(This guest post originally appeared at the author’s blog)
Tonight’s Republican sweep is meaningful and should not be taken lightly by Democrats as they examine strategies for 2010. The anger was palpable in townhall meetings, and subsequently today in the voting booth, and it wasn’t just about health care. Congresswoman Cynthia Lummis seems to have gotten the message, though we would add something else to her mix: a deep frustration with bailout culture and the begrudging realisation that we were robbed by Bernanke, Blankfein, Lewis, Paulson and Geithner to the tune of trillions, while Pelosi greased the skids and Reid goosed the slots.
The sucker punch for Democrats is an ever-greater awareness of the national debt among the sheeple right at the moment of their scheduled debt-bubble re-inflation. Projected deficits of $10 trillion over the next 10 years are a powerful wake up call. Just yesterday another mainstream columnist wondered aloud whether the United States would eventually default. Articles of this sort are becoming commonplace, and Obama and Democrats have no one to blame but Krugman and Keynes, and their decades-long obsession with using deficit spending as a means to avoid recession and, in many ways, truth.
And no one should forget scenes like this irate grandmother demanding bailout blood, and what her tirade signifies. That simply is not normal behaviour. The natives are restless, and incumbents, especially Democrats, will need a coherent strategy to save what’s left of their bailout-beholden, Wall Street-captured political careers. Sadly, they cast their lot with support of TARP (and made Nancy and Hank proud) as well as with the massive, borrowed $800 billion stimulus that will eventually wash up on the shore of irrelevance. It’s not so easy to re-inflate a $10 trillion consumer-driven, debt-laden bubble, blow as one might.
Our Suggestion: Stop the Bail, Stop The Spending & Stop The Stimulus.
The party that figures it out first wins, in 2010 and beyond.
The American people (and their children and grandchildren) have had enough.