William K. Black
December 5, 2016 Bloomington, MN
Bob Rubin and Alan Greenspan convinced the New Democrats, over a quarter-century ago, that the key to economic growth was to out-Republican the Republican Party in the fervency of their embrace of austerity. This began the long war of the New Democrats against the working class that culminated in the loss of their candidate, Hillary Clinton, to Donald Trump. Rubin’s and Greenspan’s support for austerity constitutes economic and political malpractice. Austerity is the enemy of the general economy and the people of the world, but it targets for its greatest harm the working class. As I have explained in earlier columns, Hillary was so devoted to austerity that she made it her major new policy theme in the closing weeks of her campaign – even as every poll warned her that she had enraged the white working class, a principal victim of austerity.