President Barack Obama, working with Democratic majorities in the House and Senate, accomplished many of the priorities on which he campaigned. Yet most every political observer expects the Democrats to lose seats in the November House and Senate elections, perhaps many of them.
The explanation derives from the fact that many voters supported Mr. Obama, and rejected Republicans, not because of what the presidential candidate said he would do, but because they were angry with the record of the last administration and with the dismal economy. It’s still dismal.
A key plank in the Obama platform was approving a national health care bill. This president succeeded where so many of his predecessors failed. But the debate was bitter, the legislation complex, and its implementation so gradual that it will take several years to go into effect. Only core supporters, those prone to vote for Democrats anyway, will vote based on that success.
Democrats have also now fulfilled a pledge to better regulate Wall Street and prevent future bailouts of too-big-to-fail financial corporations. But the legislation has little emotional resonance with voters. Exempting government-backed housing giants Fannie Mae and Freddie Mac, who played key roles in inflating the housing bubble, doesn’t help.
Working with Congress, the administration extended health care for poor children, made Afghanistan the priority in the war against radical Islam and began education reform, all issues candidate Obama emphasized.
But on restoring the economy to good health, the administration is showing nominal progress at best. And it was a collapsing economy, and the failure of the past administration to create jobs even during the last “growth” cycle, that sent many voters to the Democratic line.
The challenge for Republicans is to offer their own solutions. Trickle-down tax cuts and nonspecific calls for reducing government spending are not enough. Voters want a plan to get America moving again. On that point both parties appear to be lacking.
By Theday
Tags: barack obama, central bank, economic, economists, fannie Mae, financial markets, financial system, freddie Mac, us, us economic, us economy, us stocks, wall street
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