The Thursday wrap
President Obama, in his New Year's night victory speech, repeated his mantra that “we can't simply cut our way to prosperity.” That he consistently believes that we can tax and spend our way to prosperity will be recorded by historians as one of the republic's greatest tragedies. ... That low rumbling you're starting to hear is conservatives across the land gearing up for a revolt against conservative “leaders” who sold out the nation in the fiscal cliff legislation. And mark our words, midterm elections for Republicans in 2014 will not be a pretty thing. ... There had been early and mild speculation about what Democrat Sen. Pat Toomey, R-Pa., would face in the 2016 election. Now that he voted for the fiscal cliff debacle, look forward to more-than-mild speculation that some fellow Republican will challenge him. ... France's Constitutional Court has ruled that the socialist government's new 75 percent top tax rate is unfair. Consider it a crushing blow for U.S. Supreme Court liberals so wont to consider foreign court rulings in American jurisprudence. ... Professor Richard Parncutt at Graz University in Austria is calling for the death penalty for “climate change deniers.” Mr. Parncutt appears particularly qualified to make the suggestion — he's a musicologist and a strident anti-death penalty activist. Ahem.