Blow and Krugman

In “Clash of the Injured Titans” Mr. Blow says that while  the likely nominees each have big negative poll numbers, the math seems to favor Hillary Clinton at the moment.  In “The 8 A.M. Call” Prof. Krugman says some understanding of economic reality would be an asset to a presidential candidate, but only one of the three main contenders appears to possess it.  Here’s Mr. Blow:

If trends hold and the parties’ front-runners become the parties’ nominees, November is going to be an epic election: a hobbled titan (Hillary Clinton) versus a mortally wounded one (the real estate developer).

The upcoming contests only buttress the possibility that those two will be the last man and woman standing.

As of Sunday, The Huffington Post’s Pollster average of polls had the real estate developer leading Ted Cruz by almost 30 percentage points in Connecticut, 19 points in Pennsylvania and 20 points in Maryland. All three states vote on Tuesday. The real estate developer is leading in Rhode Island and Delaware as well — states that also vote on Tuesday — but those states don’t have the same volume of polling to make the results as reliable.

That same site had Clinton leading Sanders by 26 points in Maryland, 15 points in Pennsylvania and six points in Connecticut. She, too, was leading in Rhode Island and Delaware.

We seem to be watching the prequel to a foregone conclusion.

Now the question is: How would these two candidates square off in a general election?

As The New York Times reported last week, Paul Manafort, the real estate developer’s new campaign chief, seemed to suggest on a tape obtained by the paper that up until now, the real estate developer’s incendiary style was just an act.

This is how the paper reported the contents of the tape:

Mr. Manafort acknowledged Mr. Trump’s deep unpopularity — his “negatives,” he called them — but invoked Ronald Reagan’s initial polling deficit in 1980 to claim Mr. Trump’s deficiencies were not permanent. Mr. Reagan’s unfavorability in 1980, however, was never as high as that of Mr. Trump now.

“Fixing personality negatives is a lot easier than fixing character negatives,” said Mr. Manafort … “You can’t change somebody’s character. But you can change the way somebody presents themselves.”

And that, Mr. Manafort said, was in the works.

Will the real demagogue please stand up!

How must all of his supporters feel — the ones following him like wounded puppies because he is their rapid rabble-rouser who “tells it like it is”? Maybe he’s just been telling you what he knew you wanted to hear. Maybe he’s been playing on your anxieties, insecurities and anger to further his own ambitions. Maybe this has all been an act, a “part he’s been playing,” and you are the gullible audience who got played.

Maybe you are simply backing a man who has hijacked your passions and your party.

But on the substance, Manafort seems to suggest that his guy, the ultimate branding machine, simply needs one more rebranding, that his problems pale in comparison to those of Clinton, his likely opponent.

Maybe. Maybe not.

As The Wall Street Journal noted in a recent poll, Clinton’s unpopularity — as measured by poll respondents saying that they either have somewhat or very negative feelings toward her — hit a “dubious new record of 56 percent.”

The only problem for Republicans, however, is that “an astounding 65 percent” feel that way about the real estate developer, leading the paper to conclude that he and Cruz “may be the only two Republicans who could lose to Hillary Clinton.”

Exit polls in New York, where the real estate developer won by massive margins, revealed that even among Republican voters, 22 percent said that they would be scared of his presidency and another 14 percent said they’d be concerned about it.

Only 8 percent of Democrats said they’d be scared of a Clinton presidency, with 25 percent saying they would be concerned about it.

In fact, naturalization applications are on the rise, specifically because Latino immigrants are nervous about the potential presidency of the real estate developer. As The New York Times reported last month:

“Over all, naturalization applications increased by 11 percent in the 2015 fiscal year over the year before, and jumped 14 percent during the six months ending in January, according to federal figures. The pace is picking up by the week, advocates say, and they estimate applications could approach one million in 2016, about 200,000 more than the average in recent years.”

The article continues: “While naturalizations generally rise during presidential election years, Mr. Trump provided an extra boost this year.”

If Clinton lacks enthusiasm among her fans, that lack is likely to be more than made up for by voters’ enthusiasm for anyone but the real estate developer.

It’s too far from November to make predictions about the outcome of a race. We still have to learn the definitive outcome of each party’s nominating process.

