Wednesday, September 24, 2008

The Election and the Economy

A few days ago I was planning a post on how Obama's own qualities make him an unwinnable candidate. Since then there has been a major financial melt-down which gave Obama a sizable bounce. I would hate to see Obama win on this for a couple of reasons. The first is that the Democrats' fingerprints are all over the crisis, right beside the Republicans. The roots of the problems go back to the Clinton administration and actions taken after the Internet Bubble collapsed (Remember that? Bubbles happen under Democrats, too.).

The bigger reason is that Obama's proposals would strain the economy at any time. They would break it under current conditions. The reason that the Depression lasted so long and got worse under FDR was his response to the economy that he created. The problem is that he was seen as trying to help. Even if policies such as a punish-the-rich tax code and trade isolationism caused long-term damage to the economy, they were seen as being pro-worker. Obama is running hard as FDR's 5th term.

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