The Economic Consequences of America’s Elections
America’s lurch toward a European-style social-welfare state in Obama’s first two years appears to have been delayed, if not permanently ended or reversed. That is good news for the US – and for the global economy.
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STANFORD – November’s mid-term elections were a sharp rebuke to the vast expansion of government spending, deficits, and debt in the United States. Elected in the midst of the financial crisis in the fall of 2008, President Barack Obama and the Democratic leadership of Congress seemed surprised when the public rejected their stimulus, health-care reform, and energy policies by large margins.