Skip Navigation
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.

Dismal Tidings for Congressional Democrats

By Megan McArdle
Aug 25 2010, 1:13 PM ET Comment

Nate Silver is currently projecting that Democrats will lose 6 to 7 seats in the Senate. I actually think that political forecasters are currently over-favoring Democrats in the coming mid-terms.  No, not because they're all biased and dishonest, but because they naturally work with the data they have: polls and demographics.

Working with the data I have, on the economy, I think those polls are only going to get worse.  The economy is at best heading into a soft patch; at worst it is going into the second dip of a double-dip recession.  That means that in the fall, as voters sharpen their focus on politics, they will be sharpening their focus on the economic conditions, and the politicians who haven't fixed them.  Those conditions will at best be unimproved, and at worse reflect lengthening unemployment and financial disaster as credit lines are finally exhausted.




As I've said before, I'm not arguing that this is fair--I don't think that Democrats (or Republicans) are responsible for the current crisis.  And the current Republican party is not currently going in a direction that would make me thrilled about them taking over Congress.  Though of course, neither is the current Democratic party.  I'm hard to please.

In the end, I doubt that Republicans will take over the Senate, simply because they'd have to run the table, and that doesn't seem very likely.  But I'm pretty sure they'll take the House, because the polls that forecasters are using now seem almost certain to get even worse in the months ahead.

Naturally, all the usual caveats:  forecasting is hard, and I could be surprised.  But one thing is nearly certain, which is that unemployment is a lagging indicator; no matter what, it is simply not going to improve much by the time of the election.  And unemployment drives some of the worst economic problems that people focus on (including, in many cases, foreclosure).  Given that, I don't see how things do anything but get worse for Democrats in the fall.
Presented by

More at The Atlantic

9 Faces of the New Egypt 9 Faces of the New Egypt
The agony of Nabeel Rajab The Plight of Bahrain's Informal Activist Leader
12 Hours at CPAC, the 'Mardi Gras of the Right' 12 Hours at the 'Mardi Gras of the Right'
Iran War Would Cost Trillions: Will the GOP Pay More Taxes for That? Would the GOP Raise Taxes to Fund a War With Iran?
The Fearlessness of Jeremy Lin The Fearlessness of Jeremy Lin

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.
blog comments powered by Disqus
Special Report
Submit Your Photos of America at Work AP Submit Your Photos of America at Work
Send us your images of friends, family, and neighbors on the job. We'll publish the best. Read more ›

Just In

View All Correspondents

The Biggest Story in Photos

Athens in Flames

Feb 13, 2012

Subscribe Now

SAVE 59%! 10 issues JUST $2.45 PER COPY

Facebook

Newsletters

Sign up to receive our free newsletters

(sample)

(sample)

(sample)

(sample)

Megan McArdle
from the Magazine

Why Companies Fail

GM’s stock price has sunk by a third since its IPO. Why is corporate turnaround so difficult…

The Graduates

Busted banking careers, crashed consultants, and shrunken incomes: the author attends her 10-year…

Romney’s Business

The Republican contender touts his business experience—but does it really matter?