Why the Economy Can Help John McCain

The conventional wisdom is that a bad economy will help the party that’s “out of power” in an election. With divided government it’s a question of which party is in power. But the assumption is that it’s the President that determines who is in power.

If we accept that, we may believe that a poor economy will be blamed on Bush and the Republicans to the benefit of Obama and the Democrats. And if both parties were running men of proven experience and stature, this could prove to be the tipping point. But they are not.

John McCain has been running against Barack Obama using the tag line “Not ready to lead.” It’s obvious why. Obama has no real leadership resume. His message of “hope” and “change” resonates with people who are secure and comfortable and ready to take a risk on a novelty.

But we have been reminded by the screaming headlines about banks going broke, a plunging stock market, plummeting home values, money market funds (where millions of people have their ready cash) threatening to “break the buck” that we are not in a conventional economic downturn. We are in dangerous waters. Clever catch phrases and a cute smile don’t appeal to people who want someone with proven courage and sound judgment to help them right the ship of state.

Obama recently ridiculed McCain for being “in a panic” over the crisis we are facing. It’s the kind of schoolyard taunt that is typical Obama. But people may not laugh at McCain but start wondering if Obama is unaware of the dangers. They may ask if this elitist is oblivious of the fact that their savings, their retirement assets, are in danger.

McCain has already begun to tie Obama to the people who ran Fannie Mae and Freddie Mac into the ground. He an also claim to have foreseen the dangers and recommended fixes over five years ago. And he can point out that is was Democrat leaders like Joe Biden, Barney Frank and Chris Dodd that blocked change and who told us that everything was fine and not change was needed.

If I were advising McCain, I would have him jump on this issue with both feet. If he shuns it he will be tarred with it. If he owns it he can tell the American people that this is not the time to give the car keys to the people who steered it into the ditch. That times are too perilous to play “amateur hour” with someone who has all of the attributes of a rock star without the gravitas. And he doesn’t even have to change his tag line: “Not ready to lead.”