Obama and Dubya both fit into what I call the "Frodo Baggins" category of leader. Admired by their supporters for being inexperienced yet pure of heart and able to move the country forward thanks to a grand vision of the future.

Is it really rational to believe in one person being able to deliver us from x, y, or z?

Wilkinson's point about Federal spending as a percentage of GDP is right on. Only if we believe (quite irrationally) that Frodo will save us will we want him to make our economic decisions for us! It doesn't matter if it's a "war on terror" or a visionary demand for "green collar" jobs. It's all built on slogans, pomp, and irrationality. I think EY has drunk a bit of the Obama kool-ade on this one.

EY's comment about "something else" rising to fill the void doesn't address what he's worried about filling that void... is it terrorism? Veganism? Hinduism? Sports fandom? Sleep? I'd argue that the void would be filled by rational introspection about what is actually important to each person individually...