“He’s no longer a theory; Barack Obama is a reality. And for millions of Americans today, life is worse than it was three years ago, because he doesn’t know what he’s doing”

Marco Rubio said this on Monday while campaigning for Mitt Romney. He may or may not end up being Romney’s VP, but he’s saying all the right things, like the comment above.

Statements like this will be a common theme in the campaigns. Romney and Co will say things like Rubio did. Obama will counter by saying things would have been worse without his policies.

The debates could go down like this:

  • Romney: Unemployment is at 8%, if Obama hadn’t meddled or if I had been president it would be 6% by now.
  • Obama: If I hadn’t meddled it would be 10%, I kept the country out of a depression.

Which argument you believe likely depends on your politics. Credible arguments can be made in either direction. I would posit that neither are actually true but those are my politics.

It’s important to distinguish economics from politics. Incumbents are always held overly responsible for events that occur during their terms. They will deny those held against them and affirm those that suit their agenda. Likewise, the challenger will hold the incumbent responsible for actions that suit their agenda but clarify anything good happening isn’t because of said incumbent. Case in point:

‘We should hope the economy is getting better. There are signs it’s getting better. I sure hope it keeps getting better.” “And the president is going to stand there and say he deserves credit for that. No, if it gets better it’s not because of him, it’s in spite of him.” ~ Mitt Romney

Be watching for similar comments from Obama in the coming months. He has so far held back a bit because he hasn’t had to say much. That is about to change.

categories: economics, government