To this we need to add the climate of uncertainty that the president's changes have engendered. The prospect of big tax hikes ahead in 2011 (beyond just the simple repeal of the upper income Bush tax cuts), the uncertainty in the credit markets due to the passage of the financial regulation bill and the questions raised by possible cap-and-trade legislation all militate against new investment or borrowing and are inducing corporations and banks to hoard cash that might, otherwise, have stimulated economic growth.
Politically, Obama was likely to lose Congress even before this disaster hit. Now, Rasmussen has four Democratic Senate seats definitely going Republican (Arkansas, North Dakota, Indiana and Delaware), with six more rated as tossups (Pennsylvania, Illinois, Colorado, Nevada, Washington state and Wisconsin). California is also a likely Republican pickup. Rasmussen rates four GOP Senate seats as tossup (Ohio, Missouri, Florida and New Hampshire), but the Democrats are unlikely to win any of them.
If the GOP picks up the seats it is likely to win, it will control the Senate by 52-48. And, in the House, the likelihood of a Republican victory is even more significant.
The Rev. Wright famously said that Sept. 11 represented America's "chickens coming home to roost." He was wrong. But the double dip recession, and its political consequence, is clearly an instance of Obama's spending policies making the same journey.
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