What’s the Lesson of the 2024 election?
According to exit polls, Americans voted mainly on the economy – and their votes reflected their class and level of education.
While the US economy has improved over the last two years according to standard economic measures, most Americans without college degrees – that’s the majority – have not felt it.
In fact, most Americans without college degrees have not felt much economic improvement for four decades, and their jobs have grown less secure.
The real median wage of the bottom 90% is stuck nearly where it was in the early 1990s, even though the economy is more than twice as large now as it was then.
Most of the economy’s gains have gone to the top.
This has caused many Americans to feel frustrated and angry. Trump gave voice to that anger. Harris did not.
The real lesson of the 2024 election is that Democrats must not just give voice to the anger, but also explain how record inequality has corrupted our system, and pledge to limit the political power of big corporations and the super-rich.
The basic bargain in America used to be that if you worked hard and played by the rules, you’d do better, and your children would do even better than you.
But since 1980, that bargain has become a sham. The middle class has shrunk.
Why? While Republicans ([url]https://www.theguardian.com/us-news/republicans[/url]) steadily cut taxes on the wealthy, Democrats abandoned the working class.
Democrats embraced Nafta and lowered tariffs on Chinese goods. They deregulated finance and allowed Wall Street to become a high-stakes gambling casino. They let big corporations gain enough market power to keep prices (and profit margins) high.
They let corporations bust unions (with negligible penalties) and slash payrolls. They bailed out Wall Street when its gambling addiction threatened to blow up the entire economy but never bailed out homeowners who lost everything.
They welcomed big money into their campaigns, and delivered quid pro quosthat rigged the market in favor of big corporations and the wealthy.
Joe Biden redirected the Democratic party back toward its working-class roots, but many of the changes he catalyzed – more vigorous actions against monopolies, stronger enforcement of labor laws and major investments in manufacturing, infrastructure, semiconductors and non-fossil fuels – wouldn’t be evident for years. In any event, he could not communicate effectively about them.
The Republican party says it’s on the side of working people, but its policies will hurt ordinary workers even more. Trump’s tariffs will drive up prices. His expected retreat from vigorous anti-monopoly enforcement will allow giant corporations to drive up prices further.
([url]https://www.theguardian.com/commentisfree/2024/nov/08/democrats-harris-election)[/url]
Robert Reich, a former US secretary of labor, is a professor of public policy at the University of California, Berkeley, and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His newest book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist.
According to exit polls, Americans voted mainly on the economy – and their votes reflected their class and level of education.
While the US economy has improved over the last two years according to standard economic measures, most Americans without college degrees – that’s the majority – have not felt it.
In fact, most Americans without college degrees have not felt much economic improvement for four decades, and their jobs have grown less secure.
The real median wage of the bottom 90% is stuck nearly where it was in the early 1990s, even though the economy is more than twice as large now as it was then.
Most of the economy’s gains have gone to the top.
This has caused many Americans to feel frustrated and angry. Trump gave voice to that anger. Harris did not.
The real lesson of the 2024 election is that Democrats must not just give voice to the anger, but also explain how record inequality has corrupted our system, and pledge to limit the political power of big corporations and the super-rich.
The basic bargain in America used to be that if you worked hard and played by the rules, you’d do better, and your children would do even better than you.
But since 1980, that bargain has become a sham. The middle class has shrunk.
Why? While Republicans ([url]https://www.theguardian.com/us-news/republicans[/url]) steadily cut taxes on the wealthy, Democrats abandoned the working class.
Democrats embraced Nafta and lowered tariffs on Chinese goods. They deregulated finance and allowed Wall Street to become a high-stakes gambling casino. They let big corporations gain enough market power to keep prices (and profit margins) high.
They let corporations bust unions (with negligible penalties) and slash payrolls. They bailed out Wall Street when its gambling addiction threatened to blow up the entire economy but never bailed out homeowners who lost everything.
They welcomed big money into their campaigns, and delivered quid pro quosthat rigged the market in favor of big corporations and the wealthy.
Joe Biden redirected the Democratic party back toward its working-class roots, but many of the changes he catalyzed – more vigorous actions against monopolies, stronger enforcement of labor laws and major investments in manufacturing, infrastructure, semiconductors and non-fossil fuels – wouldn’t be evident for years. In any event, he could not communicate effectively about them.
The Republican party says it’s on the side of working people, but its policies will hurt ordinary workers even more. Trump’s tariffs will drive up prices. His expected retreat from vigorous anti-monopoly enforcement will allow giant corporations to drive up prices further.
([url]https://www.theguardian.com/commentisfree/2024/nov/08/democrats-harris-election)[/url]
Robert Reich, a former US secretary of labor, is a professor of public policy at the University of California, Berkeley, and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His newest book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist.
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