Jay Cost | Is Obama in Better Shape for 2012?
My reaction is twofold: first, Obama looks no more or less beatable now than he did four months ago; second, he looks fairly vulnerable. Let’s look at each claim in turn.
First, what has changed in the last four months? Is it the fundamentals? I’d say, no. The economy grew at 2.6 percent in Q3 of 2010. It grew at 2.8 percent in Q4 of 2010. As for the jobs situation, the economy has yet to produce a sustained, significant number of new private sector jobs since the recession officially ended. The unemployment rate has ticked down substantially in the last two months, but that number is particularly unhelpful for understanding persistent joblessness, as its applicability depends on the unemployed not becoming discouraged, which they have. The better metric to track the jobs crisis is the number of adults employed as a percentage of the population, which currently reads at a terrible 58.4 percent, compared to 58.5 percent a year ago and 62.9 percent at the start of 2008. Additionally, the deficit is projected to be just as unsustainably high as it was projected to be four months ago. Plus, the health care bill is still as massively unpopular as it was fourth months ago, even in polls that grossly oversample Democrats relative to the electorate.
What has changed is Obama’s job approval numbers, which have ticked up but still remain at weak levels. I’m skeptical that this is very relevant for the 2012 election. Instead, I think it’s just a consequence of slight variations in the media environment. For the first half of 2010, there were negative stories about the health care bill filling the TV airwaves. For the second half, Republican candidates all across the country were putting out a message about how the Democrats have failed to lead. On Wednesday, November 3, those messages stopped, and the health care bill has since faded into the background. How will Obama’s numbers hold up when the 2012 campaign starts in earnest? Absent major improvements in those fundamentals, I’d say, not very well.