Niall Ferguson, Columnist

History’s Lesson for Biden: Stuff Happens

Presidents sworn in during crises are popular at first. But unforeseen events can soon change that. 

Toward the future.

Photographer: Patrick Smith/Getty Images 

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A president elected at a time of deep national crisis generally has an advantage over one elected when things are going fairly well. Franklin D. Roosevelt was sworn in shortly after the Great Depression reached its nadir. Harry Truman became president in the final, bloodiest phase of World War II. Richard Nixon inherited Vietnam and domestic turmoil from Lyndon B. Johnson. Barack Obama entered the White House in the depths of the global financial crisis.

All four had their ups and downs, but all were re-elected. If you take over at a dark time — especially if it’s just before the dawn — the chances are you’ll be able to play “Happy Days Are Here Again” when you run for a second term.