Abstract

Economics 2004

The author discusses the economic policy proposals of the U.S. Democratic presidential candidates. The Democratic Party has come a long way from the "lockbox" economics of 2000. Four years ago, Al Gore campaigned on a promise to maintain federal budget surpluses as far as the eye could see--and to use the money to pay off the national debt. This year, every candidate has evidently figured out that fiscal rectitude does not alone win elections. So they are all promising to spend public money on more positive objectives--big spending, in some cases. This year, every Democrat has a substantial plan to reform healthcare, and some of them want to go all the way: universal coverage. Collectively, the Dems share a far more aggressive posture on economic issues than the one inherited from the Clinton era. The most imaginative and forward-looking item is the public-works vision called the new Apollo Project--a $300 billion, ten-year plan to jump-start the transition to the postpetroleum era. Every Democratic candidate has endorsed the concept in generalized terms. Dennis Kucinich is definitely holding up the left wing of the spectrum. He has the most ambitious ideas for challenging corporate power. On trade, Dick Gephardt calls for establishing a global minimum wage. Joe Lieberman holds up the right flank. He alone among Democrats continues to sing from the free-trade hymnal. John Edwards endorses some long-neglected progressive measures for helping young people and new families with their economic struggles.