Wednesday, November 03, 2010

Midterm Election Post-script

It's quite clear that President Obama totally understated and downplayed the dire condition of the US economy since coming into office. It's the nature of a president to be optimistic and to encourage a despondent nation.

However, Obama never should have predicted that unemployment wouldn't rise above 8%. That was quite foolish, and he's now paying for it.

Obama should have seen the economic writing on the wall and gotten rid of all those econo-clowns that were feeding him such bad information — before most of them decided to leave on their own.

Hell, a savvy politician — even one who knows nothing about economics — would have given the public the worst-case scenarios in order to diminish unrealistic expectations. But raising hopes — even false hopes — has been the hallmark of Obama the candidate and Obama the President.

Obama might have gotten away with an unemployment rate near 10% had he been telling the people to expect something considerably higher from the beginning. The U-6 unemployment reading for October (which includes both the unemployed and part-time workers seeking full-time employment) was 17.1%.

Obama should have been honest and forthright with the public, telling the nation to expect the worst because things aren't going to change for the better any time soon.

Exit polls found that nearly nine in ten voters believe the economy is in bad shape. The same percentage said they feel pessimistic about America's economic future. That's practically unanimous.

Regardless of where — or how — this mess started, the public clearly holds Obama accountable for not fixing it. That's simple and unrealistic, but the public always gives the president too much credit and too much blame.

Americans were not going to be mollified by health care reform that doesn't kick in until 2014 and financial reform that isn't slowing down foreclosures or making borrowing money easier for small businesses.

So, the GOP now controls the House, and yet nothing will change. Americans will only grow more depressed, distressed, angry and cynical.

Don't believe in any politician, and you'll never be let down.

Meet the new bosses; same as the old bosses.

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