My Politico column today:

In the course of about six hours, what was supposed to be a Republican existential crisis turned into a Republican wave.
What was supposed to be a victory of the coalition of the ascendant became a dispiriting rout of the coalition that didn’t show up.
What was supposed to be the crowning political achievement of Barack Obama’s presidency set the predicate for the unraveling of his legacy.
Since before he was elected president, Obama put down as a marker the transformational example of Ronald Reagan. That entailed moving the political center of gravity of the country in his direction; winning reelection; and cementing his standing by securing a de facto third term for a Democratic successor.
As of 7 p.m. EST Tuesday, the Reagan standard looked to be in Obama’s grasp. His approval rating stood above 50 percent. He campaigned vigorously, and apparently effectively, in front of adoring crowds. The last round of public polling and the exit polls on Election Day showed Hillary Clinton getting over the top, and her victory seemed likely to precipitate an ugly, self-destructive Republican civil war.
By the wee hours of Wednesday, this scenario turned to ashes and Obama could only survey the wreckage of the Democratic Party, and by extension, his highest ambition.