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Is it safe to assume there will be a shift in U.S. public policy, particularly with respect to the economy, just because President-elect Barack Obama and the Democrats will be in charge, as opposed to the George Bush-led Republicans?

The above may appear to be stating the obvious but historical evidence indicates that is not the case: over the decades there have been remarkable similarities in economic policies offered by Republicans and Democrats. It's the basis for the joke that the difference between the two is akin to the difference between Tweedledum (center-right) and Tweedledee (center-left).

A new era of reform?

Further, although Democrats have historically viewed government as an activator (and Republicans as a regulator), Democratic ventures, certainly from a European standpoint, with few exceptions, have been limited in scope. The largest and most influential, of course, has been Social Security -- the successful redistributive (although partial) pension program that lifts tens of millions of American senior citizens out of poverty every year.

However, the above is not to imply that Republicans can not be change agents. The impressive reforms by the trust-busting President Teddy Roosevelt (including the Hepburn Act of 1906, the Pure Food and Drug Act of 1906, the Meat Inspection Act of 1906, and numerous conservation programs) provide testimony to that. There's a reason Teddy Roosevelt's face is on Mount Rushmore.

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Will Obama really change the economic playing field? originally appeared on BloggingStocks on Wed, 26 Nov 2008 13:50:00 EST. Please see our terms for use of feeds.

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