He Told Us to Go Shopping. Now the Bill Is Due.

So his administration's policies reflected an oddly business-as-usual approach. Senior officials routinely described the war as global in scope and likely to last decades, but the administration made no effort to expand the armed forces. It sought no additional revenue to cover the costs of waging a protracted conflict. It left the nation's economic priorities unchanged. Instead of sacrifices, it offered tax cuts. So as the American soldier fought, the American consumer binged, encouraged by American banks offering easy credit.

From September 2001 until September 2008, this approach allowed Bush to enjoy nearly unfettered freedom of action. To fund the war on terror, Congress gave the administration all the money it wanted. Huge bipartisan majorities appropriated hundreds of billions of dollars, producing massive federal deficits and pushing the national debt from roughly $6 trillion in 2001 to just shy of $10 trillion today. Even many liberal Democrats who decried the war routinely voted to approve this spending, as did conservative Republicans who still trumpeted their principled commitment to fiscal responsibility and balanced budgets.

Bush seems to have calculated -- cynically but correctly -- that prolonging the credit-fueled consumer binge could help keep complaints about his performance as commander in chief from becoming more than a nuisance. Members of Congress calculated -- again correctly -- that their constituents were looking to Capitol Hill for largesse, not lessons in austerity. In this sense, recklessness on Main Street, on Wall Street and at both ends of Pennsylvania Avenue proved mutually reinforcing.

For both the Bush administration and Congress, this gambit has turned out to be clever rather than smart. The ongoing crisis on Wall Street has now, in effect, ended the Bush presidency. Meanwhile, a month before elections, panic-stricken members of Congress are desperately trying to insulate Main Street from the effects of that crisis -- or at least to pass the blame onto someone else.

But in less obvious ways, the economic crisis also renders a definitive verdict on the country's post-9/11 national security strategy. The "go to Disney World" approach to waging war has produced large, unanticipated consequences. When the American people, as instructed, turned their attention back to enjoying life, their hankering for prosperity without pain deprived the administration of the wherewithal needed over the long haul to achieve some truly ambitious ends.