I think it is enormously interesting that a recent WSJ poll shows support for a shift toward the political center by the Obama administration. The shift represents a move away from positions held by liberal democratic factions who reside within the Beltway.
This is the article that reports the poll results:
Weisman, Jonathan, Yadron, Danny, 2010. Poll supports shift to center. The Wall Street Joural, Dec. 14.
Even though there are many fiscal challenges ahead, I remain solid in my belief that the American political system has the unmatched ability to move in a direction that is favorable to citizens, and to arrive at reasonable outcomes. This is also true with regard to America's foreign policy.
The poll shows surprising flexibility to change tax policies, possibly in recognition of the horrendous effects that the housing asset bubble has had on the American economy:
"Sixty percent found it totally or mostly acceptable to eliminate the tax deduction for mortgage interest for second homes, home-equity loans and any portion of a mortgage over $500,000."
This is a major and long overdue development, especially in the area of tax deductions for home-equity loans.
Relating to the ease of home-equity loans, I am reminded of a local news story published in the Nashua Telegraph during the peak of the asset bubble. A pastor of a highly respected church within the city had encouraged the congregation to take out home-equity loans to fund pledges for construction of a new church. It was pure madness!
Finally, attention is focusing on the 2012 Presidential election. As a political reality, it is difficult to defeat a sitting President. Poll results confirm my deeply held beliefs on this issue:
"On the political front, Mr. Obama faces a mixed picture as he considers his re-election. Only 42% said they would probably vote for the president if he ran again; 39% said they would probably vote for a Republican.
"But putting a specific Republican name into the question changes the picture. Mr. Obama leads former Massachusetts Gov. Mitt Romney by seven percentage points, former Alaska Gov. Sarah Palin by 22 points, and Sen. John Thune of South Dakota by 20 points."
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