A British View of Our Election Results
The midterms may have saved a superpower: Americans say no to US decline
By Nile Gardiner World November 3rd, 2010 telegraph.co.uk
Tonight’s emphatic conservative House victory in the US midterms is a powerful rejection of President Obama’s handling of the economy and his Big Government agenda, including his controversial healthcare reform plans. The conservative revolution has been largely spurred by disenchantment with the federal government, and a strong belief in limited government, lower taxation, and reduced public spending, as well as a desire to return to America’s Founding principles.
It is also a powerful rejection of American decline, currently being fueled by massive debts at home, weakened defences and a defeatist foreign policy. The federal debt has jumped from 40 percent of GDP in 2008 to 62 percent by the end of this year, the highest percentage since World War Two.
As I noted several weeks ago, when I wrote of the consequences of an unchecked presidency acting with impunity:
Under the Obama White House, economic decline, feckless borrowing and towering debts, which will rise dramatically further if hugely expensive health care reforms are implemented, are combined with a flawed foreign policy and national security strategy which is leaving America weaker on the world stage and more vulnerable to attack. From its decision to scrap Third Site missile defences in eastern and central Europe, to its failed policy of engagement with Iran and its timetable for withdrawal from Afghanistan, the Obama presidency is projecting dangerous weakness and compromise in the face of its enemies.
Ultimately, President Obama’s legacy to America will be the decline of a great superpower, weighed down by crushing debts and massive entitlement programs, and facing an emboldened set of adversaries, from Moscow to Tehran to Pyongyang. The damage inflicted by the Obama administration will ultimately be worse than the harm caused by the presidency of Jimmy Carter due to the scale of the long-term economic crisis now facing America.
The overwhelming repudiation of the Obama administration’s failing policies sends a clear message to the world that the American people will not accept the decline of the world’s most powerful nation. Now the hard part begins, and a very top priority for the new Congress must be reigning in the ballooning national debt, which the Congressional Budget Office predicts could rise to 87 percent of GDP by 2020, 109 percent by 2025, and 185 percent of GDP by 2035.
While the Conservative-led government in Great Britain has already embarked upon a $130 billion austerity cuts package, shedding nearly 500,000 public sector jobs, the US administration has defiantly remained with its head in the sand, while still talking in terms of further stimulus spending. That position is unsustainable.
Dramatic spending cuts (with the exception of national defence) must also be coupled with a pro-growth agenda of lower taxes, private sector job creation, free trade and economic freedom.
After the immense damage of the last two years, the midterms have offered the United States an opportunity to reverse course and get back on its feet. The world needs a powerful, successful, dynamic and prosperous America, where individual liberty and freedom are the driving forces, rather than the overbearing deadweight of federal government. The American people have spoken, and the White House must be held to account.