Tuesday, November 4, 2008

A new era

A new era has arisen in American politics. Much ink has and will be spilled about the race of our new president-elect and his age and his politics. The new era is much deeper.

In 1994 a Republican Congress arrived in power with no respect for the laws of arithmetic. Following the lead of Ronald Reagan, they prescribed fiscal policies that had only the vaguest pretense of adding up. The goal was clearly to enrich the prosperous, disregarding the burden on future generations. The Bush Administration expanded this model, moving from disregarding reality in fiscal policy to disregarding it in a host of areas ranging from climate change to Saddam's relationship to 9/11.

The incoming adminstraiton faces two wars, an unsustainable fiscal policy, and a financial crisis. The next two years will be bleak for the living standards of much of the world. In short, it is an unimaginably challenging time for a new administration to take power. At the same time, it is an unimaginably great feeling to be proud that our government is once again in the hands of people who believe in reality and who will respect the laws of arithmetic as they try to improve the world.

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