Ten Cents Says Obama Will Not Take Reich's Advice

After all, Obama is a neolib, and he will put in austerity measures if he can get away with it, truth be damned.

How did he ever get the nomination for president? Never mind. I know that answer: nonstop media propaganda proclaiming him The One.

Only 33% of the American public thinks the economy is improving, while 39% say they're still falling behind financially – an 11-point increase from 2008. Nearly two thirds are concerned about paying for housing, and 23% of Americans with mortgages say they're underwater.

If the economy stalls, Romney's empty promise will look even better. And I'd put the odds of a stall at 50:50.

Europe's forced austerity is pushing the continent into recession. Spain is already in one, and much of the rest of Europe is on the way. Luckily, the United States hasn't yet fallen into the austerity trap – America's fiscal policy is still wisely expansionary – but it's not sufficient to overcome a pull-back by American consumers.

The economy and how Obama handled it will be THE issues in the fall campaign. In other words, Obama will be the face of the economy and Obama himself will be the issue. From where I sit, his chances aren't good for re-election.