Tuesday, May 18, 2010

The political tsunami is underway

Message to big-spending incumbents:

Rep. Joe Sestak defeated five-term incumbent Sen. Arlen Specter in Pennsylvania’s Democratic primary election. Mr. Specter is the third incumbent in as many weeks to lose his re-election bid in an intra-party contest.

With 65% of precincts reporting, the Associated Press called the race for the two-term Mr. Sestak, 53% - 47%.

Mr. Sestak defied the party establishment, including President Obama, in mounting a primary challenge to Mr. Specter, who switched parties last year in part to improve his re-election prospects.

Rep. Sestak faces Republican Pat Toomey in the fall election.

http://online.wsj.com/article/SB10001424052748703957904575252061587373610.html?mod=djemalertNEWS

This is huge. The people are very upset, and they are taking their revenge. At this point it seems difficult to underestimate the positive changes, from the perspective of a supply-sider or non-Keynesian, that will occur with the November elections. Very bullish.

17 comments:

W.E. Heasley said...

Mr. Grannis:

“This is huge. The people are very upset, and they are taking their revenge. At this point it seems difficult to underestimate the positive changes, from the perspective of a supply-sider or non-Keynesian, that will occur with the November elections. Very bullish.”

Its possible that the people finally see the world of unreality built atop and around the concept of the unfunded entitlement. That the unfunded entitlements, now amounting to $+100 trillion, are merely a series of hollow promises which progressive politicos of both parties have used coercively for contingency building. That both the producers who are forced to fund the expanding hollow promises and more importantly the recipients of the hollow promises of unfunded entitlements both see that the grim reaper of bankruptcy is not some obscure figure out on the far horizon but a real live figure standing amongst them.

That the less abstract world of the $13 trillion national debt and +1 trillion dollar of annual deficits is a credit line that actually has a finite limit.

That between unfunded entitlements that can not eventually be delivered (hollow promises), the national debt, and annual deficits…. that bankruptcy is a real live possibility. If you leave the world of unreality based on the notional concept of “the way things ought to be” and enter the positive world of consequences and limits, it becomes apparent that drinking champagne on a beer budget eventually leaves you with no champagne and no beer but a whole lot of empty bottles.

Cabodog said...

Even in our small county's election yesterday, the incumbents are getting voted out. Even our local DA who's held the position for years got voted out (however, his wife is a democrat holding office, highly in favor of recently enacted tax hikes and IMHO the vote yesterday is retribution).

Want change? You got it Mr. O. I suspect by November even his own party will be calling O a political terrorist.

Paul said...

I'm amazed by the quality of GOP candidates and recent winners like Gov. Chris Christie. We will have an embarrassment of riches in VP candidates for 2012.

The head scratcher right now is who will be the nominee to go up against Obama?

I know, it's too early.

Frozen in the North said...

Yeah Ron Paul will be great for the Republican Party... no doubt a real winner there. So far the Democrats have kept their mouth shut on a Libertarian, but watch them over the next few months!

See how that works out for us when his views on Medicare, Defense and Social Security come to the front in an election cycle. Paul is a disaster for the Republicans, mark my word, the RNC will spend a day a week explaining why Paul's views are not that of the Republican Party.

The real issue is that no one is ready to tell the public what must happen, and moreover the public doesn't want to hear it either.

Defense & Medicare cuts are on their way, they are the single largest appropriation for the Federal government (and there's nothing to cut in Social Security as it pays more or less what it receives). These three programs and interest payments account for nearly 7/8 of every dollar the Federal government spends.

An 11% deficit will have to be cut, and its going to get really ugly out there. But I don't think anyone is going to cover themselves in glory, because the truth is unappealing.

People are upset, they don't really understand what they are upset about, they want other people's programs to be cut, while preserving their own entitlements.

Houston we've got a problem!

Benjamin said...

I think we will see a Sarah Palin-Michelle Bachman R-Party ticket in 2012.

Palin is extremely ambitious, and very popular. Maybe not so much Bachman, and she has accepted $250k in federal farm subsidies, but I think the right-wing will forgive that, as rural subsidies are exempt from right-wing criticism.

Ron Paul? Maybe we will see a Paul-Paul ticket---Ron and his eye-doctor son, Rand, who won yesterday too.

