Barack Obama and the United States are both doing a little better than Americans seem to believe

Consider the main reason why Americans are angry: the economy. The slow pace of job re-creation is primarily the result of consumers and companies trying to rebuild their finances.


Balance-sheet recessions always take time to recover from. Mr Obama is guilty of promising that the pain would be over sooner than was ever likely. 


But he did not cause the bust, and he deserves more credit than he is getting for steering America clear of a much worse fate, especially considering the constraints of a political system designed to make big changes difficult.


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