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Friday, April 21, 2006

Paul Krugman: The Great Revulsion

Paul Krugman recalls a vision that was nothing more than a hope and a dream three years ago, but is now becoming a reality:

The Great Revulsion, by Paul Krugman: "I have a vision — maybe just a hope — of a great revulsion: a moment in which the American people look at what is happening, realize how their good will and patriotism have been abused, and put a stop to this drive to destroy much of what is best in our country."

I wrote those words three years ago in the introduction to my column collection, "The Great Unraveling." It seemed a remote prospect at the time: Baghdad had just fallen to U.S. troops, and President Bush had a 70 percent approval rating.

Now the great revulsion has arrived. The latest Fox News poll puts Mr. Bush's approval at only 33 percent. ... The proximate causes of Mr. Bush's plunge in the polls are familiar: the heck of a job he did responding to Katrina, the prescription drug debacle and, above all, the quagmire in Iraq.

But focusing too much on these ... makes Mr. Bush's political fall ... seem like an accident, or the result of specific missteps. That gets things backward. In fact, Mr. Bush's temporarily sky-high approval ratings were the aberration; the public never supported his real policy agenda.

Remember, in 2000 Mr. Bush got within hanging-chad and felon-purge distance of the White House only by pretending to be a moderate. In 2004 he ran on fear and smear, plus the pretense that victory in Iraq was just around the corner... The real test of the conservative agenda came after the 2004 election, when Mr. Bush tried to sell the partial privatization of Social Security.

Social Security was for economic conservatives what Iraq was for the neocons, a soft target that they thought would pave the way for bigger conquests. And there couldn't have been a more favorable moment for privatization than the winter of 2004-2005: Mr. Bush loved to assert that he had a "mandate"... Republicans held solid, disciplined majorities in both houses of Congress; and many prominent political pundits were in favor of private accounts.

Yet Mr. Bush's drive on Social Security ran into a solid wall of public opposition, and collapsed within a few months. And if Social Security couldn't be partly privatized under those conditions, the conservative dream of dismantling the welfare state is nothing but a fantasy.

So what's left of the conservative agenda? Not much.

That's not a prediction for the midterm elections. The Democrats will almost surely make gains, but the electoral system is rigged against them.  ... As a result, Democrats would need a landslide in the popular vote — something like an advantage of 8 to 10 percentage points over Republicans — to take control of the House of Representatives. That's a real possibility, given the current polls, but by no means a certainty.

And there is also, of course, the real prospect that Mr. Bush will change the subject by bombing Iran.

Still, in the long run it may not matter that much. If the Democrats do gain control of either house of Congress, and with it the ability to issue subpoenas, a succession of scandals will be revealed in the final years of the Bush administration. But even if the Republicans hang on to their ability to stonewall, it's hard to see how they can resurrect their agenda.

In retrospect, then, the 2004 election looks like the high-water mark of a conservative tide that is now receding.

Previous (4/17) column: Paul Krugman: Enemy of the Planet
Next (4/24) column: Paul Krugman: CSI Trade Deficit

    Posted by on Friday, April 21, 2006 at 12:15 AM in Economics, Politics | Permalink  TrackBack (1)  Comments (44)

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    » Beyond the Great Revulsion from Capital Region People

    So, Krugman and "The Great Revulsion" aside, what will it really take to FIX all of this? What does this country really need? You better sit down, kids. [Read More]

    Tracked on Saturday, April 22, 2006 at 10:08 AM


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