Everyone seems to think so, thanks to the financial crisis. I wonder. I have a short article about to come out in The Weekly Standard suggesting otherwise. The link is here.
Early in his first Administration, Bill Clinton turned to his economic advisers and said: "we're all Eisenhower Republicans here"--because the need to bring down the deficit was driving his budget and tax policies in directions he didn't like. Seems to me, the forces driving a future President Obama or McCain in the same direction will be a good deal stronger in 2009.
Comments ( 4 )
I enjoyed the article, but have a hard time believing that anything the government does is temporary. Sure, money is a huge driving force, but so is politics and power. We have just witnessed an unprecedented purchase of the private markets with public money. What's more, the dominoes seem set-up for government intervention en masse.
I think what's different this time around than, say the 1930s, is a generational effect: we are still in the shadow of the 1960 hippies mindset. That generation knows entitlement like no other. I think that matters a lot - it's one which believes spending is the only way out a hole.
Perhaps I'm wrong, but I think whoever wins in November will be under enormous pressure to do something and something these days always seems to involve spending rather than austerity.
Posted by Steve | October 21, 2008 9:20 AM
Per my earlier comment, This and this seem on point to the discussion here.
Posted by Steve | October 21, 2008 10:21 PM
You know, writing for a conservative rag like The Weekly Standard is going to play havoc with your status in the legal academy.
Posted by Another Steve | October 23, 2008 6:27 PM
Well, I'm not much concerned with my status these days.
I used to write occasionally for the New Republic, to which I've long subscribed and enjoyed reading. I liked writing for that magazine -- as Fred Barnes once did -- because it was politically eclectic: there were columns and articles from a wide range of points on the ideological spectrum. The magazine leaned left, but it had plenty of material that center-right folks could enjoy.
Not so much anymore. It makes me sad to say so, but there is no longer room in the opinion magazine market for a centrist magazine that publishes all sorts of views. Atlantic briefly looked like it would be that magazine, but it isn't. So folks from my part of the political spectrum -- the middle -- have no good outlet save for blog posts. Which is one reason I like writing blog posts.
Posted by Bill Stuntz | October 26, 2008 9:01 AM