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January 03, 2013

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All punditry now hold an erroneous opinion as certifiable political scientific fact: A reelected president's political capital will peak on the day of his reelection and disappear by Labor Day.

This is demonstratively not true.

Under similar (no analogy is perfect) circumstances, Reagan was reelected during the recovery of from a bad recession. Yet, he signed a major overhaul of the tax code in the summer of the second year of his second term. I make no predictions about Obama's success, but there are two possible (probably?) soources of increasing political capital over the next year-and-a-half.

Nothing succeeds like success, and Obama has enjoyed one political success after another since the summer of 2011. The latest negotiations are perceived as a win for Obama and will continue the upward trajectory of his popularity (political capital). By breaking out deficit reduction (please note i doubt he intends to eliminate the deficit by the time he leaves office), he is creating the opportunity for a series of "wins" - and increasing approval ratings.

It is very likely that the economy will continue to improve, employment will continue to go down and housing will improve for the next several years. Again, increasing approval ratings.

So, he has considerable winds to his back to be holding a great deal of political capital by the summer of 2014.

What he does with that capital is another issue.

Will these guys never have to suffer the peoples' wrath? How I would love to see them have to deal with the kind of angry town hall meetings we saw in 2009! How long can they continue until the pitchforks come out?

Of course that would be Boehner's and McConnell's negotiating position. What else could it possibly be? And if the president decides to take an extended vaccation while the Republicans waterboard the world economy and piss in the cornflakes of every single demographic group that votes Republican, from retirees to corporate executives, what might be the expected result?

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