Week of January 12, 2009

This past week proves once and for all that some of America's most elite journalists are infected with the dreaded disease"Bush Derangement Syndrome."

1."Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we."—Washington, D.C., Aug. 5, 2004

FOR YEARS now, whenever I've been invited to lecture students on how our tax system works, I have asked a simple question: What is the purpose of the United States of America? The most common answer, be it at prestigious universities, elite prep schools, rural community colleges, or crowded urban high schools, is this: To make people rich.

This should come as no great surprise. For anyone born after, say, 1970, the world has been shaped by Ronald Reagan's remaking of government's relationship with private interests—a vision of lower taxes, less regulation, and maximum economic leeway for those at the top. In this view, the pursuit of wealth is the warp and weft of America; everything else will follow.

By contrast, the preamble to the Constitution tells us the nation's reason for being in 52 words that can be reduced to six principles: society, justice, peace, security, commonwealth, and freedom. Individual riches don't make the list. They are a product of American society, not its guiding purpose. Progress, then, must begin with a return to the best of the values that created this Second American Republic—one born, it's worth remembering, from the failure of the Articles of Confederation, whose principles (weak government, unfettered capitalism) found their resurrection in the economic policies of the past three decades.

It was a scary moment there, right after 9/11, when some very serious people opined that we were witnessing the Death of Irony. It turned out to be the Coma of Irony, or perhaps the Short Nap of Irony, for by oh, let’s say 10/11, it was back in full blossom. Today’s irony, and the stunts that it encourages, has to do with what might be a very serious subject, or it might not be. That we can’t tell for sure is the surest sign that we are in deep water, or shallow water that just looks deep.

[I]t was one of Bush's heroes, Ronald Reagan, who crystallized the way modern presidents are judged: Are people better off than they were when the president took office?

Based on that standard, the Bush report card is mixed at best. It is abysmal at worst.

This is his tenure: eight years bracketed by the worst terrorist attack in U.S. history and the worst economic collapse in three generations. In between came two wars, two Supreme Court appointments, a tough re-election, sinking popularity, big legislative wins and defeats, an ambitious effort to combat AIDS, a meltdown of the housing market, a diminishing U.S. reputation abroad, and more power invested in Dick Cheney than any vice president in history.

There's much to like in Obama's plan. But there are two important ways he may have to go further. Most economists agree that what finally pulled the U.S. out of the Great Depression was military spending for World War II. Some liberals argue that if the Roosevelt administration had not abandoned a Keynesian stimulus strategy in 1937-38, the U.S. might have gotten out of the depression without a war. But in 1936, unemployment was still at 16.9 percent; by 1942, after two years of war spending, it was 4.7 percent, strongly indicating that it was war spending that did it. I am not suggesting that the United States start a world war in order to solve the world's economic problem. But I am suggesting a strategy that could be called the fiscal equivalent of war.

It is a hallmark of a sane and moderate society that when it changes leaders and regimes, those left behind should be abandoned to the judgment of history. It is in savage societies that the defeat of a ruling faction entails its humiliation, exile and murder.