The Great Debate
Get out your pitchforks, Democrats! A showdown over populism is coming.
The core of the problem is the decline of Democratic support among white working-class voters. White voters without a college degree made up 36 percent of the midterm electorate this year. They voted nearly 2-to-1 Republican.
1. The Obama boom will finally arrive. Only it will be more like a boomlet.
Americans have been waiting for the boom since they elected President Barack Obama in the teeth of the 2008 financial meltdown. After all, we elected Ronald Reagan during an economic downturn in 1980, and by his second term, the economy had turned around (“Morning in America”). We elected Bill Clinton in an economic downturn in 1992, and by his second term, the economy had come roaring back (the “dot-com boom,” now known as the “dot-com bubble”). Now we’re deep into Obama’s second term. Where’s da boom?
One day after President Barack Obama called for moving forward on trade authority in his State of the Union address, Senate Majority Leader Harry Reid (D-Nev.) declared, “I am against fast track,” and said he had no intention of bringing it to a vote in the Senate.
The chattering classes are fascinated by the Republicans’ internecine battle to redefine the party in the wake of the George W. Bush calamity and the Mitt Romney defeat — from Senator Rand Paul’s revolt against the neoconservative foreign policy, to intellectuals flirting with “libertarian populism.” Less attention has been paid, however, to the stirrings of what Senator Paul Wellstone dubbed “the Democratic wing of the Democratic Party” — now beginning to challenge the Wall Street wing of the party.
2012 was the first class-warfare election of our new Gilded Age. The first since the middle class has come to understand, in the words of new Senator-elect Elizabeth Warren (D-Mass.), that the “rules are rigged against it.” Business-as-usual may no longer be acceptable.
Five years ago, Ron Paul’s popularity was still surprising. Sometime in 2007, the former physician, longtime crank in Congress, and thoroughly fringe Republican had somehow turned his shtick into success — at least monetarily. Paul raised more than $31 million in the 2008 Republican primary even though he never actually won a contest where actual delegates were at stake. For a longshot like Paul, it wasn’t the chance of his success that drove people to donate; on the contrary, all but the deluded knew he would fail.
from Reuters Money:
Elizabeth Warren, it's not you they hate. It's what you represent. You want to be an honest cop when so many before you in Washington have looked the other way and pretended that the banking industry could police itself.