By Ezra Klein
The Washington Post
WASHINGTON — Typically, presidential elections are about, well, hope and change. The candidates make lots of promises about all the policies they’ll change, then they hope that they can get those promises through Congress. Usually, they fail.
President Barack Obama’s re-election, ironically, isn’t about hope and change. The hope is largely gone, but the changes are already happening.
The Affordable Care Act — the single most significant bill of Obama’s first term — is law. It’s law that mostly won’t go into effect until 2014, but it’s law nevertheless. Mitt Romney’s key campaign promise was that, on Day One, he’d begin working to pass a law that would repeal it. But Obama doesn’t have to do anything to make health reform happen. He doesn’t need 60 votes in the Senate. He doesn’t need 218 votes in the House. It’s already happening. Obama’s reelection is all that was required for the United States of America to join every other industrialized country in having a universal — or at least very-near-to-universal — health-care system.
The Dodd-Frank financial reform are law. Again, Mitt Romney’s promise was to pass a law that would repeal it. If Obama is reelected, however, he doesn’t need to ask Congress to work with him on Wall Street reform. They already did. Rather, the new regulations will continue to be hammered out and implemented. Wall Street will simply need to learn to live with them.
Tax increases are law. The Bush tax cuts are expiring at the end of the year, as is the patch for the alternative minimum tax, as is the payroll tax cut, as are a host of smaller business tax cuts and stimulus tax cuts. Romney’s promise was that he’d pass a law making sure taxes didn’t go up (though he left open the possibility of permitting the stimulus cuts to expire). Obama’s promise is that he won’t sign a law that extends all the tax cuts. And if he holds to that promise, then taxes are going up, either through a negotiated compromise or by simply letting current law take effect.