The Republicans have gained the House and stand poised to win control of the Senate. If they can claw out a presidential win and hold on to Congress, they will have a glorious two-year window to restore the America they knew and loved, to lock in transformational change, or at least to wrench the status quo so far rightward that it will take Democrats a generation to wrench it back. The cost of any foregone legislative compromises on health care or the deficit would be trivial compared to the enormous gains available to a party in control of all three federal branches.
On the other hand, if they lose their bid to unseat Obama, they will have mortgaged their future for nothing at all. And over the last several months, it has appeared increasingly likely that the party’s great all-or-nothing bet may land, ultimately, on nothing. In which case, the Republicans will have turned an unfavorable outlook into a truly bleak one in a fit of panic. The deepest effect of Obama’s election upon the Republicans’ psyche has been to make them truly fear, for the first time since before Ronald Reagan, that the future is against them.