The Federal Reserve is celebrating its 100th birthday trapped in a political bunker.
The Great Debate
For Republicans to win control of the Senate next year, top officials in both parties say, all paths to a majority have to go through Alaska and Louisiana. In addition to being crucial in determining Senate control, the Democratic incumbents in these two battleground states share the same political and policy vulnerabilities.
Democrats have a history of plucking presidential candidates out of obscurity: Jimmy Carter, Michael Dukakis, Bill Clinton, Barack Obama. Republicans are supposed to go for whomever is next in line, particularly if they have run before: Richard M. Nixon, George H.W. Bush, Bob Dole, John McCain, Mitt Romney.
Unless the Democrats wake up to the importance of winning state legislative elections, they are likely to remain a largely impotent minority in the House of Representatives and equally feeble in the state legislatures. The momentous Supreme Court decisions on the Voting Rights Act, same-sex marriage and affirmative action make winning these races all the more vital, for all these rulings deal with state action. The huge Republican victory in the 2010 election could turn out to be a gift that keeps giving.
Sequestration grew out of a political impasse: Republicans refused to raise the government’s borrowing limit in 2011 without starting to bring spending under control, but Democrats refused to make choices about where to cut spending.