If that happened, it would be mighty interesting to see if they actually act on their rhetoric. I suspect that if they did, and they did stuff like slashing government spending, eliminating the minimum wage, cut taxes on the rich, eliminated the inheritance tax, eliminated capital gains tax, while jacking up taxes on the poor and middle class as to eliminate the 47%, our economy would falter...to the point of revolution.
But I really don't think they would be so foolish. Republicans like to have a good economy when they are in charge. I would expect that their rhetoric would actually change dramatically and they would pretty much be acting on what the left currently promotes.
Either way, it would prove a point.