Another great article from Paul Krugman in the NY Times. Here is an excerpt with the link t0 the full column at the bottom:
The latest hot political topic is the “Obama paradox” — the supposedly mysterious disconnect between the president’s achievements and his numbers. The line goes like this: The administration has had multiple big victories in Congress, most notably on health reform, yet President Obama’s approval rating is weak. What follows is speculation about what’s holding his numbers down: He’s too liberal for a center-right nation. No, he’s too intellectual, too Mr. Spock, for voters who want more passion. And so on.
But the only real puzzle here is the persistence of the pundit delusion, the belief that the stuff of daily political reporting — who won the news cycle, who had the snappiest comeback — actually matters.
This delusion is, of course, most prevalent among pundits themselves, but it’s also widespread among political operatives. And I’d argue that susceptibility to the pundit delusion is part of the Obama administration’s problem.
What political scientists, as opposed to pundits, tell us is that it really is the economy, stupid. Today, Ronald Reagan is often credited with godlike political skills — but in the summer of 1982, when the U.S. economy was performing badly, his approval rating was only 42 percent.
My Princeton colleague Larry Bartels sums it up as follows: “Objective economic conditions — not clever television ads, debate performances, or the other ephemera of day-to-day campaigning — are the single most important influence upon an incumbent president’s prospects for re-election.” If the economy is improving strongly in the months before an election, incumbents do well; if it’s stagnating or retrogressing, they do badly.
Lost in the 21st Century 