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The Coming Post-Obama Renaissance – Victor Davis Hanson

10/04/2011

The Parting of the Clouds

In every literary, historical or cinematic masterpiece, times must grow darkest before the sunrise and deliverance. Tolkien worked that classical theme to great effect. A sense of fatalism overtook a seemingly doomed Gondor — right before the overthrow of Barad-dûr and the dawn of a new age of men. The historian Herodotus, in literary fashion, also brilliantly juxtaposed the Greek collapse at Thermopylae (the Spartan King Leonidas’ head impaled on a stake), and the Persian firing of an abandoned Athens, with Themistocles’s sudden salvation of Western civilization at Salamis. In the classic Western film, hopelessness pervades until out of nowhere a Shane rides in.

What Was Hope and Change?

We are living in an age of such morality tales, though the depressing cycle reminds us that the gloom is hardly fiction or artistry. For those with a little capital there is only a sinking stock market. It seems to wipe out more of their 401(k)s each week, as if each month cancels out yet another year of prior thrift. Near zero interest means any money on deposit is only insurance, not any more a source of income. Millions are trapped in their unsold houses, either underwater or facing an end to any dreams of tapping equity by sale.

And for the greater number without savings? Stagnant GDP, 9.1 unemployment, another $5 trillion in debt, $1.6 trillion annual deficits, and sky-high fuel and food prices have combined to crush any notion of upward mobility. (If in 2004 5.7% unemployment was supposed to mark a “jobless recovery,” what exactly is 9.1% called? If Bush’s average $500 billion deficits over eight years were abhorrent, what must we say of Obama’s average $1.6 trillion over three? Really bad?)  […]

Continue reading at Pajamas Media.

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