Are we on the way to seeing the Republican Party becoming the majority political party once more? "This is President Obama's economy now," said House Minority Whip Eric Cantor (R., Va.). Republicans noted that a report by the Obama transition team in early January said that without a large stimulus plan, unemployment would go above 9%. It is now above that level, despite passage of the stimulus plan, though less than 5% of funds have been spent. http://online.wsj.com/article/SB124424486700390517.html Pelosi and the Obama transition team in January trumpeted the need for the Obama stimulus package warning that without it, the unemployment rate would hit double digits: Obama stressed that the consequences of inaction would be grim. Unemployment could reach double digits, the economy could lose $1 trillion, or $12,000 for a family of four; fewer young Americans would be able to go to college or receive adequate job training. He predicted the nation could lose its competitive edge. MarketWatch.com Story Well, Obama got his stimulus package implemented, and unemployment has hit 9.4%, well on it's way to the double digit mark. That's the average figure; Among the lower-educated, traditional Democratic base of support, the figures are even higher: The unemployment rate for workers over 25 years old who haven't gone beyond high school rose to 10% in May, nearly doubling from 5.2% a year earlier, the government said Friday. Among workers who haven't completed high school, the unemployment rate rose to 15.5%, compared with 8.4% last year. The past two recessions -- 1990-91 and 2001 -- were more "egalitarian" than the current one, said Harvard University labor economist Lawrence Katz. For less educated men, the current recession "is more like the early 1980s and the 1970s, when that was the group that really got creamed," Mr. Katz said. The Less Educated Take the Worst Hit - WSJ.com The impact is also being felt politically, as Pelosi and Obama are finding they have to reign in their pet projects: ... the unemployment numbers stirred anxiety on Capitol Hill. House Speaker Nancy Pelosi (D., Calif.) had to pull a $100 billion war-spending bill from the House floor Thursday after lawmakers revolted over billions of dollars for the International Monetary Fund. The funding is critical if Mr. Obama is to keep a pledge secured by the Group of 20 industrialized and developing nations at the London summit in April. (emphasis added) Employment Report Fuels GOP Attack on Obama Policies - WSJ.com The obvious in for the Republican Party is to re-emphasize its ancient roots of populism, especially as the results of the Obama progams disclose, in their consequences, whom they were really meant to benefit -- the large multi-national corporations, and the Wall Street elites, certainly not the American Middle Class or working classes. Another glitter of hope is the out-migration of immigrant workers, in that one of globalism's postulates becomes untenable: The shift in migration poses a new challenge to the promise of globalization. Many economists and policymakers have long argued that widespread labor movement is a win-win because it boosts opportunities for people from poor countries while giving rich-world employers more options for labor, allowing them to increase efficiency and keep costs low. That, in turn, can keep inflation in check and contribute to higher standards of living. Many economists still believe that, but it's becoming harder to make their case as unemployment surges, income gaps widen and home-grown workers increasingly view foreigners as competitors for scarce jobs. The Great U-Turn - WSJ.com All of this is taking place within the context of a political shift to the right in Europe, led by Germany and Italy, fueled by the same phenomena: This shift to right-wing conservatism is acting as a unifying force in the European Union as nations across Europe take a common view on how to solve problems like illegal immigration, economic slowdown and global terrorism. Such a unified approach also presents a perfect scenario for a single European nation to rise up as the leader of the EU. A right-leaning Europe could be united under one leader, particularly since the states are brought closer together by common problems such as immigration and economic reform. … For the first time in decades, Germany is a full and powerful member of the European community. More important, for the first time in centuries, there is no established political regime in Europe to counter German ambitions. Germany was the nation that kicked off this conservative shift in Europe. Germany is the nation that most Europeans look to for leadership. The EU’s political landscape is surging right. Expect Germany to take advantage of this situation and to emerge as the full-blown leader of a united Europe. The Rise of Right-Wing Europe | theTrumpet.com Reminiscent of the resurgence of the Republicans seen with the failure of James Earl Carter to win election to a second-term, paving the way for Reagan, I would say. Will the Republican Party be able to seize on the massive impending failure of Obanomics?