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....
What economic growth happened under Clinton had to do with loosening financial regulations, NAFTA and WTO, huge trade debts, a stronger dollar, and the economic bubbles that occurred in the economy.
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
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.