We expect politicians to place a positive spin on economic news, but to insist that things are going great when many people have personal experience to the contrary seems foolish. Mr. Bush's father lost the 1992 election in large part because he was perceived as being out of touch with the difficulties faced by ordinary Americans. Why is Mr. Bush — whose poll numbers are a bit worse than his father's were at this point in 1992 — running the risk of repeating his experience?
The answer, I think, is that the younger Mr. Bush has no choice. He has literally gone for broke, with repeated tax cuts that have fed a $500 billion deficit. To justify policies that more and more people call irresponsible, he must claim that wonderful things are happening as a result.
For a while, that famous 8 percent growth rate seemed to be just what he needed. But in the fourth quarter, growth dropped to 4 percent. And as we've seen, the jobs still aren't there.
So Mr. Bush must put on a brave face. He and his officials must talk up weak economic statistics as if they represented stunning success, and predict marvelous things any day now. After all, they have to keep this up for only nine more months.
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