On the one hand, Obama's drastic reductions in government spending during a stagnant economy have ensured that we will continue to experience sucky to non-existent growth and terrible employment figures for the foreseeable future.
On the other hand, Obama's drastic reductions in government spending during a stagnant economy will do absolutely nothing to blunt the political narrative of "Big Government Democrats" vs "Fiscally responsible Republicans" which is sure to dominate the coming election season.
So... wins all around, then.
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