Two recent developments, one economic and the other political, should raise no eyebrows. The first is the somber economic news that the U.S.'s halting recovery is already losing steam, without regaining the levels of production and employment that the economy had more two years ago. As against historical averages, the nation faces a double whammy: a later start and a weaker boost. The second point is not unrelated to the first: President Obama has decided not to go on the hustings to campaign for the re-election of members of the House and Senate. First-term House Democrats, in particular, know that a weak president will only remind the electorate that not all economic problems can be laid at the feet of the Republicans.
This sorry state should come as no surprise given that four weak planks are sufficient to sink the ship.