[MannyP]

Central control over education or anything else does not work i.e. is not as efficient as local control. Mainly, it provides jobs to a bunch more government workers. The prescription drug thing was not even being lobbied for by the senior citizens that were its major beneficiaries. It is plain pandering. However, the really wrong thing is that government programs once created are never eliminated. As Reagan said, they are the closest thing to eternal life that we will see on Earth.
Serving two terms is not the norm, but the exception. It is highly unlikely that any of the Dems currently running would serve two terms. They have not one tenth the ruthlessness, facility with lying or charisma of Slick Willy. Hilalry will be 65 by the time the 2012 election rolls around. If she does not run in 2008, she will not run ever. Therefore, if Bush loses Hillary never runs. If it pulls our party in a more Reaganesque direction, I am all for having four bad years witha socialist rather than four more years of semi-socialism by someone in my party.
Even if your unlikely scenario is right and he is waiting for the second term to really get conservative, it is unlikely that any new entitlements would go away. Not only that, but it would virtually guarantee that Hillary would become president in 2008. That is something that I cannot abide.
You say that we are a rich country. How many well paying jobs have disappeared in the last 15 years never to return for average Americans? About 5% of the population is doing well and supporting the rest with taxes paid on their earnings. The rest of our population through globalization have become a non-scarce and therefore economically valueless resource. That particular point made me choose the Reform Party over the Libertarian Party to throw my support behind.