Wednesday, March 25, 2009

Voters: grow economy or we'll find someone else

"While the current focus on Timothy Geithner, the Treasury, and the financial markets is understandable - this will probably not be the script of the broader political battle over the next 20 months. Assuming that the financial system is brought under control, the political debate will focus relentlessly on recession and recovery. Though the Administration, the CBO and the Blue Chip forecasters project modest growth in 2010 (ranging from 1.9% to 3.0%), all of them expect high unemployment (7.9% to 9.1%) and an economy performing below peak capacity. If these predictions are true - the corresponding public dissatisfaction will define the campaign of 2010, and the legislative battles that precede it.

Both sides will struggle to pin blame for the weak economy on the other. Republicans will indict President Obama, arguing that his policies failed to improve things. President Obama will remind voters of the previous administration, arguing that congressional Republicans advocate the same policies that brought about the recession. The public lacks the technical expertise to arbitrate based on the merits - so the outcome will depend in part on how bad the economy actually is (the worse it is, the worse for President Obama), and which side shows the greatest political acumen.

If you find this to be a dispiriting commentary on democratic accountability, think of it this way. Electoral justice might be rough, but it's also consistent: bad economies mean electoral defeat for somebody. Thus, those who are still in office when the dust settles learn a valuable lesson: grow the economy, or next time it could be you. In the long run, the public gets what it wants - a government dedicated first and foremost to growth."

http://www.realclearpolitics.com/horseraceblog/2009/03/the_fight_over_the_economy_is.html

No comments: