Considering a challenge Republicans face in replacing Barack Obama next year, Jim Geraghty wonders
. . . if we’re seeing a bit of the “sunken costs” phenomenon on Obama, in that folks invested so much of themselves emotionally in him throughout 2007 and 2008 that they feel that the only way to make that emotional investment “pay off” is to stick with him until fortunes turn around for Obama (and the country).
Of course, as the Wikipedia summary notes, “Sunk costs greatly affect actors’ decisions, because many humans are loss-averse and thus normally act irrationally when making economic decisions.” Like a gambler convinced that his next hand will be a big winner, Obama fans may look at three years or more of disappointment, scandal, and economic hard times and be convinced that a big turnaround and payoff is just around the corner . . .
Or, maybe they’ll take a taste of whiskey and heed the sage advice of Kenny Rogers’s gambler and know when to fold:
Given Mr. Obama’s record since the days of hope and change, it’s not time to walk away, it’s time to run.