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Hillary Clinton’s New Democrats

The New York Times Original article ›
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This editorial in the NYT says Bill Clinton moved the Democratic Party to the centre in 1992. In 2016 about 25 years later, after the removal of the Glass Steagall Act led to the 2008 global financial crisis and a deep recession, after the trade relations with China led to loss of U.S. manufacturing jobs over two decades and the hollowing out of industry in the midwest, things have changed. The revolution led by Bernie Sanders, a shrinking middle class, smaller access to college education for the middle and working class, and wide disparities in income, are putting the Democratic Party closer to its roots and the days of FDR. The Democratic Party platform calls for a 21st century Glass Steagall Act to separate normal banking from investment banking, opposes the TPP to prevent any further export of jobs overseas, and goes for a $15 minimum wage. This was also evident at the opening day of the Democratic National Convention when Sanders told the gathering in Philadelphia that even though he was not the candidate, these are the planks of the platform that Hillary Clinton will be pushing for in her presidency. What the editorial does not point out is that the Republican economic platform also calls for reinstatement of Glass Steagall Act, opposes TPP and opposes any loss of American jobs to overseas locations. It differs on the minimum wage leaving it to the states, and it is likely to skew tax cuts towards the wealthy, but also possibly removing the lower income brackets from taxes as Britain has done under the Conservative Party. Both parties today are looking for support from the middle and working class and have directed their appeal to these two groups which are in upheaval. The election of Trudeau in Canada recently also followed this trend, after the hollowing out of Canadian industry in Ontario and Quebec in a similiar pattern as in the midwestern U.S. 


The 2016 Republican and Democratic party platforms that call for reinstatement of Glass Steagall Act and changes in trade negotiations to put America first

07/20/2016

The Republican platform for 2016 is very different than the 2012 platform. The word deficit when it occurs is for trade deficit not fiscal deficit. Under both parties tougher regulation for banks with memories of the 2008 crisis and how it hurt ordinary Americans, The same for trade and the way it has hurt Americans in manufacturing- new trade negotiations will be tougher, companies in the domestic market will have better terms and exporters will face tougher environment overseas.

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With huge support among young people the Bernie Sanders challenge to Hillary Clinton represents a struggle for the soul of the Democratic Party between Hillary's plan for incremental change and Sanders call for major changes in education and healthcare.

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