Austerity and us: what might happen

Interesting take on the trouble in the eurozone over in the Guardian today:

Yet politics, especially in America, is never so easy. As with his recent campaign stop in which he blamed Obama for a factory closing which actually occurred during the Bush administration, Romney will blame Obama for every problem – no matter how tortured or fraudulent the logic. It would be a great irony if Obama, who has been far more supportive of expansionary fiscal policy than any European leader, is hurt by the blowback from austerity in the eurozone. But this is what can happen when voters are in a foul mood and opponents are unencumbered by the truth.

There is, however, another outcome possible. In this alternative, continued economic troubles force Obama to sharpen his game and focus on principles, in which he gives a robust defense of fiscal stimulus, of the importance of the social safety net, explains how government spending can be a force for good. In fact, the events of the past few years have almost uniformly supported Obama's world-view and Democratic policies. But in order to win in November, he must fight for them now.