On Faust and Europe and American Politics

In the WSJ today; creating a more equitable society is a Faustian exchange. As Obama and the Democrats tilt toward Europeanizing America, the “good times” in Europe are coming to an end.

In our version of the legend, Europe’s governments told the devil that, more than anything, they wanted a life of social protection and income fairness no matter the cost. Life was good. A fortnight ago, the bond devil arrived and asked for his money.

Of course, the good times weren’t all they were cracked up to be.

The state of Europe can be summed up in one word: stagnation. Jean-Claude Trichet, the European Central Bank president who just agreed to monetize the debt that Europeans can’t or won’t pay, noted in a 2006 speech that “over the period from 1996 to 2005, euro area output grew on average 1.3 percentage points less than in the U.S., and the gap appears to be persistent.”

Angus Maddison, the eminent European historian of world economic development who died days before Europe’s debt crisis, wrote in 2001: “The most disturbing aspect of West European performance since 1973 has been the staggering rise in unemployment. In 1994-8 the average level was nearly 11% of the labor force. This is higher than the depressed years of the 1930s.”

Why would we want THAT here? Recent polling suggegsts an electorate that, primarily, wants to stop what is going on in Washington.

“Republicans ran us under financially, and the Democrats are worse,” said poll respondent William Lina, 80, of Alden, N.Y., who is a registered Democrat but plans to vote a straight Republican ticket in November.

He cited frustration with the Democrats’ health-care overhaul and the economic stimulus program.

Joe Carter, a 53-year-old Republican from Kingsport, Tenn., who has voted for Democrats in the past, said he, too, would likely vote a straight Republican ticket.

“Both parties do things I disagree with,” Mr. Carter said. “But just to stop what’s going on now, I will vote Republican.”

I guess that wandering through the dessert thing is over for the Republicans?

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