The import of American liberalism from the New Deal to Obamacare has been the creation, expansion and preservation of the welfare state. It is this state that has put us over $16 trillion in debt and counting. Such GDP-surpassing levels of obligation are unsustainable and will precipitate an economic crisis. Witness Europe.
Liberalism will not be able to respond to this fiscal-based crisis because its entire programs is the creation of the welfare state whose unaffordability is the genesis of said crisis. Liberalism has created this crisis, they have no response to it other than to ignore it altogether. When ignoring it is no longer an option they will be left sputtering.
Witness Europe again. Even as Greece, Italy, Spain, Portugal and (less directly) France teeter on the edge of economic collapse and the destruction of the entire European project, there are no real efforts at meaningful reform, only feeble requests for perpetual bailouts and debt integration.
When the contagion crosses the pond the Left, unable to respond to a catastrophe of their own making, will meltdown in exact concurrence with the economy.
It will then be to the Right to redress what the Left hath wrought.
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