The progressive economic agenda is even worse in this sense because it’s based on the belief we are living 70 years ago. I understand why Bernie is failing to notice the massive change in the way global capitalism functions that occurred since he was a kid. He can’t overcome the rigidity that is less a result of his age than of the strength of his convictions.
But the younger people who insist that the “tax the bastards at 70% to pay for welfare” approach is still valid puzzle me. They are trying to fix an iPhone with the tools that were used to repair lamp radios. It’s bizarre. You do your entire political campaigning on Twitter and Instagram but somehow fail to notice that the global capital has moved into the same space of flows as you have?
By God, people are seriously referencing FDR for a discussion of today’s economy. How is it possible not to notice that the solid capitalism of the 1930s has been entirely washed away by globalization? Have people not heard of the Rust Belt? Or not realized that what rusted there is the entire reality that was just beginning during FDR’s time? The economic recipes of that era are as useful today as the dating advice or the marketing strategies of the 1930s.
As the linked article says, we need completely new approaches that stem from a realization of something that should be extremely obvious: the global economy has changed dramatically since 1978 and even more so since 1938. Let’s finally – finally! – get our heads out of our outdated fantasies about the past and start living in the existing reality.