America’s Inequality Sweepstakes


Tomgram: Thomas Frank, The Inequality Sweepstakes

Reading Thomas Frank’s new book, Listen, Liberal, or What Ever Happened to the Party of the People?, I was reminded of thesnapshot that Oxfam offered us early this year: 62 billionaires now have more wealth than the bottom 50% of the global population, while the richest 1% own more than the other 99% combined. And in case you’re wondering in which direction inequality is trending on Planet Earth, note that in 2010, it took 388 of the super-rich to equal the holdings of that bottom 50%. At this rate in the inequality sweepstakes, by 2030, just the top 10 billionaires might do the trick. Let me just add that, as Frank makes clear in his brilliant new work, Donald Trump doesn’t have to win the presidency for billionaires to stand triumphant on the American part of our planet. Hillary Clinton will do just fine, thank you.

Listen, Liberal is, in a sense, a history of how, from the Clintonesque 1990s on, the Democratic Party managed to ditch the working class (hello, Donald Trump!) and its New Deal tradition, throw its support behind a rising “professional” and technocratic class, and go gaga over Wall Street and those billionaires to come. In the process, its leaders fell in love with Goldman Sachs and every miserable trade pact that hit town, led the way in deregulating the financial system, and helped launch what Frank terms “the greatest wave of insider looting ever seen”; the party, that is, went Silicon Valley and left Flint, Michigan, to the Republicans. Only a few years after Bill Clinton vacated the Oval Office the financial system he and his team had played such a role in deregulating had to be rescued, lock, stock, and barrel from ultimate collapse. Quite a record all in all. Put another way, as Frank makes clear, in these years the Democrats (with obvious exceptions) became a more or less traditional Republican party. And if the Democrats are now the party of inequality, then what in the world are the Republicans? Don’t even get me started on the cliff that crew walked off of.

In the following post, adapted from his new book, Frank does a typically brainy thing. Since we’ve all heard for years about how the Democrats have been stopped from truly pursuing their political program by Republican experts in political paralysis, he turns to a rare set of places where, in fact, the Republicans were incapable of getting in the way and… well, let him tell the story. Tom

The Blue State Model
How the Democrats Created a “Liberalism of the Rich”
By Thomas Frank

[This piece has been adapted from Thomas Frank’s new book, Listen, Liberal, or What Ever Happened to the Party of the People?(Metropolitan Books).]

When you press Democrats on their uninspiring deeds — their lousy free trade deals, for example, or their flaccid response to Wall Street misbehavior — when you press them on any of these things, they automatically reply that this is the best anyone could have done. After all, they had to deal with those awful Republicans, and those awful Republicans wouldn’t let the really good stuff get through. They filibustered in the Senate. They gerrymandered the congressional districts. And besides, change takes a long time. Surely you don’t think the tepid-to-lukewarm things Bill Clinton and Barack Obama have done in Washington really represent the fiery Democratic soul.

So let’s go to a place that does. Let’s choose a locale where Democratic rule is virtually unopposed, a place where Republican obstruction and sabotage can’t taint the experiment.

Click here to read more of this dispatch.

 

About eslkevin

I am a peace educator who has taken time to teach and work in countries such as the USA, Germany, Japan, Nicaragua, Mexico, the UAE, Kuwait, Oman over the past 4 decades.
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