Standing for reelection that year, the President motored up to Capitol
Hill for the annual tradition of the State of the Union. Having come
into office under tumultuous circumstances, he wished for Congress and
the nation to know that so much progress had been made, a not-so-subtle
message to kickstart the coming campaign. After all, he implied, the
American people must have originally elected him for a reason.
Like Trump’s statements about the unemployment rate, “Sanders' recent
appeal seems enhanced by attacking Obama's economy rather than serving
tribute to it as is generally expected of these things.” Bernie’s
socialism would be a disaster, of course, so what’s positive about where
he finds his second serious Presidential run right now right at the top
of the Democratic heap? As I wrote four and a half years ago:
“Getting the election ‘right’ this time isn't so important so long as finally the attempt of not settling for the con.”
In my mind, there are so many parallels between this election and the
one in 1972. The economy isn’t close to being fixed and yet many people
appear willing to see it play out the way it is now. To give the guy
more of a chance after he shook everything up. Trump, like Nixon, can
win in a landslide even with a “boom” that deserves every bit the
quotation markets around the word.
At least he asked the question, and he still does.
And the Democrats have a choice, too, but one they seem very, very
reluctant to embrace. Even George McGovern wasn’t afraid to attack Nixon
on the economy. The unemployment rate, however, has spoken for his
party descendants, as well. They’ve all but conceded on the big picture
when it should still be their top priority.
What was good about 2016 was that it had shown Americans did have a
pulse, that we weren’t going to meekly accept the fate the
“establishment” had served up for us to follow along down the Japanese
road to national suicide. That America had demanded some real answers.
Whether we got them, that’s still the debate should you realize it or
not.
By every reasonable and honest standard, this is absolutely nothing
like the 1984 election. Instead, 2020 bears too much resemblance to 1972
and therefore, sadly, it almost certainly will fall well short of
finally writing the end to this chapter in our history. To paraphrase
Friedman, sooner or later, the sooner the better, it will end as all
previous attempts to fake a boom have ended.
Read more at: Sooner or Later This Fake Economic Boom Will End | RealClearMarkets
