It's The Economy Stupid

Paul Krugman in the New York Times.

But is the public right to be so disgusted with Mr. Bush’s economic leadership? Not exactly. We really do have a lousy economy, a fact of which Mr. Bush seems spectacularly unaware. But that’s not the same thing as saying that the bad economy is Mr. Bush’s fault.

On the other hand, there’s a certain rough justice in the public’s attitude. Other politicians besides Mr. Bush share the blame for the mess we’re in — but most of them are Republicans.[...]

So here’s the bottom line: Mr. Bush deserves some blame for the poor performance of the economy on his watch, but much of the blame lies with other, earlier political figures, who squandered chances for reform. As it happens, however, most though not all of the politicians responsible for our current economic difficulties were Republicans.

And bear in mind that John McCain has gone to great lengths to affirm his support for Republican economic orthodoxy. So he’ll have no reason to complain if, as seems likely, the economy costs him the election.