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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Things can only get better . . .

By Megan McArdle
Nov 7 2008, 8:44 AM ET Comment

Clive asks whether Obama's campaigning genius hasn't left expectations impossibly high.  I've been wondering if what I saw on television on election day was the normal process of transitioning to a Democratic presidency, or something different: the product of economic insecurity, or Obama's stunning personality.  Because some of the stuff I saw was crazy.

Being a libertarian, I naturally think that people are too optimistic about the government.  But there were people on CNN declaring that Obama was going to lower the price of gasoline and pay their mortgage if they couldn't afford it, lower their tax bill and raise their wages, and presumably, make them taller, smarter, and get the chickweed out of their hair.  I'm not exaggerating:  there were voters who seemed to think that about three weeks after Obama took office, all their budget problems would be solved.  Not that Obama would eventually make things better, or help them get past the rough spots; they were expecting an immediate influx of really quite a lot of money, as well as a rapid and permanent increase in base wages and housing prices.

I don't recall Republicans engaging in this kind of magical thinking in 2000.  They, too, seemed to have an unreasonable belief that George Bush was going to improve America a great deal (unreasonable even before 9/11), but as I recall, this was concentrated on intangibles like restoring honor to the white house, not putting an extra $3,000 in everyone's pockets.

I was eighteen when Clinton was elected, and I don't remember if this sort of thing is simply typical of Democratic victories.  But the expectations I saw in those "man on the street interviews" were not fulfillable by any president--at least, not until Santa agrees to stand for election. 

I don't mean to suggest that all, or even most of the Democrats are filled with impossible dreams of glory.  Well, I think they are, but impossible in the ordinary sense that anyone who believes a politician will make their lives substantially better needs to tell me where they get their drugs, because I've never been able to disconnect from reality that completely.

But some number of voters seem to be engaging in truly magical thinking about what is possible from a president.  What happens when they get a $500 increase in the child tax credit and military operations in Pakistan instead of fairyland?


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