msnbc | November 06, 2012
>>> that's been called for president obama thus far is vermont. this election at this particular moment in history could bring lasting consequences for the respective parties, maybe for the next decade or two. for a look at why the stakes tonight are especially high for the two parties, we want to turn to ezra klein .
>> thank you. you hear every four years this one, this time it's going to be the most important election of your lifetime. but this election actually does have a unique claim to that. for a simple reason. the economy after one of the worst recessions in american history is actually getting better in a real way. consumer spending is up. household debt is at its lowest level since '03. housing market is coming back, banks are in good shape and lending in big numbers . it's good news for the economy, good news for americans and terrific news for whoever the next president is. being president during a recovery is a great thing to be. political scientists larry bartel has looked at post-depression politics across the globe. he found in every case the president who was in power when depression eased, went on to dominate politics for a dk aid or more thereafter. didn't matter if it was left or right. across the pond in britain, it was the conservative party that got the great depression bounce. if the winner tonight turns out to be president obama , the stimulus, the wall street bailout, auto bailout, wall street reform and obama care, which will be going into effect during the recovery, all that's going to get a boost in the public's mind. all these will become good policies due to the recovery. if governor romney and the recovery begins just as he begins reversing president obama 's major initiatives, then the democrat ideas of the last four years will quite likely be discredited. not just this year but for a long time to come.
>> that is harrowing. thank you, ezra.
>> no one said elections were fair.