"The success of a party means little except when the nation is using that party for a large and definite purpose," said Woodrow Wilson in his first inaugural, 100 years ago.
The Republican Party of Richard Nixon was called to power in 1968 to bring an honorable end to the war in Vietnam and restore law and order to campuses and cities convulsed by crime, riots and racial violence. Nixon appeared to have succeeded and was rewarded with a 49-state landslide.
The Republican Party of Ronald Reagan was called to power in 1980 to restore America's prosperity and military might and halt her stumbling retreat in the Cold War. He succeeded and was rewarded with a 49-state landslide in 1984.
Should Mitt Romney and Paul Ryan prevail, what would be the "large and definite purpose" for which they and their party had been called to power? Answer: Put America's fiscal house in order and restore the prosperity the nation knew before the Great Recession.
Yet the only path consistent with party principle to achieve this goal is by imposing real pain upon an electorate that is less likely to reward Romney-Ryan with a 49-state landslide in 2016 than punish their party with a massacre of Republicans in 2014.
Recall: In 1982, before the Reagan tax cuts began their healing work, Fed Chairman Paul Volcker's deep-root-canal economics -- double-digit interest rates to scour inflation out of the economy -- caused a loss of 26 Republican House seats. In early 1983, Reagan was widely viewed as a one-term president.
Should Romney and Ryan prevail in November, they would face a situation as dire as was Reagan's -- with fewer policy options.
Consider the 20 percent income tax cuts Romney proposes. With present tax rates generating revenue only 15 to 16 percent of gross domestic product, a cut that size would explode a deficit that is already in excess of $1 trillion for the fourth straight year.
Moreover, the principal beneficiaries of those tax cuts would be Americans in the 35 percent bracket, who would see their top rate fall to 28 percent. Someone earning $10 million a year in salary income could get a tax cut of around $700,000 -- a nice piece of change.
Romney suggests he will pay for tax cuts by cutting deductions. But the three largest deductions for most taxpayers are mortgage interest, state and local taxes, and charitable contributions. And if the GOP is reluctant even to discuss these cuts today, is it likely to enact them?
The Romney-Ryan supply-side tax cuts had better produce a boom, and fast, because, given the makeup of the media, they will be portrayed as a plutocrats' raid on the U.S. Treasury.
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