Columbus Day, Wall Street and Alabama immigrants

In 1992 political strategist James Carville coined the catchphrase that
won Bill Clinton the presidency: “It’s the economy, stupid.” Clinton
made good on his word to address the deficit and high unemployment and
through both skill and luck presided over unprecedented economic growth and prosperity.

The two wars started by his successor, along with the financial
meltdown precipitated by the collapse of Lehman Brothers in 2008, eroded
all such gains and any optimism about America’s short- and long-term
economic future.

So Carville’s slogan is as timely as ever, though now it’s been
distilled into the panicky particular of “Jobs! Jobs! Jobs!” Pundits and
politicians of all stripes reflexively chant the mantra and everyone
knows that the presidency will be won next year by the candidate with
the most compelling plan for tackling the nation’s high unemployment.