- President Obama speaking at a Maryland community college in March
With the race for president likely to be close, Barack Obama may be telling himself right now: a little bad luck and I could lose; a lot of bad luck and I could win.
If he prevails in November, he’ll earn the right to wrestle further with the ailing economy he inherited, persistent unemployment, rising poverty, and staggering economic inequality. Homeowners are $700 billion underwater. States, counties, and cities are broke, broke, broke. Europe’s economy affects ours, so it’s lucky everyone over there is doing fine, although Greece, Ireland, Italy, Portugal, and Spain are now managed by hedge funds.
Then there’s our looming “Taxmageddon.” Barring a new agreement this fall between the White House and Congress, trillions in spending cuts and tax increases will go into effect December 31, which would push the nation into a fresh recession in time for the Inauguration Day celebration.