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42 Presidential Stud. Q. 1 (2012)

handle is hein.journals/pstlssqty42 and id is 1 raw text is: ARTICLES Editor's Introduction PAUL J. QUIRK University of British Columbia As the calamitous economic events of the last several years have shown, the role of the president in governing the economy has become more complex, more difficult, and more critical-not only to the president's political success but, more importantly, to the economic well-being of the nation and of the world. Some of the developments that warrant these observations are temporary, connected with a worldwide financial crisis and economic downturn whose effects will be manifest for several more years, but not indefinitely. Other conditions-global warming, the rise of economic inequality, the challenge of achieving long-term fiscal balance, and the vulnerability of the United States' position in the world economy, among others-will not fade away in the foresee- able future. In a word, the economy will be an even larger preoccupation for presidents in the foreseeable future than it has been in the relatively recent past-even though it has always been a very large one. If scholars of the presidency want to be relevant to the institution, therefore, they will need to give far more attention to presidential economic governance then they have in the past. At least since the 1946 Full Employment Act, one of the president's main roles has been (in the usual, though misleading usage) to manage the economy. The president's success or failure in this role-and good or bad luck with respect to it-have long been recognized as the single most important determinant of his political success. Neverthe- less, scholars of the presidency have not made correspondingly large investments of effort in studying the president's conduct and performance as manager of the economy. The urgency of their doing so, however, has never been more apparent. The period from the beginning of the financial crisis in 2008 to the present has been an extraordinary, harrowing time for the American economy, economic and regulatory policy makers, and the president in his role in economic governance. The nation has witnessed a collapse of the real estate and mortgage markets; a severe retrenchment and near collapse of financial markets; the worst recession and economic slump since the Paul J. Quirk holds the Phil Lind Chair in U.S. Politics and Representation at the University of British Columbia. He has published widely on the presidency, Congress, public opinion, and public policy. Presidential Studies Quarterly 42, no. 1 (March) 1 © 2012 Center for the Study of the Presidency

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