It's time for another visit to the
Iowa Political Stock Market, the market where outcome futures are sold like stocks. Right now the market has Bush worth 54 cents and Kerry worth 46 cents. That's a pretty big lead for Bush. This market is usually a fairly accurate picture of where the race stands - it accounted for Arnold's huge jump in the California race well before the polls accounted for it. However, I'm a bit surprised that it has Bush so far ahead.
I suppose the logic is this:
1. The economy will continue to recover marvelously. Bush can run on this issue if and only if:
2. The media's depiction of the situation in Iraq improves. If chaos breaks out in Iraq, will the media care? If terrorists or insurgents kill 30 Iraqis per day, will the media care? Doubtful. If Allawi uses Saddam-lite tactics and cracks down on his citizenry, will the media care? Probably not. After all, Kerry has been arguing for stability over democracy for a while now. Who knows, maybe Allawi is taking cues directly from Kerry.
At this point, the only issue that could derail Bush is the Abu Ghraib scandal. If the additional pictures and accounts come out, that would bury Bush. In fact, I would wager that many in the media are waiting until closer to the election to bring them out.
Anyway - I'm obviously jumping the gun in bashing the media. Despite what some nuts on the right ("but they reopened the schools!") would have you believe, the media has done a pretty good job covering news in Iraq in some fairly dangerous circumstances. And with 130,000 of our soldiers still in Iraq, they might stay and continue to cover the story. We'll see. But even if the situation becomes terrible, with Allawi in charge, this becomes a brown people problem, not an American problem. I doubt the American public will fault Bush much for what happens from here on out. As I pointed out a while ago, middle America could give a damn about the Iraqi people. Conservatives take this apathy one step further (I'm talking about the ones who think Abu Ghraib was just a fraternity prank). A deteriorating situation in Iraq might not hurt Bush as much as many think, especially since our troops will be moved into the background soon.
What am I trying to say? Right now Bush has about a 50/50 chance in November. If the Democrats had nominated a credible candidate whom we didn't have to hide away as much as possible, we'd be ahead by 10-15 points right now.