Big Picture

Dismantling the New Deal was never going to be quick and easy. Yet, any U.S. President that takes on social security and farm subsidies in the same term deserves some credit. We do not, of course, know how these initatives will turn out.

Both programs are regarded as entitlements by vocal and well organized groups. Both of these constitutencies and their supporters will demagogue the "deserving poor" theme when and where they can.

That's all old news. What may be new is the fact that environmentalists have begun to worry about subsidized farming and 401(k) savers have learned about compound interest and equity. And these are both groups that are growing in size and influence.

Nothing like a growing middle class when it comes to undermining the New Deal platform. And once the platform has been splintered, the middle class will will grow and prosper even more, etc.

At least the Big Picture looks pretty good.