The votes have not yet been tallied but already the spin has begun to explain their significance. Here are a few things that will not be decided on Tuesday.
Long-term v. Short-term economics. The deficit is a long-term problem, mostly involving entitlement spending. The most necessary thing to solve the deficit problem is to get the economy humming again. That was, in part, the goal of the stimulus package, although its primary goal was to stop the bleeding, a goal that was achieved even though enough blood had already flowed out to leave the economy in really bad shape. Efforts to cut back on government spending have the potential of crippling the economic recovery and thus making the deficit problem worse.
Tax cuts can be stimulative, but only if there is a significant drop in marginal rates as in the Reagan years and if the cuts are off-set by cuts in spending. Keeping the Bush tax cuts for the super-rich will have little stimulative effect which is why they are not worth keeping. The Laffer Curve, mentioned the other day by Sarah Palin to justify extending the Bush cuts, is laughable.