know the dollar is weak when the Canadian Loonie is worth more than the dollar. The U.S. Dollar had more buying power and used to be worth more than 1.4 Canadian Dollars only a few years ago.