http://www.salon.com/news/opinion/joan_walsh/politics/2010/11/07/2010_elections/index.htmlPlease read the full op-ed piece, not just the four paragraphs below.
Sunday, Nov 7, 2010 22:06 ET
How the Democrats shellacked themselves
The party has been caving to the wealthy since the Carter administration. Will anyone stand up for the rest of us?
By Joan Walsh
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The smart money may be on Obama caving to the GOP, as he did when Republicans demanded a smaller-than-needed stimulus, healthcare reform without a public option or curbs on industry profits, financial reform without a ban on banks' gambling with federally insured money -- and then delivered few or no votes for the watered-down result, anyway. I still believe Obama can stick to his guns, realizing that he's living through a depressing hazing ritual for Democratic presidents -- being stuck cleaning up after a Republican bacchanal -- and refuse to budge.
Why? Because the alternative -- Obama caving -- is unthinkable, politically. It would extend the last 30 years of class warfare -- the rich against the rest of us -- indefinitely. It would doom the Democrats for the foreseeable future. And it could throw the country back into the recession from which it's barely recovered, since paying more money to the uber-rich would make spending on jobs or any other kind of recovery measures almost impossible.
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No doubt the White House is thinking hard again about how to activate the forces it marshaled in 2008, as it gears up for 2012. That's opportunism, sure -- the president wants to get reelected -- but it means there's opportunity. The only hope for a Democratic resurgence in the near-term is for Barack Obama, who still has enormous political capital, to decide what he stands for. Is he looking to reverse the dangerous trends of economic inequality that are corroding "Our Banana Republic," as Nicholas Kristof terms our new plutocracy? Or will he tinker around the edges, ceding to the wealthy the right to control the economy by controlling politics, rigging the game of taxation, labor law, business regulation and spending on social support, so the big winners keep on winning at the expense of most of the rest of us?
Overreaching by Republicans, cronyism and corruption; the orgy of tax cutting and deregulation that led to the Wall Street meltdown -- the conditions that led Obama and Democrats to control the White House and Congress were the kind of conditions that, in earlier generations, led to periods of political and social renewal, where reformers stood up to robber barons and capitalist overlords and made them cease the carnage. The Gilded Age gave us the Progressive Era; the Depression yielded the New Deal, and that approach to blunting capitalism's sharp edges and expanding opportunity persisted, ironically, through the Nixon administration. Obama and the Democrats had an epochal opportunity to change the terms of the political debate and begin another era of renewal in 2008, and they haven't managed it yet. They still have a chance, but the window is closing, and voters are losing faith that Democrats are up to solving the nation's problem. How Obama handles the GOP's tax challenge could determine his party's fortunes, and the country's, for many years to come.