The other day,
Megan McArdle published a brilliant analysis of the fiscal and
economic calculations of the Obama adminstration, which you
absolutely must read. Meanwhile, with Obama and the Democrats
riding high in public
opinion
polls, liberals have begun congratulating themselves on their
magnificent triumph on such issues as global warming (Paul
Krugman) and same-sex marriage (Josh
Marshall).
Are these "progressive" triumphs real and permanent? Well,
Arlen Specter seems to think so, as do any number of
demoralized Republicans who insist that the
GOP must either cede ideological terrain or go the way of
the Whigs. As an officially designated "Rightwing
Extremist," however, I
think otherwise:
Think back to the 2008 campaign and ask yourself: Did Obama and
the Democrats win because of gay marriage and global warming?
Obviously not. It was the economy, stupid. And yet in the wake of
that election, liberals now believe they have a mandate to enact
their entire agenda. . . .
The stimulus-and-bailout policies have not addressed the
fundamental problems of the economy -- namely, an excess of debt
and a shortage of capital to spur job creation -- while the
entitlement trainwreck of Social Security and Medicare loom
immediately ahead. By piling on new trillion-dollar deficits, at
a time when the recession will result in significant tax revenue
shortfalls, the Democrats are steering the economy into a
stagflation trap.
If the economic situation actually worsens between now and fall
2010 -- and there are many reasons to believe it will -- the
public-opinion polls of April 2009 will have proven a false omen,
which served only to swell the pride that went before the fall.
Three words:
It Won't Work.
