For the past 30 years, the American political consultant James Carville’s famous mantra, “It’s the economy, stupid,” has shaped our understanding of politics, especially in an election year. But politics has long since stopped responding to what is happening in the real world, including the economy.
BERLIN – Public opinion about the world today is oddly bifurcated. Big industrial economies, including China, are gripped by a generalized mood of fear and doubt, even though many individuals correctly suspect that they themselves are doing well (it is “everyone else” who is doing terribly). Markets are hitting new highs as political and investor sentiment run in opposite directions. Politics is suffused with pessimism, while the economy brims with energy.
For the past 30 years, the American political consultant James Carville’s famous mantra, “It’s the economy, stupid,” has shaped our understanding of politics, especially in an election year. But this bit of wisdom is well past its sell-by date. Politics has long since stopped responding to what is happening in the real world, including the economy.
Start with the United States, which seems destined to rerun the 2020 contest between Joe Biden and Donald Trump. Two old men, four years older than the last time they faced off, will go through the motions again in November. Likewise, France is bracing itself for yet another run at the presidency by the far-right populist Marine Le Pen.
BERLIN – Public opinion about the world today is oddly bifurcated. Big industrial economies, including China, are gripped by a generalized mood of fear and doubt, even though many individuals correctly suspect that they themselves are doing well (it is “everyone else” who is doing terribly). Markets are hitting new highs as political and investor sentiment run in opposite directions. Politics is suffused with pessimism, while the economy brims with energy.
For the past 30 years, the American political consultant James Carville’s famous mantra, “It’s the economy, stupid,” has shaped our understanding of politics, especially in an election year. But this bit of wisdom is well past its sell-by date. Politics has long since stopped responding to what is happening in the real world, including the economy.
Start with the United States, which seems destined to rerun the 2020 contest between Joe Biden and Donald Trump. Two old men, four years older than the last time they faced off, will go through the motions again in November. Likewise, France is bracing itself for yet another run at the presidency by the far-right populist Marine Le Pen.