The economy, blame, TARP, and what it means for the GOP

CNN conducted a poll on the state of the economy, and as one would expect, the people are not happy (emphasis added):

Thirty-six percent of those questioned rate the current economic conditions as good. That’s up four percentage points from December and it is the highest level since January 2008, a year before Obama entered the White House. Sixty-four percent continue to say the economy is in poor shape.

But that’s not the key takeaway. This is (emphasis added):

Five years into Obama’s presidency, only a third of the public believes that Obama and the Democrats are primarily responsible for the country’s current economic problems.

More Americans continue to blame former President Bush and the Republicans.  But the number who say the GOP is more responsible – now at 44% – has dipped below the 50% mark for the first time since Bush left the White House.  Fourteen percent blame both parties equally.

I would humbly submit that the above poll (which, as implied in the excerpt, had blame for Bush over 50% in 2012) is the most important poll of the last several years – more important than the demographic polls, or the issue polls, or the “branding” polls, or anything else. I say that because it makes clear that the economy is still a winning issue for the Democrats – and has been since 2008. It also reveals the way forward for the GOP – which the other polls don’t.

First, let’s address the key takeaway: how can it still be Bush’s fault five years after he left office?

The answer is the Democrats’ message on the economy, and the GOP’s complete inability to counter it – something we are in danger of seeing all over again in Virginia if Ed Gillespie is the Republican nominee for U.S. Senate.

Ever since the president put his hand on the Bible the first time (in 2009), the Democrats have had the same message regarding the economy: “the crisis did it.” Any comments from the Democrats on the subject go back to the fall of 2008. That has been their get-out-of-jail-free card for five years…and it has worked because Republicans have been foolish enough to present supporters of the 2008 bank bailout as their leaders (Boehner, Cantor, McConnell, Romney, and Ryan). If your leaders all think things were so bad that the major banks needed $700 billion, it’s impossible to argue that the Great Recession and weak recovery that followed were due to Obama policies – no matter how true it might be.

This is why I can not support TARP supporters for Republican nominations. We should have learned this lesson when Romney lost (I know I did). Unless we nominated candidates who did not support TARP (and thus can argue that it did more to exacerbate the problems of 2008 than to solve them), we are simply swallowing the Democrats’ economic narrative whole. That means the economy is no longer a winning issue for us, period (it also means we can’t change the subject when “War on Women” nonsense comes up, because switching the economy does us no favors).

Until the Republican Party repudiates the bank bailout, it will always be blamed for the state of the economy so long as it remains this weak. We have to counter the Democrats’ narrative on 2008, and we can’t do this if we nominate candidates who agree that things were so bad that the bailout was necessary.

Unfortunately, for all my friends who support Ed Gillespie, that means he cannot be nominated, for he will not win.

Cross-posted to the right-wing liberal


5 thoughts on “The economy, blame, TARP, and what it means for the GOP

  1. still complaining about Barack? duh….how long did it take our nation to get rid of the Great Depression? Obama is doing just fine!!

  2. This is a spot-on assessment. But I also blame Obama and the Democrats for having no idea how to get the U.S. economy back on track after it tanked on Bush’s watch. In fact, I believe the economy would be in much better shape now if Obama and the Democrats had not instituted the policies they have. Neither Ed Gillespie nor Mark Warner are the best answer for Virginia.

  3. The demonrats crashed the economy when they took control of the House and Senate in 2007. They fuel was the old Community Reinvestment Act, which forced banks into sub-primed lending under threat of “racial profiling” lawsuits. Then they raised the Minimum Wage and put many of the people supporting those loans out of work, so those families defaulted.

    Now, they want to do it again and raise the Minimum Wage even more, and price even more people out of their jobs.

Comments are closed.