Notwithstanding the media blitz in support of the Democrats’ over-the-top “stimulus” plan, most Americans are skeptical. Rasmussen finds that 59% fear that “Congress and President Obama will increase government spending too much in the next year or two.” Conversely, only 17% worry that they will cut taxes too much. (I think we can safely reassure that group that their fears are unfounded.)
This suggests that the seeds of the Republicans’ resurgence have already been sown. Congress will indeed spend far too much money, increasing the federal deficit to ridiculous levels. Before long, the monetary and fiscal policies now emerging will lead to wealth-destroying and income-eroding levels of inflation. As long as the Republicans in Congress stick to their principles and oppose the Democrats’ pork-fest, they should be well positioned for a comeback in 2010 and 2012.
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