Paul Krugman opines in today’s Times that the reason the economic crisis has been the turning point in this election was that “Americans have rediscovered the virtue of seriousness.”
As someone who’s spent a lot of time arguing against conservative economic dogma, I’d like to believe that the bad news convinced many Americans, once and for all, that the right’s economic ideas are wrong and progressive ideas are right. And there’s certainly something to that. These days, with even Alan Greenspan admitting that he was wrong to believe that the financial industry could regulate itself, Reaganesque rhetoric about the magic of the marketplace and the evils of government intervention sounds ridiculous.
In addition, Mr. McCain seems spectacularly unable to talk about economics as if it matters. He has attempted to pin the blame for the crisis on his pet grievance, Congressional budget earmarks — which leaves economists scratching their heads in puzzlement. In the immediate aftermath of the Lehman failure, he declared that “the fundamentals of our economy are strong,” seemingly unaware that he was closely echoing what Herbert Hoover said after the 1929 crash.
But I suspect that the main reason for the dramatic swing in the polls is something less concrete and more meta than the fact that events have discredited free-market fundamentalism. As the economic scene has darkened, I’d argue, Americans have rediscovered the virtue of seriousness. And this has worked to Mr. Obama’s advantage, because his opponent has run a deeply unserious campaign….
The McCain campaign’s response to its falling chances of victory has been telling: rather than trying to make the case that Mr. McCain really is better qualified to deal with the economic crisis, the campaign has been doing all it can to trivialize things again. Mr. Obama consorts with ’60s radicals! He’s a socialist! He doesn’t love America! Judging from the polls, it doesn’t seem to be working.
So much of the past eight years in politics, whether you’re a Democrat or a Republican, you have to acknowledge is based on what the Bush people to themselves have described outside the reality-based community. That the words they were speaking had no basis in reality and they felt no compulsion to exist in a real world. They were creating a world of their own imagining. They were writing their own book of fake trivia and that’s a fine way to make a living, but I don’t know that it’s a very productive way to run a country. And I think we are seeing the results of that right now. So from a very selfish point of view, I’m enchanted by the idea that a politician can come along and speak simply and clearly and truthfully to an electorate as though they are grown-ups and to feel the electorate respond to that. I’ve found that to be astonishing and especially now that we are in the end game and you see basically the McCain campaign has nothing left but conspiracy theories to throw at Obama. It really has become a fight between fantasy and reality, and although I don’t make my living off of it, I endorse reality….
Do I like Obama, personally? I do. Do I think he’s got good policies? Look, I’m like everyone else, I hope so. They sound good. They sound like something I believe in, so I think based on his performance and the way that he has run his campaign, I feel that it is reasonable to feel confident that he is going to take the same discipline and smarts and lack of drama and apply them to the very serious issues today and I think that makes him a good choice for President. Do I think that his candidacy is historic? Sure, that’s exciting too, but what I think it’s really amazing that he exists in the same world that I also inhabit and no other political candidate lives in that world right now. They live in a made-up world that is not reality. I think that that’s why you see Obama surging right now. It’s that the people like the fact that Obama lives in the world that they live in. [Emphasis mine]
A serious President who lives in the world that I do.
What a concept.
[Cartoon by Tom Toles – The Washington Post]