The Republicans desperately need a new generation to step up, challenge Donald Trump for the party nomination, and craft a new party agenda.
The odds are decent that Republicans will capture the House in November and the Senate remains in play. Even if they prevail, however, they won’t gain veto-proof majorities necessary to significantly alter the path of public policy before the next presidential election.
With the Senate they could hold up many of President Joe Biden’s more woke judicial and administrative appointments, but he already has much of what he needs to pursue an expansion of the administrative state.
The Federal Reserve will slow the economy to moderate inflation. Likely a soft landing—only two quarters of negative growth without a big surge in unemployment—or a recession—two quarters of negative…