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U.S. presidential debate 1: No knockout punches from either candidate

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The nation's two candidates for U.S. president met Friday in Mississippi in their first debate, with both candidates scoring points, but with neither candidate registering a decisive "knock out blow."

The debate played out pretty much along scripted lines -- something campaign operatives were no-doubt delighted to see. In modern, televised debates, the goal is not so much to win as to avoid losing; a serious gaff can set a campaign back, whereas a victory, even a decided one, rarely moves a candidate up in the polls more than a percentage point or two.

Republican Party nominee U.S. Sen. John McCain, R-Arizona, effectively demonstrated his experience in and knowledge of foreign policy, underscoring the need to win the war in Iraq. McCain believes the United States now has taken the upper hand in Iraq -- if he doesn't believe the nation is winning the war outright -- and does not see defeat as an option.

Democratic Party nominee U.S. Barack Obama, D-Illinois, effectively demonstrated that electing him president would represent a decided break from the policies of the Bush Administration, and he underscored the need for the United States to rebuild both its economy at home and standing/reputation with its allies abroad and throughout the world.

Perhaps the most compelling dimension of the debate was the fact that despite discussing the financial crisis currently gripping the nation, neither candidate said he would make any adjustments to his platform/agenda in light of the decidedly more-challenging fiscal environment. Sen. McCain did not say he would forgo his goal to cut income and business taxes. Sen. Obama did not say he would curtail goals to increase spending on education, infrastructure, and basic research/technology.

Perhaps each candidate sought merely to "remain on message" and not add a new variable into the contest this close to the election, but it is highly untenable that either candidate will be able to implement their respective party's platform/agenda, given the daunting fiscal challenges facing the United States. Even without the bailout bill, the U.S. budget deficit next year, fiscal 2009, will exceed $400 billion.

Debate Analysis: The view from here: On substance, Sen. Obama edged Sen. McCain on points, 20-18, but Sen. McCain was more assertive, hence he edged Obama on style. Net impact of Presidential Debate 1 on the election: None, or a statistically insignificant amount. Score this debate a tie.

In your view, who won the first 2008 U.S. presidential debate?

a) Barack Obama

b) John McCain

c) It was a tie.

d) I didn't watch the debate.

e) None of the above/something else.

**

Let us know what you think.

Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.

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Last updated: November 24, 2009: 11:02 PM

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