Tag Archives: Late-2000s recession

It is Still the Economy Stupid

English: President Obama had called on the two...

English: President Obama had called on the two former Presidents to help. During their public remarks in the Rose Garden, President Clinton had said about President Bush, ‘I’ve already figured out how I can get him to do some things that he didn’t sign on for.’ Later, back in the Oval, President Bush is jokingly asking President Clinton what were those things he had in mind. (Photo credit: Wikipedia)

The phrase made famous by Bill Clinton’s political campaign has a habit of creeping back into the conversation.  It happened again when the former President made two statements to the press that appeared to undermine the sitting President.  Clinton first said that he thought the US was now back in recession given the falling economic data.  And then to add injury to the insult, they said he thought the ‘Bush era tax cuts’ should all be extended ‘for a little while’.

The views are contrary to President Obama’s so they seem almost deliberately off-message if the goal is to help the president in his struggle to be re-elected.  Yet, just as the phrase rang true in the 1992 campaign against George Bush the elder, they have the added advantage of being the truth twenty years later in this 2012 campaign.

To be fair to the President’s lament too often repeated—-‘we inherited this mess’ we will all concede that digging out of the hole created by the great recession has not been easy.  But the President’s policies and the hard left partisan way he won them and is implementing them have not helped make things better faster.  So now he is being tormented and the gum of a gummed up economy is sticking to his shoes.

There are many ironies in this evolution of events:

  • How’s that Hopey Changey Thing Working out? The President we voted for in 2008 because as historic a figure as he was, we also wanted to believe badly in the ‘Hope and Change’ he championed.  It was the right message at the right time from the right person.  But after the election hope and change turned into a nasty ‘I won’ persona that was NOT what we voted for.
  • The World Still Wants the US to Lead.  The world’s leaders may not have liked George W Bush but they did not doubt his resolve.  Four years later America’s resolve seems in retreat conveniently responding to our war weariness.  But we have watched this movie before and it didn’t turn out well.  A weaker America makes for a more dangerous world where the bad boys in every neighborhood take advantage of the vacuum to occupy the turf.  The same is true in global economics, a weak America can lead to pneumonia elsewhere.  It is tough to lead from the bottom of the debt hole we have dug for ourselves, but lead we must especially if first Europe, now China and maybe America is slipping back into recession.
  • We Still Want Hope and Change! Having put away his hope and change super-cape, it is tough for the president to argue now he had it on all the time.  We are not THAT stupid.  So while we once believed, and we still want to believe—-we no longer truly believe that the guy who brought us to the hope and change dance will dance with us if we renew his lease for another four years.  The President has squandered his best opportunity.

And then there is this irony.

George W. Bush whom the president has spent the last four years blaming and vilifying has kept his mouth shut and taken the President’s abuse true to his word not to speak ill of his successor.  Meanwhile the former President of the president’s own party appears by his side, expresses support for him even while periodically stabbing him in the back with his statements to remind him who the big dog in the Democrat party is.