The prospect of a lasting Democratic majority, based upon a vast coalition of takers, is real. But it need not come to fruition, and if it does come to fruition, it need not last. The reason is that, contrary to what President Obama and his supporters evidently believe, more dependency necessarily entails less opportunity. This is because wealth can only be created through the efficient allocation of human and material resources, a process that can only occur in the private economy. The larger the share of the economy dominated by the public sector, the less economic growth there will be. Hence, the administration’s policies are certainly diminishing the possibility of economic growth — something that would be a lot more obvious already if it were not for the huge windfall our economy has found in the current boom in oil and gas production.
The near-certainty of lasting economic malaise if this administration’s policies become entrenched is the ultimate time-limit on those policies — and on the Democrats new coalition of takers. Sooner or later Americans will become so miserable that they will become desperate for change. That is what happened to the British just before Thatcher’s revolution.
But it must remain our goal to keep that from happening, otherwise we could see a lost generation.