NPR reports that according to their May 15 poll Americans aren't very happy with the economy or the government: a whopping 80% of Americans report feeling "pessimistic" and think that the country is "headed in the wrong direction." I've been thinking a lot about what these kinds of polls might tell us. I mean, obviously the people's discontent has driven more people to participate in the primary process as everyone has already noticed. Increased electoral participation--in this case--is an immediate effect of the discontent, but such an increase in participation doesn't tell us what the discontent means. I'm not usually someone who tries to write histories of the present; like Hannah Arendt, I think that we can only know the true meaning of our collective life's stories in retrospect (which probably doesn't make me the best blogger). However, I have been wondering whether or not taking the long view of the poll numbers might possibly suggest a kind of popular repudiation of Reagan/Thatcher neoliberalism and a kind of popular re-validation of FDR New Deal socialism.
Academics, progressives, and old school Democrats have decried the potential effects of neoliberal policies since Chicago School economists began applying and testing their theories in the 1970s. The title of Noam Chomsky's 1998 Neoliberalism: Profit Over People pretty much sums up the basic critique of neoliberal policies: neoliberalism is great for the corporations that increasingly run the world, but are potentially disastrous for everyday people like you and me. Yet, while academics and other left-leaning Cassandras shouted against the dot-com whirlwind of the 1990s, the majority of Americans seemed pretty happy with the economy and didn't seem to mind the application of neoliberal principles in the U.S.
In fact, on February 9, 1998--two weeks after the Clinton-Lewinsky scandal broke-- a rather shocked Washington Post pollster reported that 61% of respondents reported that they believed that the country was "headed in the right direction." That same month Clinton's approval ratings reached an all-time high of 67%. The Post explained that the surprise "good mood" of the nation was either because the public didn't believe that Clinton did it; they didn't care if Clinton did it; or, that the economy was just so good that the whole scandal didn't matter. Indeed, President Clinton's 1998 State of the Union had informed Americans that the nation was doing pretty well:
"Because of the hard work and high purpose of the American people, these are good times for America. We have more than 14 million new jobs, the lowest unemployment in 24 years, the lowest core inflation in 30 years; incomes are rising; and we have the highest home ownership in history. Crime has dropped for a record 5 years in a row, and the welfare rolls are at their lowest levels in 27 years." (President Clinton, SOTU, January 27, 1998)
My, how the nation's finances and mood have changed over the last 10 years! President Bush's 2008 State of the Union was far less celebratory:
"As we meet tonight, our economy is undergoing a period of uncertainty. America has added jobs for a record 52 straight months, but jobs are now growing at a slower pace. Wages are up, but so are prices for food and gas. Exports are rising, but the housing market has declined. At kitchen tables across our country, there is a concern about our economic future." (President Bush, STOU, January 28, 2008)
Bush's approval ratings have reached an appallingly bad 23% and 80% of Americans believe that the nation is "heading in the wrong direction," which is probably a reflection upon the incompetency that the Bush Administration has shown in handling the War on Terror, Katrina, and the economy, among other things, but I wonder if the particular tenor that the dissatisfaction has taken--calls for increased regulation of financial markets and lending institutions; calls for socialized health care and reduced prescription prices; and calls for the government to step in to provide relief for rising gas prices and stagnant wages--and both Republican and Democratic politicians' willingness to consider these kinds of policies--might signal a demand for a renewed New Deal economy?
I'm not sure if it does or if it does not, but I'm going to be thinking/writing about this more in the coming weeks. I know that many PCC co-bloggers and lurkers know much more about the economy, economic theory, and recent history than I do, so I'd love to hear your thoughts.
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