The Obama Administration and their allies know that regardless of any other issues, the election will revolve around the economy. Ultimately, it always does, which is why James Carville is famous for so eloquently stating “It’s the economy, stupid.” So how do Obama and his Chicago henchmen convince us that we should let him run the world’s most important country when the economic picture looks meager? They’ll insist that even if you think things are bad now, it could have been a lot worse.
This case was laid out by Zachary Karabell in The Daily Beast. Mr. Karabell may not be well known to the general public, but he fits the predictable leftist profile of an overbearing expert allegedly able to analyze these matters. Having been educated at Columbia, Harvard, and Oxford, Karabell hit the academic trifecta. He holds a PhD and has written several books which – trust me on this – nobody outside the far left of the political spectrum has ever read.
In his column titled “Why Things are Better than We Think”, Karabell tells us why we are so deeply confused about what our eyes and bank accounts are telling us. Karabell starts by conceding that some of our concerns are real, in particular the country’s severe unemployment and underemployment. He also admits that the international financial crisis remains problematic, and that growth in America will not meet the level that we have historically experienced.
Then Karabell insists that despite all this, the Obama Administration has created an economic environment that is quite healthy. He claims that while our 2% growth rate is relatively weak, it is – is his words – “real,” unlike the growth of the Clinton and Bush eras, which he argues was based on “bubbles.” He then declares that despite our “structural” jobs problem, America boasts several success stories (including Silicon Valley), and counsels us to remember that in a country of over 300 million people, most people are still doing reasonably well. He reminds us that every major economic indicator is up, and that the nation has not experienced the liquidity crises that we now see in Europe. Of course, all of these arguments come with little digs at left-wing bogeymen like banks and Wall Street.