In the US midterm elections on Tuesday, Democrats got mauled and Republicans took the House, Senate, and most governorships.
Republicans are celebrating for no reason. Nothing will change. In five years, the US government will be the same size or larger, it will be further in debt, the welfare state will be the same size or larger, and the wars will continue and likely get worse.
The last time the Republicans held power under George W. Bush, the size of government skyrocketed to historic levels. Republicans are not conservatives. Republicans love big government and government power.
I disagree with Democrats on just about everything, but Republicans are clearly not the answer.
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Jonathan
Posted at 07:53 am, 6th November 2014One difference it makes is that the tax extenders package that Congress has been putting off until after the elections will probably be more business friendly with Republicans in control of the House and Senate.
For example, S179 that allows for expensing equipment purchases currently that would otherwise have to be depreciated dropped from $500,000 in 2013 to $25,000 in 2014. I have a few clients that have been delaying purchases until we find out if they’re going to increase it again, and I think that with Republicans in charge it’s more likely to happen.
Of course, that kind of thing also increases the deficit which supports your original point that no matter who is running the show we’ll see bigger gov’t and more gov’t debt.
Caleb Jones
Posted at 09:50 am, 6th November 2014There will be minor blips on the way to bigger government and more debt, but the overall direction won’t change.