Counting the Cost

Counting the Cost

Elections have consequences. But sometimes we have to wait a bit to learn what they are.

Recall Barack Obama’s historic election. He glided into office last year, bringing along an increased Democratic majority in the House of Representatives and a seemingly filibuster-proof majority in the Senate.

How did he win? In part by promising to restore fiscal sanity.

“Obama also believes that after eight years of reckless fiscal policies that squandered historic surpluses and added $4 trillion to the deficit, it is vital for candidates to put forward specific...