Just two years ago it seemed highly unlikely that Barack Obama would turn out to be a one-term president. But looking at voters’ frustrations with our continuing economic problems and the growth of federal government intrusiveness during Mr. Obama’s first term, more and more commentators are saying this may actually come to pass. Of course a lot can happen over a year, and we should never underestimate the power of incumbency (or the benefit Democratic presidents have with the press). The question is whether, even with these advantages, the president can possibly win re-election without significant good news on the economic front. The other question is: If Obama does lose, what will the new Republicans in the White House and, presumably, Congress do, and what should they do?
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