Thu Dec 27, 2012, 10:07 AM
KoKo (78,900 posts)
"There Is No Santa Claus and Bill Clinton Was Not an Economic Savior" (Dean Baker)
There Is No Santa Claus and Bill Clinton Was Not an Economic Savior
by Dean Baker
The truth is often painful but nonetheless it is important that we live in the real world. Just as little kids have to come to grips with the fact that there is no Santa Claus, it is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize that President Clinton's policies sent the economy seriously off course.To have a sustainable growth path we have to reverse one of the other central policies of the Clinton years, the over-valued dollar. This policy, which was put in place when Robert Rubin became Treasury Secretary, ensured that we would have large trade deficits. The trade deficits were good news for Wall Street with its obsession over inflation. It was also good news for companies looking to move operations overseas to take advantage of cheap labor.
However, the high dollar was terrible news for the country's workers, who were placed at an enormous competitive disadvantage. It resulted in the loss of more than 4 million manufacturing jobs. It was also bad news for anyone who doesn't think that bubbles are a clever way to drive the economy.
Rubin and his allies control the Democratic Party with their money at the moment. Their financial power will not be easily overcome. However, it is important that people understand that the Rubin-Clinton team is every bit as much about redistributing money from the rest of us to the very rich as the Republicans.
The big difference is that, unlike the Republicans, the Rubin-Clinton crew believes that the rich should have to pay their taxes. That's something, but until there is someone in this debate who isn't pushing policies that redistribute before-tax income upward, the vast majority in this country can only lose.
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"There Is No Santa Claus and Bill Clinton Was Not an Economic Savior" (Dean Baker) (Original post)
Response to cbrer (Reply #2)
Thu Dec 27, 2012, 06:04 PM
KoKo (78,900 posts)
3. Those of us who voted for him...realize now...he wasn't the package we voted for....
but many now say either "You should have known" like they tell us about the Promise of Obama...
And when we question ...WE are BAD....WE SHOULD HAVE KNOWN! We didn't check their speeches carefully enough..We didn't get it...it's that "WE" were clueless about our Party and where they were going.