Shortly after the 2008 election, President Obama's soon-to-be chief of staff, Rahm Emanuel, infamously declared, "You never let a serious crisis go to waste." He elaborated: "What I mean by that (is) it's an opportunity to do things you think you could not do before." Disasters, such as the September 2008 financial crisis, were thus seen as opportunities. Out of the chaos, a shell-shocked public might at last be ready to accept more state regulation of the economy and far greater deficit spending. Indeed, the national debt doubled in the eight years following the 2008 crisis. During the 2008 campaign,...