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.