I think the Guardian's economics editor is concentrating too much on economics, but on that issue I can see his point. John Major wasn't anywhere near as incompetent and selfish as Bush Junior - leaving him in charge of the UK wasn't a threat to democracy and world peace.
http://www.guardian.co.uk/comment/story/0,3604,1272402,00.html
In the aftermath of April 1992, there was much gloom in Labour's ranks. If the party couldn't win in such propitious circumstances, the argument went, there had to be a serious question mark over the chances of it ever getting back into power. But political karma meant the Conservatives got their come-uppance when, within six months, Britain was blown out of the exchange rate mechanism. The sight of the Treasury and the Bank of England impotent in the face of the overwhelming fire power of the markets was the Tory equivalent of the IMF being called in to bail Labour out of a financial hole in 1976. It wrecked the reputation of the Conservatives for economic competence, and it was a humiliation from which the party may never recover.
Labour was lucky. Had it won the 1992 election it was committed to precisely the same doomed strategy of defending the pound come what may. Black Wednesday would have happened, but probably sooner. As the financial crisis to end all financial crises, it would have been the political kiss of death for Labour.
...
The dollar's role as a global reserve currency means that Washington can paper over the cracks for a while by selling government bonds to its creditors. But if the laws of economics can be bent, they cannot be broken. The only long-term solution to the twin deficits is a dose of the medicine swallowed by Britain after Black Wednesday. Cutting the trade gap means exports go up and and imports come down. A cheaper dollar would help exports, but it would make imports dearer and threaten higher inflation. Higher taxes or lower spending are needed to curb consumer spending and close the budget deficit.
This combination worked in the UK, but was mightily unpopular. Unless Bush or Kerry have a brilliant plan for a perpetual bubble economy, one of them is going to have to face reality. At the moment, the Democrats have only one thought: winning. But if they lose they will at least have the consolation of seeing Bush cleaning up his own vomit.