by John Mauldin
Today we continue my series of open letters to the presidential candidates. In the meantime, we’ve drawn a little closer to knowing whom the two major parties will nominate. A few people are vowing to consider minor parties, too.
In any case, whoever replaces Barack Obama will face a world of challenges. The good news is that most (not all) of the challenges are manageable – given the willingness to make very difficult choices. Remember, in this letter we are focusing on the economic realities that the new president will face, and those realities will force stark choices in other arenas such as healthcare, defense, and geopolitics. The economic picture is unequivocal – more so than in any era since Roosevelt – and will compel the president to either choose among merely very difficult options at the beginning of his or her term, or to put off choosing and be left with only seriously bad choices toward the end of a first term. There will be no easy choices, and the process will be messy, but I think we’ll will muddle through.