Giving the Keys Back to the Folks Who Crashed the Car
Jacob S. Hacker and Paul Pierson
HuffPost
After Tuesday's drubbing, Democrats will search for the hidden message of the election. But the message isn't hidden: The decisive blocs of voters that switched from Democrats in 2008 to Republicans in 2010 were angry and disillusioned -- with the economy, with a political system they see as helping banks and CEOs, not ordinary working families, and with both parties, Republicans (exit-poll favorability rating: 41 percent) as well as Democrats (43 percent). They want action to rebalance the economy so it produces jobs and gains for the middle class, not just Wall Street. Unfortunately, they're not going to get it.
That's because these voters have just handed Congress back to a party least likely to heed their call: the party that spent the last two years saying no to Wall Street reform, to an economic recovery package that included major tax cuts, to expanded health insurance and medical cost control, and to extension of the 2001 tax cuts for the middle class; the party that shamelessly courted lobbyists and corporate donors while claiming they were only against reform because it represented a "bailout" of these very same interests.
In exit polls, voters were asked who they blamed for the state of the economy. In order, they blamed banks, then the Bush administration, and only then the current administration. Yet those who blamed banks gave their votes by a wide margin to the GOP. Their votes have made Speaker-to-be John Boehner the second most powerful person in Washington only months after he staged an open rally for bank lobbyists, urging them to block Democrats and their "punk staffers." The rally worked: Wall Street swung toward the Republicans, joining health insurers, big business groups, energy companies, and the rest of the GOP's new money trust.
(More here.)
HuffPost
After Tuesday's drubbing, Democrats will search for the hidden message of the election. But the message isn't hidden: The decisive blocs of voters that switched from Democrats in 2008 to Republicans in 2010 were angry and disillusioned -- with the economy, with a political system they see as helping banks and CEOs, not ordinary working families, and with both parties, Republicans (exit-poll favorability rating: 41 percent) as well as Democrats (43 percent). They want action to rebalance the economy so it produces jobs and gains for the middle class, not just Wall Street. Unfortunately, they're not going to get it.
That's because these voters have just handed Congress back to a party least likely to heed their call: the party that spent the last two years saying no to Wall Street reform, to an economic recovery package that included major tax cuts, to expanded health insurance and medical cost control, and to extension of the 2001 tax cuts for the middle class; the party that shamelessly courted lobbyists and corporate donors while claiming they were only against reform because it represented a "bailout" of these very same interests.
In exit polls, voters were asked who they blamed for the state of the economy. In order, they blamed banks, then the Bush administration, and only then the current administration. Yet those who blamed banks gave their votes by a wide margin to the GOP. Their votes have made Speaker-to-be John Boehner the second most powerful person in Washington only months after he staged an open rally for bank lobbyists, urging them to block Democrats and their "punk staffers." The rally worked: Wall Street swung toward the Republicans, joining health insurers, big business groups, energy companies, and the rest of the GOP's new money trust.
(More here.)
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