The event of the season

Las Vegas has nothing on Washington, D.C.

The nation's capital has been Partytown, U.S.A., for the better part of four days, and the celebrations likely won't stop until well after the sun comes up Wednesday. The A-list musicians, movie stars and athletes and their red carpets are being rolled out from one end of the Potomac to the other.

The inauguration of Barack Obama as the 44th president of the United States makes New Year's Eve on the Strip seem like a church social.

There's a reason we commemorate the peaceful transfer of power from one elected leader to another: In half the world, such transitions are marked by suffering, death and destruction.

But let's not omit the obvious: Mr. Obama has, over the course of his candidacy and election, raised the bar for political celebrity to unprecedented heights. His ascension to the highest office in the land has been historic, not merely because he's the first black president in American history, but because his campaign attracted so many people from so many walks of life.

So it's natural that the party itself has become a major story. The celebration is an economic stimulus unto itself, with a price tag that could reach $150 million, an amount that once covered an entire presidential election -- and an Olympic Games, to boot.

Four years ago, some Democratic critics shamed President Bush for throwing a comparatively tame re-election celebration, saying such lavish parties were inappropriate with the nation at war. It was a silly, politically motivated attempt to sully an historic occasion, and we're glad Republicans aren't making that mistake this year.

Mr. Obama's inauguration committee is raising money for the bulk of the bill. Taxpayers are on the hook for the president's security and transportation costs regardless of whether he's bouncing between black-tie dinners or terrorism briefings.

Some people will celebrate President Bush's segue into private life more heartily than Mr. Obama's move into the White House. But for one day, it would be appropriate for all Americans to use this occasion to recognize Mr. Bush's eight years of service -- missteps and triumphs alike -- and welcome Mr. Obama into office with the best possible wishes for his -- and our -- prosperity.