Steyn: It Starts With The Money

From Mark Steyn:

All this week at SteynOnline, we're looking at what I regard as the key issues in this year's big vote. I'd love to hear your thoughts, so drop us a line at Mark's Mailbox. 


We're starting today with the most basic issue of all: We're broke.

I’ve spent much of this election season overseas, a long way from internal polls for this or that House district, so I’m not too focused on the fortunes of particular Republican candidates or particular Democrat incumbents. But nor is a big chunk of the electorate: A Republican victory is not the end but merely the means. The Tea Party and other members of America’s beleaguered productive class decided that this time round it suited them to work within the diseased husk of the GOP. This is really the last chance for the unloved Republicans. If the party establishment is sufficiently dimwitted to see November 2nd as the restoration of the 2004-2006 GOP, they will be setting up the conditions (as Rush has already argued) for a serious third-force challenge in 2012. That would be less convulsive than a remoter though still possible scenario: If the Democrats manage to hold onto power by openly funding spoiler candidates, they would be discrediting the entire electoral process, and setting up pre-revolutionary conditions. In other words, it would be very easy for both parties to confirm the suspicion of a very disenchanted electorate – that the system no longer allows for serious course correction.

And, without serious course correction, America is doomed. It starts with the money. For dominant powers, it always does – from the Roman Empire to the British Empire. “Declinism” is in the air these days, but for us full-time apocalyptics we’re already well past that stage. In the space of one generation, a nation of savers became the world’s largest debtors, and a nation of makers and doers became a cheap service economy. Everything that can be outsourced has been – manufacturing to by no means friendly nations overseas; and much of what’s left in agriculture and construction to the armies of the “undocumented”. At the lower end, Americans are educated at a higher cost per capita than any nation except Luxembourg in order to do minimal-skill checkout-line jobs about to be rendered obsolete by technology. At the upper end, America’s elite goes to school till early middle age in order to be credentialed for pseudo-employment as $350 grand-a-year diversity consultants (Michelle Obama) or in one of the many other phony-baloney makework schemes deriving from government micro-regulation of virtually every aspect of endeavor.

So we’re not facing “decline”. We’re already in it. What comes next is the “fall” – sudden, devastating, off the cliff. That’s why this election is consequential – because the Obama-Pelosi-Reid spending spree made what was vague and distant explicit and immediate. A lot of the debate about America’s date with destiny has an airy-fairy beyond-the-blue-horizon mid-century quality, all to do with long-term trends and other remote indicators. In reality, we’ll be lucky to make it through the short-term in sufficient shape to get finished off by the long-term. According to CBO projections, by 2055 interest payments on the debt will exceed federal revenues. But I don’t think we’ll need to worry about a “Government of the United States” at that stage. By 1788, Louis XVI’s government in France was spending a mere 60 per cent of revenues on debt service, and we all know how that worked out for the House of Bourbon the following year...
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