According to an opinion piece in The New York Times on November 21, 2024, the modern Democratic Party emerged from the 1980s “greed is good” era, partially by adopting aspects of the Reagan agenda. Under President Bill Clinton, the party formed a coalition with Wall Street, which helped Democrats return to the White House without fundamentally changing the political system. 

However, the shortcomings of this “third way” approach became clear during the prolonged recession after the financial crisis, when the party struggled to find a new direction—and ultimately never did.

The Democratic establishment played a key role in saving the institutions that had nearly driven the economy to collapse during the Great Recession in 2008, reinforcing the public’s belief that our political and economic system is stacked in favor of the wealthy and powerful. This move to stabilize the economy came at the expense of working-class Americans, who were left to deal with job losses, foreclosures, and stagnant wages. As the party supported Wall Street’s recovery with taxpayer money, it failed to offer the same level of support or relief to the millions of ordinary citizens who had been hit hardest by the financial crisis. This not only fueled a growing distrust in the political system but also solidified the belief that elite interests control the government, while the concerns of everyday Americans remain sidelined.

Elected officials and candidates must present a fresh vision of economic security and independence for working families. This means serving the interests of workers over the interests of capital. Not every solution should be market-driven; after all, the market often rewards greed, and fostering greed should never be the goal of a democratic government.

This vision also involves committing to policies such as universal pre-K, paid family and medical leave, expanded community banking, raising the minimum wage, and offering a public option for health insurance. It means protecting American workers from harmful trade deals that have been made in the name of globalization. Elected officials must embrace a new vision that prioritizes economic fairness and social justice. By advocating policies that support working families, and protect workers from exploitative trade deals, they can build a more equitable society. It’s time to move beyond outdated neoliberalism and create a future where every American has the opportunity to thrive, not just the wealthy few.

by Caitlyn Pantaleon