Wednesday, November 03, 2010

The Republican Victory and the Future of Limited Government

The American conservative proponents of limited government might be pleased by the electoral victories of the Republican Party. But now the question is whether the Republican leaders will revive their traditional allegiance to limited government and constitutionalism.

A lot might depend on John Boehner, who will become the new Speaker of the House of Representatives. In opposition to President Obama, Boehner has stressed the need to renew the tradition of limited government. But, of course, the Republicans must bear some blame for supporting George W. Bush's "big government conservatism." Boehner has admitted this in some speeches, and he has suggested that the Republicans will be judged by how well they can return to their limited-government roots.

Two years ago, I wrote a post predicting that if the government interventions into the economy continued to follow the direction taken by Bush, that we could expect a prolonged economic depression. I have no reason now to withdraw that prediction. If the Keynesian policies of the Obama administration continue, we can anticipate falling into a long period of economic stagnation like that experienced by the Japanese.

Whether the Republicans can exert any influence in slowing or reversing this slide into economic statism is the great question coming out of this election cycle.

I agree, then, with Marco Rubio who said in his victory speech in Florida that this election creates "a second chance for Republicans to be what they said they were going to be not so long ago."

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