Dan Krotz – The election of Donald Trump will absolutely and forevermore make America the laughingstock of the free world; civilization as we know it will end; and Ted Bundy will replace Emily Post as the new norm for social engagement. But what in God’s name is Hillary Clinton thinking? She wants Bill to run what? The economy?
See President Obama roll his eyes: not only does he have to contend with the foreign policy disasters left behind by George W. Bush, he’s also had to clean up the economic and policy messes configured by Bill Clinton. And now Hillary’s going to let Bill do it again? We know the Democratic Party has arteriosclerosis, but does it have dementia, too?
How is it that Democrats – and Wall Street – recall the Clinton Administration with such euphoria? Weren’t Americans awash in money? You bet. All of it personally borrowed. Household debt as a percentage of disposable income rose from 68% in 1980 to 128% in 2007 – all exacerbated by Clinton’s aggressive free market tongue wrestling with banks and financial institutions in the 1990s. Such borrowing stimulated the “Clinton Economy” but it papered over its lack of sustainability by hiding the extent to which it was leveraged on the backs of people with middle-class aspirations, but falling incomes.
Policy wonks in both parties admit that the gap between rich and poor has widened, and pragmatically report that it is due to globalization and cheaper workers. But globalization can’t account for the fact that American workers in the 90th to the 95th income range (using social security data) – doctors, lawyers, Indian chiefs, small business owners, and other non-manufacturing workers – have seen their compensation rise by just 27.2% in the last 20 years even though their productivity is up 72%. More than 9 out of 10 Americans are making substantially less money than they used to.
This is hardly an endorsement of Senator Sanders. It is an appeal to Mrs. Clinton and her supporters to cut the lesser evil rhetoric and offer – and demand – real tax reform, real investment in infrastructure, and an end to the privatization of public institutions. In other words, to start acting like Democrats again.