Meet Richard Milhous Bush A polarizing Republican president, reviled by liberals, unseats the Democrats, talks like a conservative, but then sails blithely into a cataract of red ink. President Bush's record is beginning to shape up that way, uncannily resembling the record of—Ronald Reagan? Well, yes, the resemblance is there for all to see, and Bush no doubt draws reassurance from it. A sharp fiscal deterioration fed by reductions in taxes, increases in defense spending, and a recession: Where have we seen this before? From a fiscal point of view, however, the early 2000s resemble not just the early 1980s...