A friend whom I’ll call David raised a ton of money for Democrats in 2008 and now tells me they can go to hell. He’s furious about the no-strings bailout of Wall Street, the absence of a public option in health reform, financial reform that doesn’t cap the size of banks or reinstate the Glass-Steagall wall between investment and commercial banking, and a stimulus that was too small to do much good but big enough to give Republicans a campaign issue. He’s also upset about tens of thousands of additional troops being sent to Afghanistan, a watered-down cap-and-trade bill that’s going nowhere, and no Employee Free Choice Act. David won’t raise a penny this fall and doubts he’ll even vote. “I busted my chops getting them elected, and they caved,” he fumes. “They’re all lily-livered wimps, and Obama has the backbone of a worm.”Reich goes on the analyze why the liberal Democratic base is unable to hold its leaders' feet to the fire while the conservative Republican base is very successful in ensuring that their leaders carry through on their election mandate. It is an eye-opener. Read the whole post!
As Reich points out, Obama has not delivered and the situation of most Americans is actually worse now than when Obama was elected while the ultra-rich have recovered their losses and are even better off:
Average Americans are hurting. But their pain isn’t coming from government. It’s coming from an economy whose benefits are concentrating ever more at the top, whose giant corporations are controlling ever more of our democratic process, and whose costs and risks are becoming ever more burdensome for the middle class and the poor. Public schools, parks, and libraries are closing or reducing hours and staff. Median hourly wages are dropping. Unemployment is at levels not seen in decades; long-term joblessness hasn’t been this bad since the 1940s. Social safety nets — unemployment insurance, Social Security, and Medicare — are endangered.I just can't believe that many traditional Democrats will find the enthusiasm to go to the polls this November. I foresee a sea change swing to the right giving power to fanatical, crazed, ideological, dangerous Republicans. It appears as if the United States is a political system that is determined to lurch, sway, and shake itself until it comes completely unhinged. This is horrifying from my perspective.
Yet corporate profits are reaching unprecedented levels, and the richest Americans — CEOs, other top corporate executives, investment bankers, and hedge-fund managers — are raking in as much or more than before the Great Recession.