If the Kos energy proposal we've discussed on this board is representative of the Democratic Party's approach, and I think it is, then we have two broad philosophic alternatives:

Democrats - tax and spend and regulate

Republicans - let the market work

Of course, in power neither would be able to implement a purist approach but I'd think they will follow these general approaches.

In this case, I'd argue that the Republican approach would be more effective in allowing the economy to adapt with the least pain.  We have the experience of the Carter years to show that the Democratic approach certainly has its problems.

I will agree in advance that even the Republican approach will still require a reduction in standards of living and a lower economic growth rate. However, the central planning approach of the Democrats would surely lead to maladaptations and snafus at the system level.  I think American voters understand that.

The important point, as you say, is that the party in power takes the blame. The problem is larger than any party and has been building for decades, during which both parties had spells in office. The electorate, however, seems to blame the party in power whether or not it is reasonable to do so (and whether or not the opposition has a viable alternative plan).

For instance, I don't think Herbert Hoover deserved the reputation he ended up with for presiding over the Great Depression. He couldn't prevent it, but no one else would have been able to do so either. It was the inevitable aftermath of the roaring twenties. In the current case, the party in power has acted as the aggressor in a 'pre-emptive war', disregarded the Geneva Conventions and undermined the rule of law, among other dubious activities. They seem far more deserving of their fate than Hoover.

Neither party has a viable strategy to address the coming crisis. Both are completely out of touch with reality in my opinion. Both are likely to try and fail in turn, and both will probably disintegrate. My fear is that a vengeful electorate determined to blame the rest of the world for their continuing misfortunes (probably not realizing that others are sharing in those misfortunes) may eventually chose a complete maniac - some sort of populist strongman bent on maintaining American hegemony at any cost. It's hard to imagine a rational Powerdown scenario under those circumstances.