In the past, incumbency was an advantage, not just in US elections but in every advanced industrial democracy with a reasonably robust economy. Since the 2008 crisis, incumbency hasn’t proved such a prize – with the notable exceptions of Angela Merkel, who limited her calls for austerity to other countries, and Barack Obama, who would have spent even more on stimulus if congressional Republicans had let him. Now, he has no more elections to face, freeing him to make tough choices. When it comes to enabling austerity, term limits are not such a bad thing. Read more
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