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Submitted by Robert Naiman on 3 November 2010 - 2:59pm
It's bad enough that we lost progressive champions like Russ Feingold, and that the leadership and committees of the House will be taken over by advocates of domestic austerity and endless war. In addition, the airwaves and print media will now be filled with pundits saying that the lesson of the election is that Obama must move to the right and cut the budget, except the military. But the worst thing we must now face is that the 2010 election is likely a preview of 2012, unless at least one of two things happen: decisive federal action to boost economic growth and employment, now much more difficult to achieve than before, and some dramatic new element is introduced into our national politics that changes the character of national debate.
Jonathan Chait pointed out last week that based on the state of the economy, historical trends predicted a Democratic loss of more than 40 seats, enough for Republicans to take the House. In other words, on average, based on historical trends, the fate of the election was sealed when the Obama Administration proposed and Congress enacted an economic stimulus package that was much too small to counter the fall in domestic demand resulting from the collapse of the housing bubble. Everything else that happened in the election has to be judged according to the baseline expectation of the Democrats losing at least 40 seats - enough to lose the House - due to the failure to restore economic growth and employment with a sufficient stimulus to counteract the fall in private economic demand.