Even without the election of Barack Obama and Democratic gains in Congress, conservatives were going to have to reassess much of their philosophy on the key issues of taxing and spending. The financial crisis has already led to a vast expansion of spending, and even if John McCain had won, there was going to be a lot more to come. The aging of the baby boom generation alone means there will be increasing demands for Social Security, Medicare and other programs for the elderly in coming years. (The first baby boomer turns 65 in 2011.) Moreover, Americans’ zeal for tax...