It is no secret that the global economy is struggling. Europe is in the midst of a crisis whose root cause is a structurally flawed monetary and economic union. The United States, emerging slowly from a financial crisis and widespread deleveraging, is experiencing a growth slowdown, a persistent employment problem, an adverse shift in income distribution, and structural challenges, with little effective or decisive policy action.
The level of economic commentary during the presidential campaign has not been high. Democrats have accused Mitt Romney of the crime of shipping jobs abroad while at Bain Capital, and Mr. Romney has responded by denying the charge.