By: Mike Campbell

Government of the people, for the people, by the people… was the aspirational declaration made by President Lincoln during his famous Gettysburg address during the American Civil War. Politicians around the world have long since forgotten any notion that they hold office for the common good and work for their fellow citizens. Modern politics is about party loyalty and self-promotion.

It should come as no surprise that a Democrat-sponsored bill which aimed to create more jobs within the US economy, but at the expense of higher taxes to wealthier citizens has failed to pass through the Republican controlled senate. In fairness to the Republicans, they have always opposed higher taxes on the rich, many of whom are Republican supporters. However, with the US recovery stalling and unemployment sitting stubbornly above the 9% mark, it could have been the time for politicians of all stripes to stand up for the good of the nation.

Of course, it will not have escaped anybody’s notice that 2012 will be a Presidential election year. Electorates usually select their leaders along party lines, but enough of them are sufficiently fickle that perceived economic fortunes will determine which party gets their vote. Unfortunately, this means that things that may be in the national interest (such as job creation) may be sacrificed for party political gain.

The plan which still contains other elements yet to be voted on, would have raise $35 billion through tax increases and was designed to have created 400 000 jobs. On a brighter note, US industrial production managed to rise by 0.2% in September. As a UK supermarket advert never ceases to tell us “Every little helps”.