Democrats can’t win until they recognize how bad Obama’s financial policies were
He had opportunities to help the working class, and he passed them up.
By Matt Stoller
During his final news conference of 2016, in mid-December, President Obama criticized Democratic efforts during the election. “Where Democrats are characterized as coastal, liberal, latte-sipping, you know, politically correct, out-of-touch folks,” Obama said, “we have to be in those communities.” In fact, he went on, being in those communities — “going to fish-fries and sitting in VFW halls and talking to farmers” — is how, by his account, he became president. It’s true that Obama is skilled at projecting a populist image; he beat Hillary Clinton in Iowa in 2008, for instance, partly by attacking agriculture monopolies .
But Obama can’t place the blame for Clinton’s poor performance purely on her campaign. On the contrary, the past eight years of policymaking have damaged Democrats at all levels. Recovering Democratic strength will require the party’s leaders to come to terms with what it has become — and the role Obama played in bringing it to this point.
Two key elements characterized the kind of domestic political economy the administration pursued: The first was the foreclosure crisis and the subsequent bank bailouts. The resulting policy framework of Tim Geithner’s Treasury Department was, in effect, a wholesale attack on the American home (the main store of middle-class wealth) in favor of concentrated financial power. The second was the administration’s pro-monopoly policies, which crushed the rural areas that in 2016 lost voter turnout and swung to Donald Trump.
moreDJ13, OzoneTom, Hawkowl and 7 otherskath, Fasttense, Populist Prole, PADemD, tk2kewl, mmonk, Scuba like this"But nothing ever changes unless there's some pain" - Tears For Fears "Goodnight Song"
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