...if Mitt Romney wins the election, the G.O.P. will surely consider its economic ideas vindicated. In other words, politically good things may be about to happen to very bad ideas. And if that’s how it plays out, the American people will pay the price.
We're only about three years into a gradual reversal of 30+ years of "government is the problem" deregulatory Reaganomics. If Obama wins, there's a strong chance this trend will continue. If he loses, the leftward movement stops cold and it'll be a long time before it's resurrected. As Krugman wrote, austerity and tax cuts for the rich will combine to create another disaster.