If there is any really good news for the politics and governance of the nation emerging from this years dismal campaign cycle, it is the almost certain defeat of Carly Fiorina, Linda McMahon and Meg Whitman.
They join a long line of candidates John Connally, Clayton Williams, Steve Forbes, Ronald Lauder and Michael Huffington, to name a few who learned the hard way that money, absent relevance, articulation, competence and political sensitivity, cant buy high office.
But it is hard to see any other long-term good coming out of this election.
This is not a partisan comment. There has never been an election during a recession or depression in which the perception is that the economic situation is not moving in the right direction that the party in the White House does not suffer substantial electoral losses.
The only question at this juncture is the height of the tsunami.
Will it be a 1934 landslide or a 1982 correction? Will it be the occasion of a groundswell of higher turnout as in most previous recession elections or will disaffection, disillusionment and lack of hope among substantial portions of the electorate reduce the impulse to vote? The betting here is for a Republican tsunami propelled by a turnout lower than that of 2006.
The more important question is whether the results of this election will make possible a remedy for the underlying issues that brought about those results. Those issues start with unemployment and underemployment.
There are 15 million Americans on the unemployment rolls. There are an additional 15 million who are out of the labor force or working at inadequately paying part-time jobs. There are an indeterminate number of others who fear they will be added to that 30 million. Those Americans are hunkering down, saving rather than buying. If citizens wont consume, business will neither hire nor expand production. And neither will provide the tax revenue to reverse major budgetary shortfalls in both state and federal governments.
The economy will not improve until at least 9 million (adjusted for additions to the population, as well as the 8 million who have lost jobs) of the 30 million are working and spending. No tax relief is going to get the frightened unemployed and underemployed to spend; no tax incentives will get businesses who dont see customers to hire. Nothing short of a major federally funded jobs program aimed both at aid to the states and direct and imaginative federal hiring will restore vitality to the economy and a sense of security to the citizenry.
President Barack Obama failed to envision the need. His opponents dont have such a program as part of their agenda.
The president can claim a number of accomplishments. Along with President George W. Bushs TARP program, the economy was rescued from freefall and a major industry was salvaged. A health care reform that will provide insurance for 31 million uninsured citizens and prohibit denial of coverage for pre-existing conditions is an important contribution, as is the initial step toward regulation of the financial industry.