Republicans Resurgent in Elections
The results are in. Conservative Republicans have won in Virginia. Voters have ejected liberal taxer John Corzine from the New Jersey governorship. And while the Democrats took the Congressional seat in New York's 23rd district, Republicans got a reminder that you will not win - and you will not endure in office - if you do not adhere to the principles of limited government.
Conservative pundits have explained that this may be a referendum on President Obama. This may be a statement by a diverse set of voters that they are not thrilled with the "hope and change" playing out across the political landscape. Those pundits are probably right. Voters don't like the stimulus. They don't want government run healthcare. Instead, they want to see Congress and the President reign in federal spending. They don't want to keep hearing disingenuous claims that giant new entitlements will actually decrease the deficit. And they certainly don't want to keep hearing tortured tails from President Obama that he hasn't and won't raise taxes on anyone but the rich, despite the pressing evidence of objective reality.
It's the economy, stupid, and it's on the minds of every American right now. Given that, it makes no sense why the President and Congress continue to focus on far-left wish lists rather than simple policies geared toward reducing unemployment, balancing the federal budget, and ensuring the stability and value of the American dollar. Although I see no signs that they'll change their ways, if they do, I'll be the first one to give a thumbs up for a step in the right direction. But I'm not holding my breath.
In light of that behavior, it makes sense that we've seen the results that we've seen over the past 24 hours. Fiscal and social conservatives are happy right now - as they should be. Bob McDonnell and Ken Cuccinelli are not "moderate" Republicans, and the governor-elect appears ready to to reign in spending and reduce taxes. Of course, liberals are fond of reminding us that George W. Bush spent like a drunken sailor - most significantly on the Iraq war. This is certainly a valid criticism of President Bush. I'd add that he was the idiot that started this whole bailout mess when he signed TARP into law. But the fact that the former President spent like crazy doesn't justify the new President's crazy spending. Instead, it reinforces the idea that massive spending is bad, regardless of what party is in power.
So we should be happy today, but we should also remind the GOP of what we expect of them. If you don't cut spending, cut taxes, and improve the dollar, we will vote you out of office too, and we will not continue to put you in office if you speak of limited government on the one hand, while on the other your actions help to grow and strengthen the massive federal bureaucracy and its entitlement culture.
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Let’s Fix Spending First
This nation has a multitude of problems. Chief among them is spending. As much as the incoming government wants you to believe (and the old government seemed to believe) that government spending can revitalize an economy, we have to recognize the truth. Government is a non-productive entity that relies on taxation of the productive segment of society in order to fund its operations. That's not to suggest that there is no need for government, but government lives under the same realities as you and me, and it cannot wish that away through coercive action. If the government spends more than it takes in, then it runs at a deficit, and the only way to handle that shortfall is for the government to (a) borrow money or (b) print money. If the government borrows money it must pay interest, and if it continues to run at a deficit for many years then it continues to accrue more and more ever compounding interest. If, on the other hand, the government prints more money, then it subtly "taxes" individual savings by increasing the money supply, thereby deflating the value of savings, and in turn decreasing the number and quality of things people can buy. Either way results in disaster. And yet, President-Elect Obama warns us that more of this profligate deficit spending is on its way:
Obama said Tuesday the deficit appears on track to hit $1 trillion soon. Speaking to reporters after meeting with top economic aides, Obama said: "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on."
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