It bears repeating again and again: there is nothing economically special about international trade as compared to intranational trade – save, of course, for the sorry fact that politicians and rent-seeking producers find it easy to demagogue for their own greedy, narrow purposes.

During the last 50 years, government outlays as a percent of GDP have fluctuated above and below 20%, depending on whether the economy was growing or in recession. The financial crisis in 2008, and the fiscal response it generated, pushed government spending up to 25% of GDP. The only other time it has been higher was in World War II. Tax revenues have plunged from their long term average of 19% to near 15%. This is why the budget deficit is 8% to 10% of the $14 trillion in current GDP, and why we’re expecting deficits north of $1 trillion in the next few years. As bad as this is, it pales when compared to the unfunded liabilities of Medicare, Social Security, and other government programs. Unless spending in these programs is significantly scaled back, or taxes increased to back-breaking levels, government spending as a percent of GDP will soar to more than 50% of GDP by 2060. The sooner this is addressed the less drastic and draconian the solutions will be. But there is no Easy Button available, and the resulting social changes have the potential to be destabilizing. The Tea Party is just the opening act.

Yet, like a rural voter clinging to his guns, the Obama administration brushes aside the experts because - well, who knows why? Perhaps subsidizing electric cars helps a Democratic administration make corporate welfare and tax breaks for the wealthy seem progressive. It’s possible President Obama feels bound by his grandiose campaign promise to put a million plug-in hybrid electric vehicles on the road by 2015. Or maybe Republicans aren’t the only ones susceptible to ideological obstinacy and magical thinking after all.

So I worry that if Republicans get in, we’ll end up with a huge budget problem. And I also worry that if Democrats retain control, we’ll end up with a huge budget problem. I see no evidence at this point that I should worry more about one than the other. We have a huge deficit problem. And I’m pretty sure that whatever batch of politicians we elect next Tuesday is going to make it worse, rather than better.

Here is drama. Here is greatness. Here is what it means to set people free. By comparison, everything else that FDR did — nefarious and awful — paled by comparison, at least from the point of view of the average person.