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A bad day for whom? The Left for one

Summary:
I blink, you lose! Will Rogers supposedly said that he was not a member of any organized political party. He completed that noting he was a Democrat. That feeling is alive and well among Dems. The confusion caused by Biden's withdrawal seems to have led to many peculiar views among pundits and public intellectuals. Two typical reactions are the ones that are certain that Biden would have lost, and now with Kamala the election is in the bag, and the ones that suggest that the lefties in the party were wrong in supporting Biden. It's true that Biden was trailing in the polls, but it is unclear that he had already lost (although the chances were high), and even less that Harris will win for sure. I hope she does, to be clear, given the alternative.But it seems only reasonable to assume that

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I blink, you lose!

Will Rogers supposedly said that he was not a member of any organized political party. He completed that noting he was a Democrat. That feeling is alive and well among Dems. The confusion caused by Biden's withdrawal seems to have led to many peculiar views among pundits and public intellectuals. Two typical reactions are the ones that are certain that Biden would have lost, and now with Kamala the election is in the bag, and the ones that suggest that the lefties in the party were wrong in supporting Biden. It's true that Biden was trailing in the polls, but it is unclear that he had already lost (although the chances were high), and even less that Harris will win for sure. I hope she does, to be clear, given the alternative.

But it seems only reasonable to assume that dropping the incumbent that, at least on domestic issues, presided over a fast recovery, and one that has favored those at the bottom of income distribution, is a bad idea (if he was to drop because of his cognitive issues, which were known, that window probably had closed in March, same date as LBJ stepped down, as some connected with the party had hinted). He was clearly pushed aside by donors, backed by the party establishment. And now Dems will have to defend the record, but also suggest that the person behind that record was not up to the task of running the campaign (not to mention the added problem of explaining how he still remains in the presidency, w/o invoking the 25th amendment, which the GOP is obviously going to call for, if they already didn't).

Blame the left, a winning strategy

As noted, the other common reaction was to suggest that Bernie, AOC and others in the Squad were completely wrong in supporting Biden, and, even with significant differences (and not just on foreign policy), thought that he was the best candidate. It is evident that Bidenomics has been reasonably good because he veered to the left, approved a large fiscal package, contrary to Summers and others associated with the party establishment, and that saved the economy from a recession. To some extent that was the legacy of Bernie's two runs for the presidency. He pushed the party to the left. The internal coup carried by donors and the establishment basically will move the party back to the right. One may dislike Bernie's views on this, but they are perfectly rational.

Finally, now the NYTimes and most party insiders are lionizing Biden as a selfless martyr for democracy. But if Harris loses in November (and again I truly hope she doesn't; as I noted Trumponomics will be much worse) he will be hang out to dry by the establishment and the media. He will be seen as responsible for the defeat, for his stubbornness and delay in leaving (and even, perhaps, for the inflation he caused with his fiscal plans; again, just to make sure, the latter is ludicrous). This is a defeat for Biden, and inevitably for his allies moving the party to the left.

Long ago, in 2016, before the election, I suggested that the results would be closer than they should be, because of the persistence of the neoliberals within the party. And after the election I noticed that Dems refused to learn that lesson. It seems that we are in the exact same place, with the same dangers as in 2016. The fact that Dems are incapable of organizing a coalition that includes the working class, and are dominated by donors in Wall Street and Silicon Valley is problematic. Hope springs eternal.

PS1: Of all the neoliberal Dem's bad ideas, and their willingness to veer right, the best, by far, was Aaron Sorkin's suggestion that they should nominate Mitt Romney.

PS2: Note that no Republican candidate for president has earned 51% the popular vote since 1988. W got 50.7 in 2004, with 9/11 the war and all. And that was the only time a GOP candidate won the popular vote after 1988. Both Bush in 2000, and Trump in 2016 lost it. And Trump is truly unpopular (but might win). But the fact that is going to be close suggests that the Democratic establishment is also very unpopular. Their refusal to learn and promote candidates like Bernie is not a mistake, it is consistent with their own economic interests.

Matias Vernengo
Econ Prof at @BucknellU Co-editor of ROKE & Co-Editor in Chief of the New Palgrave Dictionary of Economics

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