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November 9, 2009


Paul Krugman
Economist
Nobel Laureate

Op Ed Columnist

Abridged by Don

Elections aren’t necessarily won by the candidate with the most rational argument. They’re often determined, instead, by events and economic conditions.

The Obama administration’s job-creation efforts have fallen short, so that unemployment is likely to stay disastrously high through next year and beyond. The banker-friendly bailout of Wall Street has angered voters, and might even let Republicans claim the mantle of economic populism.

Conservatives may not have better ideas, but voters might support them out of sheer frustration.

And if Republicans do win big next year, what has already happened in California could happen at the national level.

In California, the G.O.P. has essentially shrunk down to a rump party with no interest in actually governing — but that rump remains big enough to prevent anyone else from dealing with the state’s fiscal crisis.

If this happens to America as a whole, as it all too easily could, the country could become effectively ungovernable in the midst of an ongoing economic disaster.

Something unprecedented is happening here — and it’s very bad for America.

Credit:

http://www.pj6.com/14/NYTCore.htm