Here are seven storylines Obama needs to worry about:
He thinks he’s playing with Monopoly money
Economists and business leaders from across the ideological spectrum were urging the new president on last winter when he signed onto more than a trillion in stimulus spending and bank and auto bailouts during his first weeks in office. Many, though far from all, of these same people now agree that these actions helped avert an even worse financial catastrophe.
Along the way, however, it is clear Obama underestimated the political consequences that flow from the perception that he is a profligate spender. He also misjudged the anger in middle America about bailouts with weak and sporadic public explanations of why he believed they were necessary.
The flight of independents away from Democrats last summer — the trend that recently hammered Democrats in off-year elections in Virginia — coincided with what polls show was alarm among these voters about undisciplined big government and runaway spending. The likely passage of a health care reform package criticized as weak on cost-control will compound the problem.
Obama understands the political peril, and his team is signaling that he will use the 2010 State of the Union address to emphasize fiscal discipline. The political challenge, however, is an even bigger substantive challenge—since the most convincing way to project fiscal discipline would be actually to impose spending reductions that would cramp his own agenda and that of congressional Democrats.
Too much Leonard Nimoy
People used to make fun of Bill Clinton’s misty-eyed, raspy-voiced claims that, “I feel your pain.”
The reality, however, is that Clinton’s dozen years as governor before becoming president really did leave him with a vivid sense of the concrete human dimensions of policy. He did not view programs as abstractions — he viewed them in terms of actual people he knew by name. (continues here at POLITICO)