The Republicans are feeling exuberant. But before they become too carried away about their victories in the US midterm elections, they should look at a survey recently released by Harvard Business School that will bring them back to earth.
HBS alumni were asked to explain why America’s economic growth has been so dismal in recent years. The executives cited the usual structural suspects: a faltering education system, poor regulation, a distorted tax code and woeful infrastructure. But the most hated culprit was the political machine. Half of those surveyed declared the US political process worse than that of any other leading nation – and 80 per cent fear it is deteriorating. That is a vote of no-confidence in Republicans and Democrats alike from top executives.
Can the midterms change the mood? At first, it looks unlikely. The campaigns cost about $4bn but less than 40 per cent of voters participated, few tangible policy plans were tossed around and an embattled – and seemingly unbowed – President Barack Obama is now opposed by a Republican Congress.