Voters rejected the GOP for its lapses AWAY from conservative economics, not because of conservative economic theory itself.
Did Obama and the dems misread the electorate?
I don't think so because they ran on a campaign of eleminating wasteful spending, pork, etc. And we must admit, even if grudgingly, that Obama is not a stupid man.
That is what heightens my fears that this is not foolish spending but the prelude to a legislative coup of sorts. I see this episode as more sinister than naive.