In January the battle to become the world's most powerful person begins-with small groups of Iowans "caucusing" to choose a Republican nominee for the White House. It is a great opportunity for them. Barack Obama is clearly beatable. No president since Franklin Roosevelt has been re-elected with unemployment as high as it is now; Mr Obama's approval rating, which tends to translate accurately into vote-share, is down in the mid-4os. Swing states like Florida, Ohio and even Pennsylvania look well within the Republicans' grasp.
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