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September 10, 1993
The bond market finally had a bad day on Thursday, but the losses have been recouped this morning.
A strange report on inflation showed an outright drop in wholesale prices by .6% in August. The deflation was due entirely to a fall in the price of tobacco, of all things. Prices are prices, and the report counts, weird or not.
In one, solitary, bright sign for the economy, only 312,000 people lost their jobs last week, a four-year low.
Mr. Clinton, back in the saddle, announced three major initiatives which will likely keep him occupied for the rest of his term, or Presidency, whichever comes first.
As has been the President's habit, there is no differentiation among the three proposals as to time, effort, or priority.
Al Gore's "reinvention of government" is a good idea, but faces opposition from Congressional porkers -- which means everybody. (However, Mr. Gore has graduated from stiff to statesman this year, and looks better than his boss.)
The North American Free Trade Agreement (NAFTA) is another good idea facing opposition from big labor, Congressional Democrats, and Ross Perot. Any proposal with such enemies must be a good deal.
The third proposal, universal health care, is a wonderful idea in principal. However, the details were developed in secret, with public input gathered only in response to leaky trial balloons. As announced (due September 22), the plan would fail in Congress two to one.
These three measures cut across normal party loyalties (unlike taxes), but collide with every manner of special interest. The only way for Mr. Clinton to get these deals done is to go over the head of Congress to the people.
Unfortunately, the people seem unwilling to respond to him. Few speak of the man any more. The media no longer bother to report his "approval" ratings. The kindest thing said about him is "Give him some time."
If Ronald Reagan was the "Teflon President," Bill Clinton is the "Velcro" one. Everything sticks to him.
He is a good-hearted man, brilliant, informed, energetic, and fearless. The scurrilous "character issue" slung by Republicans doesn't apply.
So, what's wrong? Why no connection with the people?
A theory. The biggest block of voters is the 'Boomers, who, near 40, all either have bosses or are bosses.
Mr. Clinton doesn't look like the boss. He looks like the excited kid in the R & D department who has a neat idea every minute, but gets things done only by accident, or when somebody else rides herd on him.
Unless Mr. Clinton can find a way to stop projecting managerial immaturity, his Presidency is headed for irrelevance.
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