Predicting the future course of American politics is a lively and flourishing vocation. Guessing how future generations will commemorate present-day political events, however, is not nearly as remunerative. In the interest of restoring some balance to this tragic situation, allow me to kick off the speculation about the Obama legacy. How will we assess it? How will the Barack Obama Presidential Library, a much-anticipated museum of the future, cast the great events of our time?

In approaching this subject, let us first address the historical situation of the Obama administration. The task of museums, like that of history generally, is to document periods of great change. The task facing the makers of the Obama museum, however, will be pretty much exactly the opposite: how to document a time when America should have changed but didn’t. Its project will be to explain an age when every aspect of societal breakdown was out in the open and the old platitudes could no longer paper it over—when the meritocracy was clearly corrupt, when the financial system had devolved into organized thievery, when everyone knew that the politicians were bought and the worst criminals went unprosecuted and the middle class was in a state of collapse and the newspaper pundits were like street performers miming “seriousness” for an audience that had lost its taste for mime and seriousness both. It was a time when every thinking person could see that the reigning ideology had failed, that an epoch had ended, that the shitty consensus ideas of the 1980s had finally caved in—and when an unlikely champion arose from the mean streets of Chicago to keep the whole thing propped up nevertheless.

The Obama team, as the president once announced to a delegation of investment bankers, was “the only thing between you and the pitchforks,” and in retrospect these words seem not only to have been a correct assessment of the situation at the moment but a credo for his entire term in office. For my money, they should be carved in stone over the entrance to his monument: Barack Obama as the one-man rescue squad for an economic order that had aroused the fury of the world. Better: Obama as the awesomely talented doctor who kept the corpse of a dead philosophy lumbering along despite it all.

The Age of the Zombie Consensus, however poetic it sounds, will probably not recommend itself as a catchphrase to the shapers of the Obama legacy. They will probably be looking for a label that is slightly more heroic: the Triumph of Faith over Cynicism, or something like that. Maybe they will borrow a phrase from one of the 2012 campaign books, “The Center Holds,” and describe the Obama presidency as a time when cool, corporate reason prevailed over inflamed public opinion. Barack Obama will be presented as a kind of second FDR: the man who saved the system from itself. That perhaps the system didn’t deserve saving will be left to some less-well-funded museum...