By James Kwak
Chapter 2 of Take Back Our Party made the case that the market-centric policies of the Democratic establishment have failed to do anything about—and in many cases have exacerbated—the rise of inequality. Chapter 3 continues the indictment, arguing that the “growth and opportunity” doctrine of Clinton and Obama has also failed as politics.
The New Democrats chose to identify themselves as the party of jobs and growth because they did not want to be seen as the party of redistribution and welfare. But in copying the Republican message of market-driven growth, they also lost the ability to differentiate themselves from those same Republicans. While conservatives promised that slashing regulations and cutting taxes would unleash the ingenuity of the private sector, the Democratic message was roundabout and equivocal: yes, markets are the source of prosperity, but sometimes they suffer from market failures, so cleverly designed government policies are required to make them work properly, etc. We may be right about the economics, but as politics it fails to establish a compelling choice.
But the bigger problem is that by not doing anything about inequality for so many years, the Democratic leadership frittered away the brand equity that the party had built up since the days of Franklin Roosevelt and the New Deal. Once upon a time, lower-income voters assumed that, at least on economic issues, the Democratic Party stood for them. As Bill Clinton and then Barack Obama did little that was recognizably, specifically for workers, they stopped believing that the party cared about them. Which brought us to 2016, when Donald Trump vastly outperformed Mitt Romney among low-income voters.
For more, the entire chapter is up at The American Prospect, as usual.
from Finance https://baselinescenario.com/2019/12/19/take-back-our-party-chapter-3-bad-politics/
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