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That is a disturbing amount of authority to put in one man's hands—whatever his party. And whether or not Obama is defeated come November, the problem of power will remain.
Elections matter, but the contest for individual liberty is a long game. As Friedrich Hayek put it in 1949:
"We need intellectual leaders who are willing to work for an ideal, however small may be the prospects of its early realization. They must be men who are willing to stick to principles and to fight for their full realization, however remote. The practical compromises they must leave to the politicians."
Politics may be a "team sport," but the battle for limited, constitutional government is not.