Economics 2004

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. Four years ago, Gore attacked from the right, denouncing Bill Bradley's modest healthcare proposal as fiscally irresponsible. This year, every Democrat has a substantial plan to reform healthcare, and some of them want to go all the way: universal coverage. Gore himself now blesses the concept.

Collectively, the Dems share a far more aggressive posture on economic issues than the one inherited from the Clinton era. The party is not exactly turning left, but its would-be leaders are definitely sidestepping toward a more ambitious liberal agenda. The shift is probably accompanied by belated regrets. If Gore had run on a stronger agenda in 2000, he would likely be President today. If Congressional Democrats had not lost their voices during the 2002 elections, they might not be a virtually impotent minority in the House and Senate.

In any case, the Democrats hardly have much choice for 2004, given that Bush has governed so brutishly and nearly obliterated the landscape left behind by Bill Clinton. Who can accuse the Dems of liberal profligacy when Bush has shifted fiscal policy from $200 billion surpluses to $500 billion deficits? How can the right attack Democrats for expanding the welfare state when the Republicans have just done so themselves, with their expensive new drug benefit?

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