There could be a surprise in Clinton’s emails or in the real estate developer’s taxes — should he ever release them. There also is a tremendous war chest of super PAC money on the sidelines waiting to get into the race, and there’s no way to know how that will shape the election.

Nothing is settled and inevitable, but at this point one must say: Advantage Clinton.

Now here’s Prof. Krugman:

Back in 2008, one of the ads Hillary Clinton ran during the contest for the Democratic nomination featured an imaginary scene in which the White House phone rings at 3 a.m. with news of a foreign crisis, and asked, “Who do you want answering that phone?” It was a fairly mild jab at Barack Obama’s lack of foreign policy experience.

As it turned out, once in office Mr. Obama, a notably coolheaded type who listens to advice, handled foreign affairs pretty well — or at least that’s how I see it. But asking how a would-be president might respond to crises is definitely fair game.

And military emergencies aren’t the only kind of crisis to worry about. That 3 a.m. call is one thing; but what about the 8 a.m. call – the one warning that financial markets will melt down as soon as they open?

For make no mistake about it: The world economy is still a dangerous place. Financial reform has, I’d argue, made our system somewhat more robust than it was in 2008, but fumbling the response to a shock could still have disastrous consequences. So what do we know about the shocks we might face, and how the people who might be president would respond?

Right now there are two fairly obvious potential economic flash points: China and oil.

Many economists, myself included, have been pointing out for a while that China has a severely unbalanced economy, with too little consumer spending and unsustainable levels of investment. So far, unfortunately, China hasn’t made much progress in dealing with this fundamental imbalance; instead, it has papered over the problem with a huge expansion of credit. Now, with capital fleeing the country at the rate of a trillion dollars per year, it may well be headed for a bust. And China is a big enough player that a bust there could have major spillovers to the rest of the world.

Then there’s a potential oil crisis, very different from the ones we used to have: the problem now is a glut, not a shortage, with many producers having run up large debts they probably can’t repay. You could say that shale oil is the new subprime.

Nobody knows how big these problems could become, or what other potential crises we’re missing. But it seems all too likely that the next president will have to deal with some kind of financial turmoil. How will she or he perform?

At this point there are three candidates who have a serious chance of receiving their party’s presidential nomination. Barring the political equivalent of a meteor strike, Mrs. Clinton will be the Democratic nominee. Donald Trump is the clear front-runner on the G.O.P. side, but if he falls short of an outright majority on the first ballot, Ted Cruz might still pull it out. So what do we know about their economic policy skills?

Well, Mrs. Clinton isn’t just the most knowledgeable, well-informed candidate in this election, she’s arguably the best-prepared candidate on matters economic ever to run for president. She could nonetheless mess up — but ignorance won’t be the reason.

On the other side, I doubt that anyone will be shocked if I say that Mr. Trump doesn’t know much about economic policy, or for that matter any kind of policy. He still seems to imagine, for example, that China is taking advantage of America by keeping its currency weak — which was true once upon a time, but bears no resemblance to current reality.

Oh, and coping with crisis in the modern world requires a lot of international cooperation. Things like currency swap lines (don’t ask) played a much bigger role than most people realize in avoiding a second Great Depression. How well do you think that kind of cooperation would work in a Trump administration?

Yet things could be worse. The Donald doesn’t know much, but Ted Cruz knows a lot that isn’t so. In a world in which gold bugs have been wrong every step of the way, repeatedly predicting runaway inflation that fails to materialize, he demands a gold standard to produce a “sound dollar.” He chose, as his senior economic adviser, Phil Gramm — an architect of financial deregulation who helped set the stage for the 2008 crisis, then dismissed warnings of recession when that crisis came, calling America a “nation of whiners.”

Mr. Cruz is, in other words, a man of firm economic convictions — convictions that are utterly divorced from reality and impervious to evidence, to a degree that’s unusual even among Republicans. A financial crisis with him in the White House could be, let’s say, an interesting experience.

I don’t know how much play the candidates’ readiness for economic emergencies will get in the general election. There will, after all, be so many horrifying positions, on everything from immigration to Planned Parenthood, to dissect. But let’s try to make some room for this issue. For that 8 a.m. call is probably coming, one way or another.

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