It’s The Economic Ideology, Stupid:

Back in 1992, the famous campaign mantra was "it's the economy, stupid." This was the seemingly populist motto that people like Wall Street CEO Bob Rubin piggybacked on to help vault Bill Clinton into the White House, and himself into the corner suite at the Treasury Department. Today, there is a slightly amended motto operating in advance of the 2008 election: "It's the economic ideology, stupid."

The variation may appear semantic. But like the differences between the classic TV show What's Happening!! and its can't-conjure-the-old-magic update What's Happening Now!!, there is a vast chasm between the two economic campaign slogans. Whereas in the good ol' days of 1992, candidates were campaigning against the real-life consequences of a crushing recession on working folks and for concrete real-world goals to help working folks, today candidates are campaigning against even recognizing real life, and for an ideology that their own economic advisers acknowledge has no connection to actual information. A new piece in Businessweek gives you a good idea of how this works.

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