Last weekend did not bring any greater optimism over the state of the economy and its negative impact on President Obama’s prospects for re-election.
Not only is the jobs picture bleak but the stock market, which boomed during the first part of the year, has sputtered. The S&P 500 is almost as good a predictor of political outcomes as are unemployment numbers.
So all this brings back the question: What can Obama do now that a major argument of his campaign — a slowly improving economy — seems contradicted? One path is to do what Stephanie Cutter did so gamely on a Sunday talk show: Argue the facts. Point out that the economy is improving in areas where the president’s programs were enacted and lagging in others where they were not.
Indeed, there are interesting and very supportive facts for the president. The economic recovery in private-sector jobs is on par, or ahead of, prior economic recoveries. Where jobs are lagging are in the public sector, where local and state governments are having to cut back as the result of overexpanding in the boom and no longer having the cushion of the stimulus.