A Special Relationship

London

Anyone who doubts the role the U.S. economy plays in the domestic affairs of other nations should consider Britain’s general election campaign. As they head towards the May 5 polling date, all three parties–Labour, Conservatives, and Liberal Democrats–are promising to spend, spend, and spend some more. The money for this governmental binge is to be provided, it seems, by an economy that the chancellor predicts will grow at an annual rate of 3.5 percent, pushing more and more taxpayers into the top rate, and making other tax increases tolerable. Chancellor Gordon Brown has been right before, and might well be right again, but this time only if the American economic locomotive remains on track.