From “Cleaning Up The Economy,” Paul Krugman, NYT:
“The forces that have been holding the economy back seem likely to fade away in the years ahead. Housing starts have been at extremely low levels for years, so the overhang of excess construction from the bubble years is long past — and it looks as if a housing recovery has already begun. Household debt is still high by historical standards, but the ratio of debt to G.D.P. is way down from its peak, setting the stage for stronger consumer demand looking forward.
“And what about business investment? It has actually been recovering rapidly since late 2009, and there’s every reason to expect it to keep rising as businesses see rising demand for their products.
“So…the odds are that barring major mistakes, the next four years will be much better than the past four years.”
Both Mitt and Obama know this. The business cycle hath certainly taken away, but it’s about to giveth. Mitt wants to waltz in and preside over — and take credit for — the coming better years. Obama is thinking, “Hey, Mitt, you didn’t build that!”