With the stock market now up solidly since Obama’s inauguration, consumer confidence nearing pre-crisis levels, and the banking crisis now in the rear-view mirror, the economy is Obama’s to own.
If we’d just kept going down and down, then it’d still be on Bush, and anything bad that happaned could be laid at the feet of the prior administration.
But with even Austan Goolsbee comparing the actions of the government to heroic fire fighters, it’s clear who’ll be taking the blame from here on out.
We hope the green shoots turn to be real and that the stock market really is six-months ahead of the recovery and that a raft of green jobs restore a sense of pride to our ailing industrial sectors. We hope the states find a way to balance the budgets without bubble-level revenues, and on and on. Seriously. But if not, we think Barack Obama will have to take some blame, not because of any particular relationship between his policies and the economy (after all the gears of this decline have been in motion for years, if not decades as we built up a monster addiction to credit), but because that’s how the media and the short-attentioned minds of the public work.