Monday, September 28, 2009

The Double-Edged Sword of the Economic Crisis

The Democrats rode a wave of voter disapproval of the Republican leadership that was fueled in no small way by the advent of the Economic Crisis in September of 2008. Ironically the Democrats are now experiencing the back edge of the sword because they have failed to end the crisis or even alleviate the suffering of those most desperately affected by it.

Part of the problem is that President Obama is taking economic advice from the same “experts” that devised the policies that resulted in our current economic crisis. Economic expertise is descriptive and subjective. This is evident in the fact that the best and brightest in the field of economics have admitted that they don’t know what to do or what is going to happen because we have never experienced economic behavior like this before.

The inability of the “experts” to provide a viable solution to the current economic crisis posses a threat to the careers of all Democrats. As we spiral down into the next Great Depression, the voters will become aware of the fact that this is no longer a recession - it is much worse. The Democrats will be blamed for the impending economic catastrophe even though thirty years of Republican leadership is actually responsible for our current economic crisis. Such is life and politics. The fledgling careers of many Democrats will be cut short by events they did not cause and had little control over.

On the other hand, if President Obama can obtain essential good advice then the economic recovery could be achieved in a most spectacular fashion. Try to imagine the political currency the president could generate by bringing the economy back from the brink of destruction. Not only would the economy become healthy and robust in a matter of months, but within a few more months, most, if not all, of the 6.5 million consumers who have lost their jobs could be back to work. All of this could be achieved rapidly, and it could be achieved without spending even one penny of the taxpayer’s money. Every other issue on President Obama’s agenda would suddenly be within easy grasp.

Achieving immediate economic recovery is one of those defining events that can propel a fledgling senator’s career to the pinnacle of political ambition. More senators have been elected to the presidency than vice-presidents. A young senator that becomes known as the champion of the economic recovery could begin to contemplate their presidential campaign.

The Economic Crisis was instrumental in the “overwhelming wave of victory” for the Democrats in 2008. Now the Democrats will face growing disapproval as the Economic Crisis takes a turn for the worst. On the other hand, solving the Economic Crisis could propel the Democrats to unprecedented heights of popularity and power.

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