Think Obama is invincible? Think again. This is, after all, a president who argues that today’s tax and regulatory policies will materially affect sea level and global average temperature a century hence but not next year’s economic output.
President Obama expected to run for reelection in a reprise of Ronald Reagan’s 1984 campaign. Like Reagan, Obama took office at the start of a deep recession. Like Reagan, Obama took bold legislative action and donned the mantle of “Great Communicator,” hitting the hustings to deliver speech after speech linking his policies to economic recovery. And, according to leftist orthodoxy, a strong recovery was inevitable: the deeper the recession the stronger the subsequent rebound.
Think of it as the astronomical model of economics. Like planetary motion, economic growth waxes and wanes in predictable fashion. From this perspective, Presidents Reagan and Clinton each exploited a natural oscillation, cruising to reelection on the back of a business cycle on the upswing. The same phenomenon that, on its downstroke, crushed an unlucky George H.W. Bush in 1992. Policy? Pshaw. Reagan cut taxes while Clinton raised 'em, but both were charismatic speakers and therefore effective in earning political credit for fortunate timing.
That was the plan, anyway. But it isn't exactly Morning in America right now, is it? Fortunately, Mitt Romney seems intent on reminding the electorate of this fact early and often.
We know that this election is about the kind of America we will live in and the kind of America we will leave to future generations. When it comes to the character of America, President Obama and I have very different visions.
Government is at the center of his vision. It dispenses the benefits, borrows what it cannot take, and consumes a greater and greater share of the economy. With Obamacare fully installed, government will come to control half the economy, and we will have effectively ceased to be a free enterprise society.
This President is putting us on a path where our lives will be ruled by bureaucrats and boards, commissions and czars. He’s asking us to accept that Washington knows best – and can provide all.
We’ve already seen where this path leads. It erodes freedom. It deadens the entrepreneurial spirit. And it hurts the very people it’s supposed to help. Those who promise to spread the wealth around only ever succeed in spreading poverty. Other nations have chosen that path. It leads to chronic high unemployment, crushing debt, and stagnant wages.
President Obama is off his game plan and scrambling for his political life as Romney begins his blitz. Who do you think will win the game? My money is on Romney.