President Romney vs. President Obama

Had Mitt Romney won the 2008 election, what would be different today?

Somewhere out there in the multiverse, beyond space and time — perhaps in the place on the TV show "The Fringe,” where the characters Olivia and Walter's counterparts Fauxlivia and Walternate live — is a place in which President Mitt Romney won the 2008 presidential election. The specific reasons for Romney’s victory are not terribly important. Perhaps the fundamentalist preachers of the Republican Party endorsed rather than scorned Romney for his Mormonism. Perhaps traditional Republican power brokers were less willing to forgive John McCain for his previous forays into "bipartisanship." Probably Mitt Romney would have been better informed and appeared more of a leader in responding to the financial crisis than McCain. Add in a few missteps by the Democrats, and it might well have been Mitt Romney before whom John Roberts bobbled the oath of office in January 2009. It could have happened here, therefore it did happen somewhere out in the multiverse.

What do the American economy and economic policy look like right now on that President Romney branch of the multiverse?

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Brad DeLong is a professor in the Department of Economics at U.C. Berkeley; chair of its Political Economy major; a research associate at the National Bureau of Economic Research; and from 1993 to 1995 he worked for the U.S. Treasury as a deputy assistant secretary for economic policy. He has written on, among other topics, the evolution and functioning of the U.S. and other nations' stock markets, the course and determinants of long-run economic growth, the making of economic policy, the changing nature of the American business cycle, and the history of economic thought.