History Repeats Itself
They botched it.
They nominated a highly charismatic, but inept man named Jimmy Carter as president. Inflation, unemployment, and loss of national prestige (all to much greater degree than we have had recently) were rampant and it appeared to some that America was going to go down for good. Jimmy Carter's response was to tell us that America was going to need to accept a smaller role in the world and then he lectured us on malaise. Inflation and unemployment were driven by his effort to artificially raise peoples' incomes by mandating raises through minimum wage laws and letting the unions run rampant, a precursor to redistribution.
America fired him.
The next Democratic President was a competent sleaze. He was first, foremost and almost entirely a politician. America did relatively well because he recognized that corporate America paid the bills and that if they weren't making money nobody was. His Democratic Leadership Council recognized the importance of business being profitable and he governed accordingly.
A new Democrat has been elected. Is he Bill Clinton again or is he Jimmy Carter? My money is on Jimmy Carter. Economic collapse is the inescapable long-term conclusion of simple redistribution. (Any possible, but unlikely, early improvements is comparable to avoiding famine by eating your seedcorn only to starve later when there is nothing left to plant. )We should have learned that with the great society, but the lie of Socialism is so seductive that people refuse to learn that it will NEVER work. Socialism will work when men can fly by flapping their arms; it is impossible.
I hope I'm wrong but I am certain that I am right. Jimmy Carter is getting his second term in the person of Barak Obama.
Now he could prove me wrong by avoiding redistribution and governing like Clinton did but I really don't think he will. If he governs from the center, which is to the right of his voting record, he'll do OK, but I don't think he is pragmatic enough to do that.
I predict that the GOP and conservatives will do very well in 10 and 12.