David Harsanyi

You will, almost certainly, not be surprised to learn that a deficit reduction commission, according to the president, is "urgent," as the country faces a serious fiscal crisis, all of which, even a year later, is the Bush administration's fault because it failed "to pay for new policies."

One empathizes. Yet this grievance would hold more water if the Obama administration hadn't spent more than any presidential administration in history has in its first year. Let's also remember that this dubious feat was accomplished without passing two of the most expensive pieces of legislative items on the statist menu.

Now, with the shadow of Scott Brown descending on D.C., we're in for a rhetorical recalibration. Obama will sound like an ardent fiscal conservative while simultaneously ratcheting up populist anger regarding banks, risk, profits and make-believe unfettered capitalism.

Do Americans feel an urgent need to stick it to the investor class? Financial regulations rank as the 15th-most important concern, behind "helping the poor," "moral decline" and "crime." So I doubt it. But we'll see what happens.

Yet it is difficult to deny that after only one year in power, the administration has been forced to admit its vision of economic intervention has been soundly rejected. All one needs to do is listen.

David Harsanyi

David Harsanyi is a senior editor at The Federalist and the author of "The People Have Spoken (and They Are Wrong): The Case Against Democracy." Follow him on Twitter @davidharsanyi.