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By Paul Ryan
Published: November 3 2010 21:19 | Last updated: November 3 2010 21:19
America's electorate has forcefully repudiated the party in power "“ again. In 2006 it fired a Republican party that had strayed from its principles. Then in 2008, in the midst of a financial crisis, the Democrats misinterpreted a mandate for change and President Barack Obama sought to remake America in his own image. Voters have now rejected this overreach. The question is, what comes next?
Today America's government stands divided. But we can all recognise that our current policy mix "“ borrow and spend, tax and spend, print and spend "“ has put our nation on the path to a "lost decade" as profound as that suffered by Japan during the 1990s. Mr Obama's own economic projections predict, absent a major course correction, unbearably high unemployment and anaemic economic growth for many years. The $13,600bn debt is set to eclipse the entire economy.
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