The Politics Of Deficit Reduction
[2012] is most likely [to be] a situation similar to that faced by George H.W. Bush in 1992: a sluggish economy that is improving, but at a sufficiently slow rate to leave a gap between fact and perception that rival politicians will attempt to fill.[More...]So far, Obama has not done very well in filling that gap. He has allowed Republicans to make a case that things are getting worse, and he has cooperated with them in taking measures that will actually make things worse. He has allowed Republicans to set the terms of the debate. It has been about the perils of deficits and debt. That is not just bad economics; it also leads Democrats into a political cul-de-sac.
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