The news that Kerry has conceded defeat has just come through. We will publish a full analysis of the US election results tomorrow. In the meantime we are publishing this article which looks at the state of the US economy and traces its long term decline. Whether Bush or Kerry had won it would not have made a fundamental difference. They both defend US imperialism. They could not come out with fundamentally different policies for they are tied to the same basic economic interests. In fact the extreme similarity between the two explains why Kerry could not defeat Bush. Any policy based on the US economy as it is today means one thing: an attack on the living standards of American workers. To defeat Bush something else is needed – a party of the American working class.

The U.S. Presidential Election of 2004 marks yet another turning point in the rapidly changing consciousness of the American working class. The result, which should come as no real surprise to readers of Marxist.com, dashed the hopes of millions who sincerely thought they could get rid of Bush by voting for a “lesser evil”. The main lesson to be drawn from the 2004 election is that working people cannot rely on the representatives of another class to fight our battles for us. We can rely only on our own forces and organizations, and must build a mass party of labor that can truly defend our interests.

America’s presidential election is over and George Bush won. The result has caused a lot of disappointment, or even despair, both in the USA and on a world scale. On the face of it, the situation seems to justify the most pessimistic interpretation. In reality, however, the basis of this vote is extremely fragile and unstable. It will evaporate like hot water off a stove in the heat of the events that are being prepared nationally and internationally.