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According to this CNN report, three-quarters of the American people now believe we are in a recession. Even economically, perception can become reality. Politically, it can become a disaster. By the time the 1992 presidential election rolled around, the 1990-91 recession had technically been over for nearly eight months. Bill Clinton was still able to run as if we were in recession, pointing to lagging income and job growth as signs that we were faced with the worst economy since the Great Depression (even though technically we weren't).

So who do we have running for president? As syndicated columnist Stephen Chapman points out, three people who are basically clueless about fiscal and economic policy. What are we likely to get? A stimulus package here, a tax hike there, lots of new spending, and cries for more liquidity. Good times.

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Bill Clinton