The economic collapse of the 1930’s created the opportunity for revolutionary change in the American economic system. Sixty years of Oligarchic Capitalism had finally resulted in the Stock Market Crash of 1929 and the Great Depression. Herbert Hoover and the Republican Party were incapable of providing the leadership and ideas necessary to solve the economic crisis and guide the country into a new era.
The election of Franklin Roosevelt in 1932 would result in revolutionary change and the establishment of a system of Democratic Capitalism; a system that would last until the election of Ronald Reagan in 1980. Unfortunately, just how revolutionary Roosevelt’s New Deal program was is not widely recognized today by many Americans. Social Security, financial regulation in the form of the Securities Exchange Act and the Glass-Steagle Act, and job creation programs like the Civilian Conservation Corps and Works Progress Administration transformed the role of government in dealing with the economic welfare of the country. The idea that government has an important role in regulating the economy and has the responsibility to help ensure the economic rights and well-being of its citizens became well accepted by most Americans.
The challenge today is that what was once revolutionary has, over time, become accepted as pedestrian. We have seen this occur throughout history; public education, the right of women to vote. laws against discrimination in the workplace, limits on the ability of business to pollute, birth control, and countless other progressive issues are now accepted as normal. The revolutionary roots of issues like these often becomes lost over the course of time.
History never exactly repeats itself, however, it often runs in parallels. As discussed in my book Capitalism, Socialism, and the Promise of Democracy, the Financial Crisis of 2008 and the Great Recession that followed largely replicated the Stock Market Crash of 1929 and the Great Depression. Both were the inevitable outcome of the tremendous economic inequality that resulted from years of Oligarchic Capitalism. Both resulted in the election of a Democratic President who initiated Keynesian economic policies to deal with the crisis.
In the first case, Roosevelt was able to both deal with the crisis in the short-run and to establish programs that fundamentally changed America in the long-run. In the second case, Barack Obama was able to deal with the crisis in the short-run but was unable to firmly cement in place the type of long-run changes that were needed. Reactionary elements in the Republican Party that opposed change and supported the system of Oligarchic Capitalism had seen what Roosevelt had accomplished, and were better prepared and more willing to use whatever means were necessary to thwart change. Unfortunately, they got more than they bargained for.
The sad, long history of the Republican Party in using racial, religious, and cultural fear-mongering to prevent change and maintain power reached an apex in their attacks on President Obama and the Democratic Party. Hillary Clinton and the Democrats were unable to effectively counter these attacks in the 2016 election. The culmination was the rise of Donald Trump as the leader of the Republican Party, his election as President, and what is now one of the greatest crises in the history of our country.
Where is our Roosevelt? Who has the revolutionary vision to provide the leadership necessary to re-establish a system of Democratic Capitalism and heal our country’s wounds? Who will re-establish our country as the leader of the free-world?
Joe Biden will run against Donald Trump for the Presidency. Biden currently has a wide lead in the polls. He leads in critical swing states. The Trump campaign is in disarray. The country is hungry for new leadership and a new direction. The stage is set for a historic victory. If he is able to win, will Biden and the Democratic party be able and willing to deliver?
Supposedly, one of Biden’s greatest attributes is his ability to achieve bipartisanship agreement. He prides himself on being able to “reach across the aisle” and cut deals. Will this attribute serve him well in the post-Trump era?
Unfortunately, it is most likely that now is not the time for compromise, especially if the Democrats win significantly in November. Instead, Biden needs to adopt an aggressive agenda that establishes a new era of Democratic Capitalism. A much more progressive tax structure, broader access to health-care, widening of economic opportunity, criminal justice reform, student debt relief, and bankruptcy reform are just some of the areas that need to be vigorously pursued over the obstructionist attacks of the Republican party.
Bipartisanship has not always been a dirty word. However, the Republican party of today has demonstrated that they will not work with Democrats, but only will obstruct. Barack Obama found this out the hard way as he often prematurely compromised with Republicans only to later be frustrated by them. Biden should not make the same mistake.
Biden recently said: ““This nation cannot function without generating consensus. You will see an epiphany occur among many of my Republican friends.” This is wishful thinking at best, and just plain naive at worst. There will be no epiphany among Republicans. They will continue to obstruct and prevent any meaningful change to move our country forward.
Joe Biden may well have the opportunity to be a transformational president like Franklin Roosevelt; someone who fights for revolutionary change in our country, change that will someday be accepted as common place. However, he will not get there with a tepid, bipartisanship, compromising approach to the Presidency . Instead, he needs to adopt the attitude that Franklin Roosevelt took: “We had to struggle with the old enemies of peace–business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering…..Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me–and I welcome their hatred.”
Do you think Joe Biden will be our next Roosevelt and vigorously pursue change, or do you think he will be too quick to compromise and seek bipartisanship to reach agreement with Republicans and be unable to accomplish revolutionary change?