Too early to tell if 2012 will go down as a Goldwater year, or a Reagan year. It will be a wild one, but then maybe they all are.

Jeff said...

While I'm somewhat happy with last night, I am concerned about the resuls from the Pa. 12th district. Of all the votes last night, this was the only one that was a true "election" and not a primary. In this election, the Republicans failed to pick up a seat in a place where you would hope they would...that would have really sent a message, but yet the democrats held the seat. This is concerning to me...thoughts/comments. I want our country back more than anyone, but this vote hurt my confidence that the Republicans could truly get back the house and potentially the Senate.

Gabriela said...

Things apparently had to get very bad before there could be any hope of them getting any better.

Paul said...

"I am concerned about the resuls from the Pa. 12th district."

Eh, I wouldn't get too worked up about it. Democrats have a 2-1 advantage in that district, and they got used to decades of Democrat John Murtha's grotesque pork he brought back. Besides, as the Weekly Standard put it, "Critz ran as a conservative Democrat--his ads portrayed him as a pro-life, pro-2nd Amendment, anti-cap & trade candidate, who would have voted against Obamacare."

Paul said...

Benji,

"..as rural subsidies are exempt from right-wing criticism."


Does National Review count as right-wing criticism?


"The farm bill passed by House Democrats in July would continue giving millionaires farm subsidies (setting the income threshold for payments at $1 million a year, and keeping loopholes in place that allow some making much more to qualify). The Bush administration has proposed sharply reducing the income threshold to $200,000 a year and ending many of those loopholes. "

Benjamin said...

Paul-

It ain't people who read magazines who are dominating the R-Party elections anymore. It is the talk-show crowd.

The "establishment" R-Party apparatus has been blasted to Hades. The energized R-Party voters want results.

They may win, as they are energized. But such fevered voters are not always the most circumspect. A detailed analysis of the 20 states that get back $1.30 for every $1 they send to DC is not what they are going to seize upon. They just want to hear about tax cuts and the terrorist threat.

I like National Review magazine. I bet David Shields of the New York Times reads it. William F. Buckley was a wonderful and smart gentleman.

That ain't who is calling the shots anymore in the R-Party.

Paul said...

'That ain't who is calling the shots anymore in the R-Party."

Oh, puhleeze. Every conservative pundit I can think of opposes farm subsidies. Once again, you have no idea what you're talking about.

What makes you such a fraud, Benji, is your complete lack of scorn for the Democrats, especially Obama, who are neck deep with Big Ag. It's never a bi-partisan problem with you.

But Bush vetoed the gluttonous 2007 farm bill when his scale-back reforms were rejected by the Democrat-controlled Congress.

His veto was over-ridden.

DouglasR said...

Wait, Paul. If Bush's veto was overridden by the "Democrat controlled Congress" there must have been many Republicans who voted to override as the Democrat control was always razor-thin in the Bush years, during the time they had control. Am I missing something? Seems like a bi-partisan issue to me... or maybe you and Benjamin just like to rile each other.

Paul said...

"Am I missing something? Seems like a bi-partisan issue to me..."

That's my point, exactly. Benji heaps all the blame on the GOP for farm subsidies. I readily admit there are lots of bad Republicans.

It's just that there are no good Democrats.

Benjamin said...

Paul-

I have identified a way to balance the budget--have the 20 most subsidized states come to parity, when it comes to federal outkays and receipts.

You don't like the idea?

Paul said...

"I have identified a way to balance the budget--have the 20 most subsidized states come to parity, when it comes to federal outkays and receipts.

You don't like the idea?"

A) No. It won't work.Too many variables like military bases, and elderly population migrations that skew the numbers.

B)I notice you still having nothing to say about your beloved Democrats addiction to farm welfare.

MadTax said...

"The Paul campaign had painted his rival, Trey Grayson, the Kentucky secretary of state, as the very model of a country club Republican — referring to him in news releases by his full name, Charles Merwin Grayson III. ... But no one seemed to mind that the Paul campaign chose, yes, a country club about two miles from Mr. Paul’s home for its victory celebration. With its lush grounds and a roaring fire in every room, it was a far cry from most Tea Party rallies."

Public Library said...

Boy your Tea Party folks are really making headlines, and not in a good way. These people are wackos but this is America so at least we get a chance to watch them crash and burn in time.