Until September 2008, the US Presidency was very much up for grabs.  John McCain was neck-and-neck with Barack Obama.  Then, the bottom dropped out of the economy.  Wall Street panicked, the Dow plummeted, and McCain’s campaign was effectively ended.  Though he wouldn’t admit it, the September collapse and resulting fallout was THE critical point in Obama’s victory– proving once again that the economy is easily the most important issue in presidential politics.

Now, the pressure is on President Obama.  He inherited this mess– and fair or not, he’ll be ultimately defined by how he handles it.  He’s tried to lower expectations, but the bottom line is that if the economy does not turn around by 2010 and strengthen in 2011, Obama can kiss reelection goodbye.  Forget Iraq, Afghanistan, Guantanomo, gay marriage, green energy, and everything else.  They’re all important issues, but they won’t matter.  No, the 2012 presidential election will be decided by the economy.

So why would Obama leave the critical stimulus bill in the hands of Nancy Pelosi and Harry Reid?

As we’ve documented, Nancy Pelosi’s top priority is not stimulating the economy.  Nancy Pelosi’s top priority is payback.  She’s taken the current crisis and used it as an excuse to rush a pork-filled stimulus bill through congress.  Privately, Obama has expressed his displeasure with the bill– but the question is, why didn’t he write it?  Bills must pass through congress before reaching the White House, but it’s not uncommon for the President to draft an important bill and submit it to congress.  Clinton did it with his health care reforms.  Bush did it with No Child Left Behind.  Obama should have done it with this stimulus package.

Instead, he left it up to Pelosi and Harry Reid.

It’s still possible that Obama could demand changes before signing the bill into action– but it doesn’t appear likely.

Which means Obama’s reelection hopes are entirely dependent on Pelosi’s bill.  Not only that, but considering how partisan this bill was, Congressional Democrats are COMPLETELY on the hook as well.  If this bill is not effective, we’ll see them tossed out of congress quicker than Ann Coulter out of a women’s changing room.

Of course, there’s more on the line than politics.  If this bill doesn’t work, we’ll have a deteriorating economy saddled with Trillions in additional debt.  At that point, we’re not going to be able to borrow at will anymore.  We’ll have to print money, and we all know where that leads (nowhere good).  If it comes to that, we’re facing an unprecedented collapse much more spectacular than the Great Depression.  The question comes up again– why the &%( did we leave this bill in Pelosi’s hands?

Assuming the bill passes in its current state, President Obama is soon going to be in the same boat as the rest of us– hoping that somehow, against all odds, Nancy Pelosi got it right.

Thanks RagingTantrum.com