Spending your children’s money is an easy way to solve problems, and the Congress of the United States, waving high the banner of Republican, seems ready to resort to this tried and true solution. Obama made us comfortable with trillion dollar deficits, and it will now be the bipartisan norm. Every law of economics declares that this cannot be sustained. But it continues, and the wolf of inflation is not yet at our door. What gives?
It seems to me that the age of the internet is a cornucopia of wealth production, or economic efficiency, or productivity if you will, and the bounty of this harvest is overcoming old economic truths. There is so much wealth being created, in countless and often unseen ways, that the debasement of the currency is offset. The printing press is just keeping pace with the flow of new wealth.
So the idea of a balanced budget, or a constitutional requirement thereof, lacks all urgency, and the campaign to reach 34 states is at a stand. Kentucky and South Carolina are within reach, so we may have 30 by the end of 2018. To get those last four states a great deal of money is needed, and until it is raised it simply won’t happen.
Since the Democratic Party has become the party of government, and George Soros, a Balanced Budget Amendment will only happen with Republican legislatures. We are, at the moment, at high water for Republicans, with 32 states under control, and two with one Republican chamber. In the current political environment, this dominance will be extremely difficult to maintain. If we lose the Colorado Senate next November, the path to 34 will be blocked.
The election of 2020 will, in this scenario, be the critical time for the BBA. It will need to be a Republican wave, bringing in new Republican majorities in places like Maine and Nevada.
So the Reagan Project stalls, and waits upon events. 2018 seems to be lining up as a Democrat year, but that can change. When Justice Kennedy retires in June the fight over his replacement will be epic. The next Neil Gorsuch will be the fifth vote to overturn Roe v. Wade, and the left will go berserk, to the benefit of the Republican brand. And the GOP may benefit from strong economic growth, and the small scale of our wars abroad. Anything can happen.
Which brings us to Trump the Improbable. You must give the devil his due. No one in American history has done what he has. When he ran for President he took on every power that was, Republican and Democrat, and he beat every damn one of them. At this point, you’d be a fool to sell him short.