Did Obama end the Reagan revolution? Or did Bush kill it, and Obama bury it?

I was
thinking over that question last night as I fell asleep at the Army War
College, where I am visiting. I think one reason President Obama excites so
much emotion is that he represents the end of the Reagan revolution.

Look at
this way. FDR's New Deal lasted about four decades, until it began collapsing
under President Carter. Then Reagan came along. In a nutshell, he inverted the
New Deal: Government was not the answer, he said, it was part of the problem.
He also began a massive transfer of wealth from the middle classes to the top 1
percent of our society. One reason he could do this is that he didn't get us
into an expensive war.

In both
cases, eventual successors from the other party lived with the work of their
predecessors. Just as Eisenhower did not try to undo the New Deal, Clinton did
not try to reverse the Reagan revolution.

I don't
think Obama killed the Regan revolution. I think it was getting old -- it had
lasted nearly three decades. But I think the Reagan influence effectively was
killed by President Bush's lengthy Iraq war, which proved so expensive that it
was no longer possible to transfer wealth to the rich at the Reagan-era rate
without running up huge deficits.

Obama, I
think, buried the corpse, especially with his second inaugural. Government, he is saying, often
is part of the answer. I think people are ready to hear this. They don't mind
paying taxes as long as they believe the results are concrete: fewer potholes,
longer library hours, healthier kids -- and disaster relief for the victims of
Sandy.