Writer Neal Gabler says it's not about Goldwater, it's about McCarthy:
McCarthy, Wisconsin's junior senator, was the man who first energized conservatism and made it a force to reckon with. When he burst on the national scene in 1950 waving his list of alleged communists who had supposedly infiltrated Harry Truman's State Department, conservatism was as bland, temperate and feckless as its primary congressional proponent, Ohio Sen. Robert Taft....
McCarthy was another thing entirely. What he lacked in ideology—and he was no ideologue at all—he made up for in aggression. Establishment Republicans, even conservatives, were disdainful of his tactics, but when those same conservatives saw the support he elicited from the grass-roots and the press attention he got, many of them were impressed. Taft, no slouch himself when it came to Red-baiting, decided to encourage McCarthy, secretly, sealing a Faustian bargain that would change conservatism and the Republican Party. Henceforth, conservatism would be as much about electoral slash-and-burn as it would be about a policy agenda.
Speaking of the GOP's legacy, we could be looking at spending $8.5 trillion ($8,500,000,000,000) to clean up the post-Shrub mess:
Just last week, new initiatives added $600 billion to lower mortgage rates, $200 billion to stimulate consumer loans and nearly $300 billion to steady Citigroup, the banking conglomerate. That pushed the potential long-term cost of the government's varied economic rescue initiatives, including direct loans and loan guarantees, to an estimated total of $8.5 trillion -- half of the entire economic output of the U.S. this year.
Nor has the cash register stopped ringing. President-elect Barack Obama and congressional Democrats are expected to enact a stimulus package of $500 billion to $700 billion soon after he takes office in January.
The spending already has had a dramatic effect on the federal budget deficit, which soared to a record $455 billion last year and began the 2009 fiscal year with an amazing $237-billion deficit for October alone. Analysts say next year's budget deficit could easily bust the $1-trillion barrier.
Happy times, happy times.