Okay, so now that Obama(The antithesis to you objectivists) will more than likely become the 44th President what do you think will happen the next 4 years?
You should be aware that McCain is not an Objectivist, that most Objectivists think he is an absolute disaster, that even the Objectivists who voted for him mostly dislike him, and that Objectivists who vote for the GOP more often than not think the GOP is a disaster. Also, be aware that some Objectivists voted for Obama, as I did.
Predict whether the economy plummets, or recovers,…
This would be a fool’s errand. The recent shock that the economy faced has been decades in the making. With a few tiny changes, the markets could just as easily have fallen out 6 months earlier than they did, or 6 months later… in the term of another President. If Obama goes back on most of his extreme campaign promises, and instead tries to keep the deficit from blowing out of control, the main economic metrics over the next four years could be good in relative terms. It depends of whether he dumps the bulk of the crap he promised. Often, when one becomes “the man”, one feels responsible, and replaces one’s hot-headed activist notions with more centrist, adult ones. Who is able to predict how much he will back-pedal?
The question really boils down to: predict whether the Democratic Congress and Obama will run things far left of center or stay only slightly left of center, just like the good old GOP. If they don’t veer too far to the left, there’s no good reason to suppose the economy will see an impact within 4 years. Indeed, I wouldn’t be surprised in Obama calls for a pause on changes that affect the budget, and instead pushes for changes that are more structural – things like card-check. The impact of structural changes like that can take decades.
If Obama is overly-conscious of his left-leaning image and dumps his more left-wing friends and manages to the center, he can run a government that does just fine. Who can predict if he will go back on his platform and his rhetoric, and to what extent? Even if he wants to run more centrist, will he be able to control some people in Congress?
In the end, politician say they will do all sorts of crazy stuff, and then don’t; politicians lie and human beings have volition. So, it’s not easy to predict what they will do.
Instead of this, if he spends all he promised, on health care; and, if he taxes all he said he would tax; and if he pushes card-check; and, if he imposes strict carbon-cap rules; and, if he pushes the Fed to inflate to “help jobs” etc.;… then, it’s hard to see how the economy can do anything but go listless.
What will Obama do? Today, even Obama probably cannot predict that reliably.