MOST two-term American presidents lose steam in their second four years. If scandal doesn't get them (Watergate, Iran-contra, Monica Lewinsky), weariness does. Sitting presidents rarely campaign on a revolutionary agenda, just feel-good blather: Ronald Reagan's “Morning in America”, or Bill Clinton's “Bridge to the 21st century”. And a re-elected president is a lame-duck long before his second term ends, leaving little time to get much done.

George Bush seems determined to be different. He has laid out a second-term domestic agenda more ambitious than anything seen in the first term, and that was hardly a lull. It brought the biggest tax cuts since 1981, the broadest education reform in a generation and the costliest expansion of Medicare, the state health system for the elderly, since it was set up in 1965.

If the first-term legacy is largely a deficit, the second term promises to shake some of the country's economic pillars. At the Republican convention last September, Mr Bush spoke of transforming America's fundamental economic institutions for the 21st century, and offered two broad organising themes. The first was to make the United States the best place in the world to do business. That covered changes from tort reform (fewer burdensome lawsuits) to a simpler tax code, spurring more economic growth. The second theme was to foster an “ownership society”, by giving individuals greater control over, and responsibility for, their own health care and pensions. In particular, it meant restructuring Social Security, America's public pension system, by basing it partly on private accounts.

Empty campaign promises? Not so. At his post-election press conference, the president left no doubt that he regarded his victory as a mandate for reform. “I earned capital in the campaign, political capital”, he said, “and now I intend to spend it.”

[ Not particularly objective, unsurprisingly... the economist is often on the Right side of the issues, but at least provides a decent picture of what to expect. -k]

MOST two-term American presidents lose steam in their second four years. If scandal doesn't get them (Watergate, Iran-contra, Monica Lewinsky), weariness does. Sitting presidents rarely campaign on a revolutionary agenda, just feel-good blather: Ronald Reagan's “Morning in America”, or Bill Clinton's “Bridge to the 21st century”. And a re-elected president is a lame-duck long before his second term ends, leaving little time to get much done.

George Bush seems determined to be different. He has laid out a second-term domestic agenda more ambitious than anything seen in the first term, and that was hardly a lull. It brought the biggest tax cuts since 1981, the broadest education reform in a generation and the costliest expansion of Medicare, the state health system for the elderly, since it was set up in 1965.

If the first-term legacy is largely a deficit, the second term promises to shake some of the country's economic pillars. At the Republican convention last September, Mr Bush spoke of transforming America's fundamental economic institutions for the 21st century, and offered two broad organising themes. The first was to make the United States the best place in the world to do business. That covered changes from tort reform (fewer burdensome lawsuits) to a simpler tax code, spurring more economic growth. The second theme was to foster an “ownership society”, by giving individuals greater control over, and responsibility for, their own health care and pensions. In particular, it meant restructuring Social Security, America's public pension system, by basing it partly on private accounts.

Empty campaign promises? Not so. At his post-election press conference, the president left no doubt that he regarded his victory as a mandate for reform. “I earned capital in the campaign, political capital”, he said, “and now I intend to spend it.”

“I earned capital in the campaign, political capital”, he said, “and now I intend to spend it.”

Here's the update from three months later. The Social Security plan? Reviled. Tom DeLay? Under seige. Terry Shiavo? Dead and people are mad about him trying to get involved.

It's going to be a long long time until next election season.