…it’s the politicians who got small. The Wall Street Journal says much what I would say about the election:
Mr. Obama will now have to govern the America he so relentlessly sought to divide—and without a mandate beyond the powers of the Presidency. Democrats will hold the Senate, perhaps with an additional seat or two. But Republicans held the House comfortably, so their agenda was hardly repudiated. The two sides will have to reach some compromise on the tax cliff, the spending sequester and the debt limit, but Speaker John Boehner can negotiate knowing he has as much of a mandate as the President.
I genuinely wish the best for President Obama.
We need a man as big as the country. If he’s as small as he’s been since first being elected to the presidency, it’s going to be a long four years. Blaming everything on your predecessor may have been a working strategy for a while. We’ll see how long it continues to work.
The country now is very different from the one he saw when first elected. For each American who idolizes him there’s another who despises him and very few in between. 75% of Americans either strongly approve or strongly disapprove of the president with few in between.
We now have European levels of permanent unemployment without European-style social programs. The economy has no real growth—it’s been flat for years. We’ve been at war for ten years now. There are no booming developing economies to drive the global economy. All of the flagging economies of the world want us to pick up the slack. There is no other “us” we can depend on for economic growth.
As long as economic growth remains flat, interest rates will stay near zero and as long as that persists seniors will continue to see their savings erode. Baby Boomers have seen the values of their 401Ks decline, the value of their houses collapse, their savings eaten away, and there are enough of them to maintain political significance for the foreseeable future. Medicare and Social Security will probably begin their critical meltdowns within the next four years.
I wish the president luck. He’s going to need it. We all will.