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William R. Neil's avatar

Wait: wasn't the accusation against Joe Biden by both now Republicans in Congress and the Pope of Economics, Larry Summers, that the Biden people shoveled too much cash, too many benefits to the consumer and the economy couldn't cope with the deluge of consumer demand, resulting in bad inflation. Wasn't that a case which shows how anti-abundance the establishment is when the largesse goes to the bottom 60% as opposed to the help the Fed has dished out since 2008 which guarantees the stock market won't crash? I just shake my head when I read Klein won't touch the abundance of $51 trillion which the RAND study from 2020 - which the Dems never mentioned in the campaign, yeah working class Joe, Union Bro and Capitalist Bro juggling act...that $51 trillion which went from the bottom 60% to the top 10% via all sorts of tax cuts, tax havens, and a whole host of policies which meant labor was going to get a smaller share of the national pie - but now we'll ignore that 51 trillion and just produce more by regulatory changes...no social security baseline increase (since Nixon!) no mention of cutting credit card interest rates to 10%...no national living wage...no job guarantee via a giant expansion of the a modern CCC? About what I expect someone who works for the Times to be limited to...if he went Bernie bro he'd be fired in a flash.

And here's why I left the Dems myself: https://williamrneil.substack.com/p/memories-of-party-train-wrecks-1972

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Sam Pooley's avatar

The question whether the abundance concept is politically saleable is a good one even though there’s no doubt that the underlying problem: everything takes too long is certainly staring us in the face, from housing to environmental regulation to school reform. A British friend of mine called almost every public policy here “the nanny state” but I think he was wrong. Society is much more complex now, and the private sector is much more concentrated, with finance again playing an outsized role. And in that complexity people and government are more risk averse, the consequences are not only greater but they are more visible to everyone and more subject to litigation. Fixing that combination will take more than “abundance” in the most abundant country in the world (and to be clear, I don’t think the abundance narrative is addressed to those who are least abundant at all … it’s a good middle class idea that is worthy but not sufficient).

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