All indications are that the Democrats are going to take a beating in November. So, in a few short months, we should make a return to one of my favorite policy-making environments: Gridlock! This will frustrate many, but it will make me so happy.
What economic decision makers (I’m talking about people who make things and hire people, not the pointy-heads in DC who don’t actually produce anything but hot air) need in tough times, more than anything else, is stability. A Democratic President and a divided (probably Republican) Congress is a strong prescription for nothing happening that decision makers can depend on. Yayyyy!
I’m looking forward to returning to the era of the most successful Republican president since, well, probably ever. That would be Bill Clinton, of course. The signature policy successes of the Clinton Era were 1. NAFTA; 2. Balancing the Budget; 3. Welfare reform. Name a Republican president who has done better at instituting Republican economic policies. No one beats Bill Clinton. If you look at long-term graphs of government expenditures and revenues, the “Reagan Revolution” is mostly a fantasy (sorry, no more graphs today). Clintonian triangulation actually got us somewhere in key areas. Because of gridlock, he wasn’t able pursue the leftist policies his wife wanted him to.
So, the Obamanistas were right after all. We now have hope I can believe in.
[Please note that I’m referring to economic policy defined rather narrowly. Democratic presidents, including Obama, remain a huge threat to the Constitution.]