Voting the Dream Gets You a Nightmare

The exquisitely intelligent Holman Jenkins says Get Ready for the Lost Decade:

Policy is always bad to a degree, but long periods of prosperity tend to be self-reinforcing since powerful interests are born with the means and motive to preserve the status quo. That status quo may really be a contributor to prosperity, such as regulatory restraint and moderate tax rates. That status quo may in some respects be ill-advised, such as excessive subsidy to housing debt.

But once prosperity blows up, the quasi-virtuous policy circle becomes an unvirtuous one as new interest groups come to the fore to exploit an appetite, previously weak, to impose their costly or vindictive wish lists. And even well-meaning policy gets twisted and rendered incoherent.

It really is sad that amidst what should be three quarter recession, we have elected a president and a party who will likely turn it into a decade long economic malaise.

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