Andy Serwer has some bad news for Barack Obama supporters out there: The economy’s not going to heal enough in the next year for him to ride a wave of recovery back into the White House the way Ronald Reagan did in 1984. “Reagan won re-election in a landslide, telling voters that it was ‘morning in America,’” Sewer writes at The American Prospect. “Unfortunately for President Barack Obama, the American economy has been stuck at midnight for years.”
Many factors are at play here. The recession was worse than predicted, so the economic stimulus didn’t do enough, and now we have a Congress that is doing absolutely nothing about the jobs crisis in the country, but are instead bickering about things that for previous presidents went unquestioned. Serwer points out that many of the cuts in the debt ceiling deal will come down the road and will therefore not affect the Obama reelection campaign, but the deal, according to economist Chad Stone, “is a modest hit to GDP in an economy that’s already facing substantial headwinds,” and therefore is certainly not going to help matters.
Barring a surprise uptick in the economy in the final months leading up to the 2012 election, the outlook, in Serwer’s view, looks pretty grim for the Obama camp:
Though I, like many out there, am not so keen on many of the decisions Obama has made in office, I can’t imagine some of the alternatives. Honestly, Serwer’s bleak article scares the hell out of me.
Source: The American Prospect