Judging by all the emails I get from various campaigns and party organizations, the Dem plan for the campaign is to run against social security privatization and then come December vote to cut benefits and raise the retirement age.
As for what they should actually be doing, I'm rather skeptical that there's much that monetary policy can do though that doesn't mean I think it can do nothing. As a matter of politics one would think, as dday says, they should unite around an awesome jobs bill and run with it whether or not President Snowe blesses it.
Though, probably, they think if we give the economy another F.U. everything will be ok. They might be right. But 6 months is a long time...
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