One of the reasons that I supported Romney in the primary process was the fact that he would provide a level of experience with economic matters that the other contenders couldn't. And McCain's strength, his support for the War On Terror and the Surge in particular, would not be an asset if the Surge continues to go well or if the Surge starts to unravel.
McCain's positioned to successfully fight a Presidential campaign in 2006, not 2008.
Hopefully McCain knows this and will bring some economic gravitasTM to the ticket and his team. Why? Well, if the Democrats end up winning the White House and continue to hold the Congress, it won't just spell doom for our country in the War On Terror - it'll likely result in the end of American dominance in the global economy.
Or, as James Lileks puts it:
Speaking as an utter amateur, I’m worried less about a recession than inflation. I’m worried most about a recession, inflation AND a jolly round of trade wars, coupled with fragile banks, overcapacity, diminished consumer confidence and aggressive messianic collectivism. Something about that smells familiar. I love studying the thirties and forties, but not first hand.
Over the weekend, I watched Bush talk about how cattleman and other livestock producers were complaining about the rising costs of feed and how corn-based ethanol may not be the right solution.
My immediate reaction was - Why the @#$% did you sign a bill which inserted the federal government into picking which energy solution would prevail?
With the dollar in a death spiral (ready for another 100 basis point cut, MontereyJohn?), a Soviet-style 5 year plan in corn-based ethanol, increasing demand for commodities from the developing world, increasing demand to treat CO2 as a pollutant, an uncompromising desire to regulate everything from finance to health care to food to transportation, an absolutely idiotic head-in-the-sand approach to the impending Medicare & Soshsecurity failure, an increasing anti-free market rhetoric from the socialist Democrats, and an uncompromising desire by the socialists to increase taxes on individuals and businesses, it's unlikely that we'll be able to stop the decline.
As the situation worsens, expect the siren song of the socialists and communists to attract more adherents....
Perhaps I'm being fatalistic (and breathless) - perhaps were not seeing a return of the 30s and 40s, and "merely" a replay of the Carter years. Or perhaps everything will be sorted out in a few months.
But, the tide is not moving in the right direction to provide me any solace. Perhaps Texas could secede?
ARC: St Wendeler