[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]
The Book of the Week is “The Rebels, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez (hereinafter referred to as “AOC”) and the Struggle for a New American Politics” by Joshua Green, published in 2024. In this hodgepodge of a volume, the author described some practices of the U.S. government that has led to its currently precarious economic state of affairs.
As of early 1978, president Jimmy Carter had failed to keep three economics-related campaign promises with which he tried to incite the hard-working American masses: income-tax reform (angry at the rich’s business tax-deductions); a stimulus (because stagflation was dogging everyone’s pocketbook); and an energy bill (due to rising oil prices). June 1978 saw California’s voters approve a huge reduction in property tax.
In October 1978, the Carter administration passed a tax-bill– the Revenue Act– that actually favored the rich and Wall Street. The bill cut capital gains taxes; funds were shifted from investing in factories and equipment to gambling in the securities markets. The president could have vetoed the bill, but instead, he sold out because his party would benefit with mere weeks to go before midterm election-day. Ironically, Ralph Nader, who was known for advocating for consumers, urged the government to deregulate airlines and trucking. It turned out that deregulation of these exceptional industries was to hurt consumers (and their employees!) in a few short years.
There also occurred the privatizing of retirement funds in the form of 401(k). As is well known, it was touted as a tax shelter, but it gave Wall Street more control over Americans’ hard-earned money.
After Carter lost his bid for reelection, Democrats such as Paul Tsongas, Mike Dukakis, Bill Bradley and Bill Clinton pivoted toward neoliberalism– appeasing the corporate community with anti-union legislation, deregulation, and allowing monopolistic practices.
Unsurprisingly, the above, and the implementation of a bunch of other unwise economic policies, led to the 2008 financial crash. The American people were understandably very angry to learn that the government bailed out the crash’s institutional perpetrators (whose obscenely paid executives had jobs that weren’t pay-for-performance, and who still got their bonuses); never mind helping hard-working ordinary Americans.
According to the author, the bailout cost U.S. taxpayers $32 billion instead of between $700 billion and $1.5 trillion. It is impossible for laypeople to believe that “experts” can accurately estimate those kinds of numbers, given the pressure on “experts” to propagandize. Ever since, there is almost total disbelief of all economics numbers spouted by those “experts.” It is actually the age-old activity of lying with statistics.
The author wrote that, as a newly elected U.S. senator from New York State, Hillary Clinton paid her dues by playing well with others, making friends with strange bedfellows, while U.S. senator from Massachusetts, Elizabeth Warren, nearly a decade later, behaved in a confrontational manner that garnered applause from the little people– grassroots supporters.
The author contended that the aforementioned Warren paved the way for the Independent Bernie Sanders’ surprising popularity among the young voters in the 2016 Democrat primary election for president. His presence in the primary affected the choices of voters in the general election, adversely affecting Hillary’s chance to win.
The author explained why AOC achieved what most politicos thought was going to be impossible. “Running as a Democratic Socialist, she [AOC] drew a large, multiracial progressive coalition that overwhelmed an incumbent, in [Joseph] Crowley, who personified the Wall Street-friendly Democrat uninterested in local concerns but assumed to be too powerful to be held to account.”
Read the book to learn much more about how the individuals named in the book’s title have influenced American politics in a major way in the last fifteen years.
ENDNOTE: In sum, American voters would like to see their government return to rule of law, civility and transparency! They would also like to see political workers and candidates: answer the questions asked of them, and clarify what they mean. Various terms of late have been given emotionally-charged interpretations to incite people who easily get upset at political news. For example, climate change and woke mean different things to different people. Instantaneous communication among Americans has made them hyper-aware of shenanigans in the staged and scripted reality show that is currently American politics.