There is a lot of talk these days about America’s, and the world’s, lurch to the political left. Seems to me, that talk gets things backward. Given the massive public debt that Congress is creating, in the near future—that is, before Obama’s first term is over—the federal government will be forced to cut spending massively. Tax hikes are coming, and substantial ones, but taxes alone will not be able to pare down the deficit to reasonable levels. Government is expanding today. Soon, government will shrink. Obama’s Administration may usher in not a new New Deal, but an era of Coolidge-style austerity. Life is full of ironies.