O'Hoover World

clipped from www.realclearpolitics.com "It's the economy, stupid," James Carville famously said during the 1992 campaign, when a young Bill Clinton was running against the other President Bush. The same could be said during this presidential campaign. The headlines are full of economic bad news Yet at the same time, the economic numbers are not so bad. A recession is defined as two quarters of contraction. But we haven't had one yet. The gross domestic product has grown, albeit only by 0.6 percent, in the last two quarters. As my U.S. News colleague James Pethokoukis blogged after the most recent numbers came in, "Dude, where's my recession?" Polls suggest votes are not moving in response to local economic conditions. But then Obama is advocating fiscal and trade policies -- higher taxes on high earners, more protectionism -- which are the opposite of John F. Kennedy's and the same as Herbert Hoover's. Yes, the economy matters in politics, but not in the way it used to.