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Official Recession

NBER is scoring it as having begun in December 2007. This puts a lot of these “McCain: What Went Wrong?” discussions into context. I don’t think you’ve ever seen an incumbent party hold on to the White House amidst a recession. Maybe it could have been done, but it would have taken some kind of really dramatic effort to break the natural partisan linkage and there’s no real precedent for what could have worked.

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