While writing this, a few weeks ago Joe Biden has been elected as the United States President while Kamala Harris as a Vice President-elect. Ms Harris has made a history as the first female vice president, first African-American, first south Asian American descent, and the first daughter of immigrants, making her the highest-ranking female elected official in United States.
Mr Biden will be inaugurated as the 46th president in January 2021 and has won with the most votes ever cast for a presidential ticket in the history of the U.S with 74 million. As the U.S faces challenges from coronavirus to racial inequity, he pledged throughout his presidential campaign to take the coronavirus seriously and announced a 12-person coronavirus task force to be set up days into his presidential transition. It’s reminiscent of the focus the former President Obama, devoted to the economy when they won the White House 12 years ago in the midst of a deep economic crisis.
All U.S presidents come under intense scrutiny, and part of the reason perhaps due to the particular situation or sentiment during each of the elected President’s time. For example, Abraham Lincoln who was the 16th US President from 1861-1865 led the country through American Civil War, and he succeeded in preserving the Union, abolishing slavery, strengthen the federal government and modernizing the US economy. It also reminded me of a powerful movie on Lincoln by Steven Spielberg which I think is a masterpiece of a film that is also a key history lesson on arguably the greatest American president who ever lived.
John F. Kennedy who served as the 35th President of the US from January 1961 to November 1963 supported the civil rights movement and after his death, Congress enacted many of his proposals, including the Civil Rights Act of 1964. This civil rights law ended what was known as the “Solid South”. His fight for equality reminded me of Michael Jackson Black and White song – “It don’t matter if you’re black or white” sprang to my ears.
Mr Biden, who will become the oldest president when he is inaugurated in January amid the worst public health emergency in decades, the deepest economic slump and a national retribution on racism and police brutality that is still unravel.
While we think that the Americans are facing a future dominated by pandemic and uncertainty, on our home turf, our political scene is too volatile to predict but general view holds true on looking forward to embrace the coronavirus pandemic. The show must go on. Businesses have to run. The Malaysian stock market is at the crossroads. Local analysts are expecting the market direction to stay range-bound at least for the short term. In the same week, Bank Negara Malaysia’s monetary policy committee met to decide on the direction of the overnight policy rate and Malaysia tables its National Budget 2021 on Friday, November 6. The resurgence in Covid-19 cases, the extension of the CMCO (Conditional Movement Control Order) in most part of the States in Malaysia, as well as the political uncertainties in the country have reduced the market visibility further. More targeted MCO (movement control order) has been imposed rather than a full lockdown when first imposed in March. As such, we do expect the recovery to be slow, uneven and full of difficulties. Honestly, this would reduce the impact on the economy. The worst it gets, the road to recovery is going to be pushed back further.
With the economy struggling to regain its pre-pandemic strength, U.S Federal Reserve officials expect interest rates will stay near zero for at least three more years. They are calling for more fiscal stimulus. The most powerful country in the world faces huge challenges. When America sneeze, we (the Asean countries) will catch the cold. Here is to hope, unity, and perseverance.