Democrats had one thing going for them in the election this week: Republicans. That kept President Barack Obama’s party from faring much worse.
The Great Debate
from Nicholas Wapshott:
There have been a lot of sighs of relief in Europe lately, where countries like Britain and Spain, long in recession, have finally started to grow. Not by much, nor for long. But such is the political imperative to suggest that all the misery of fiscally tight economic policies was worth the pain that there are tentative claims the worst is now over and, ipso facto, austerity worked.
The party that brought you “death panels” and “socialized medicine” has rolled out another term — carefully selected, like the others, for its power to freak people out. “Court-packing” now joins a Republican rogue’s gallery of poll-tested epithets.
After the nation’s major social program finally became law, critics regularly blamed it for a slowing economy and a swelling federal bureaucracy. Fierce congressional opposition led to the formation of a blue-ribbon panel to overhaul the measure. Obamacare in 2013? Not quite. It was Social Security in 1937.
After the French Revolution, the statesman and diplomat Talleyrand said of the Bourbon kings, “They learned nothing and they forgot nothing.” The same might be said of congressional Republicans after their disastrous government shutdown adventure.
It could be that President Barack Obama and the Republican House of Representatives will again be able to avert fiscal and financial chaos through a short-term, ad hoc agreement on government funding and the “debt ceiling” limit. This would be good news for the world and its markets.