The economy just isn't improving like the President would like.
This certainly isn't good news for Presient Obama's re-election chances. If the economy isn't better by next November, 2012, he'll be in serious trouble.
Late 2008 saw considerable talk among liberals about that election being the newest "realignment" election, in the sense that American politics were making a fundamental shift from one political wing to the other. Plenty of examples abound, with historians still debating the merits of several of them being realignments (for a good discussion, look here). But that talk, it appears, was premature.
Then again, President Reagan was in trouble after 1982, and President Clinton was dead meat in January 1995. So, all one can say is that we have a very, very long election season ahead of us.
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