That recalibration may cause a reassessment of the effectiveness of the Tea Party. It almost certainly won't cause a reassessment of the Republican Party as it currently exists. It seems that turnout was something like 113 Million voters, which is way down from what I expected (maybe by 20 Million). I'll be shocked if the GOP get out the vote effort didn't fail miserably.
I expect the economy to take an immediate hit, as businesses hoard cash for the expected tax and regulation frenzy. Full time employment will take a nose dive, as businesses look for ways to avoid the big Obamacare taxes and mandates. I expect gasoline to go up, as well as electricity rates as coal fired power plants are shuttered by the EPA. Inflation in general will be back, in a big way.
I expect Congress to fail to pass a spending bill, and further expect that sequestration will hit. I think that Obama played the GOP on this, and now has a golden opportunity to take a Trillion dollars from the Defense Department while blaming the Republicans for Grandma not getting a Social Security check.
I expect the Press to cover for him for all of this.
I keep waiting for Greece to leave the Euro, and am surprised it hasn't happened yet. Then again, clearly my prognostications aren't particularly accurate lately. What's new and different about Greece is that the rise of the fascists:
Fascist gangs are turning Athens into a city of shifting front lines, seizing on crimes and local protests to promote their own movement, by claiming to be the defenders of recession ravaged Greece.As America falls back into recession, Europe will slow down as well, fuelling the fascists.
The silver lining, of course, is that Mitt Romney was entirely not up to this job. More on that after I've thought some.