Free exchange | Tragic rerun

摘要

BARACK OBAMA'S economic record is overshadowed by a tortur-ously slow recovery from the global financial crisis. A premature turn to deficit reduction left America's recovery in the hands of a Federal Reserve that was doctrinally unprepared to engineer a rapid rebound in employment. Mr Obama's vice-president, and now the president-elect, Joe Biden, no doubt took the lessons of that experience to heart. Ahead of America's presidential election on November 3rd, he seemed poised to meet the pandemic-induced downturn with fiscal force. If the Democratic Party does not win a Senate majority, however, an ail-too-familiar mess might ensue. With generous fiscal support seemingly off the cards, the central bank may again prove ill-equipped to rise to the challenge of providing needed stimulus. And Mr Biden may struggle to place his stamp on the Fed's board of governors. The drama surrounding the nomination of Judy Shelton, a Republican pick with outlandish economic views, which on November 17th stumbled after it appeared she had insufficient support in the Senate, could become the first of many.