Sunday, September 16, 2012

Mitt Romney’s failure: The Recession is Not Enough

Seems American voters want more than simply I am not the other guy from their presidential contenders, even when the country is suffering from a deep recession with high unemployment, which should doom the incumbent president:

In their seminal book, This Time Is Different: Eight Centuries of Financial Folly, Harvard economists Carmen Reinhart and Ken Rogoff provide extensive data on the recovery time from financial crises with similar attributes to the 2008 collapse. They describe the patterns of events and the rationale for policy responses in detail, and their data suggests that the 2008 collapse is far from unique. Among other things their data on modern financial crises indicates that on average unemployment continues to increase for five years after the original collapse, housing values decline for six years and fall by 35.5%, that national debt nearly doubles in three years, and the restoration of employment and economic growth to pre-crisis levels takes seven to ten years.

Against that backdrop, the electorate seems to be placing the burden on Romney to articulate what his economic policies actually would be and why they would lead to a materially different outcome than the course we are now on. The Washington Post-ABC News poll released last week painted a picture of a country divided nearly 50-50 on almost every question, but one response that stood out: 63% of those polled believed that Romney has not provided enough details on policies he would pursue as President. This suggested that the strategy of simply being the anti-Obama candidate might not be not enough, people want to know what a Romney presidency would look like…
A lesson there for the Liberal Party, too, perhaps?

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