Ratified in 1951, the 22nd Amendment to the Constitution of the United States limits the number of terms a president can serve to two – and it is a lifetime restriction. Living two-term presidents such as Bill Clinton and George W. Bush are thus excluded from ever serving again. The irony of the limit is that even the most politically successful contemporary presidents – those who achieve reelection – reach the peak of their careers and the beginning of their decline at the same moment, when they raise their hands to be sworn in at the second Inauguration.

From that moment, second termers are known to be leaving office on a date certain. Inexorably, their influence is on the wane. So how much can re-elected presidents accomplish in their last four years? Although the options are limited, they are not all bad, because over two and a half centuries the office of the U.S. presidency has accumulated significant powers. more...