Among many political commentators, the meme du jour regarding the 2012 presidential race is that President Obama’s real opponent is the economy; who Republicans nominate is of limited importance.
On its face, this characterization makes sense. As Dan Balz and Haynes Johnson note in their book about the 2008 election, as early as spring 2007, focus groups were turning out results that showed deep pessimism about the country’s direction, with economic worries overshadowing all...
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