Dems need to dump neo-liberal economics [View all]

[RainCaster]

An opinion piece from The Guardian
The article is a bit longer than what I have shown, well worth thinking about.

https://www.theguardian.com/business/2024/nov/28/the-message-to-democrats-is-clear-you-must-dump-neoliberal-economics

To me, the answer is clear: 40 years of neoliberalism have left the US with unprecedented inequality, stagnation in the middle of the income spectrum (and worse for those below), and declining average life expectancy (highlighted by mounting “deaths of despair”). The American Dream is being killed, and although President Joe Biden and Vice-President Kamala Harris distanced themselves from neoliberalism with their embrace of industrial policies, as representatives of the mainstream establishment, they remained associated with its legacy.

The economics of the moment mattered, but monthly employment and inflation indicators need to be understood in a broader historical context. As the Biden administration stressed on the eve of the election, the economy looks strong, especially compared with others in the G7. But this wasn’t good enough. Americans haven’t forgotten that the Democrats let loose the financial sector (Clinton), then bailed out the banks while homeowners and workers who lost their jobs in the Great Recession carried the cost (Barack Obama). Moreover, it was Clinton who unleashed globalisation, tacitly believing in a trickle-down economics that would ultimately benefit everyone. The only real difference between Democrats and Republicans on this score is that Democrats claimed to feel the pain of those who were losing out.