I really feel like we live in an alternate universe. The last Democratic President turns out to have been Carter. The idea that one Democratic President took apart Glass-Steagall and the other is about to take apart Social Security and Medicare makes me ill. NYT – Messing with Medicare
Clinton had two shamefully illiberal moments: DOMA (the government selectively forbidding common rights to some citizens) and his dismantling of Glass-Steagall. Obama hasn’t had one definitively such moment yet, so I think the belly aching among liberals is too much.
Except, if Obama does agree to such significant cuts to the middle class welfare system as part of the final deal (if one happens), it’ll be bigger than Glass-Steagall and DOMA combined. It’s the very foundation of pro-government intervention in America, and I don’t think it’s ever been scaled back before. Republicans don’t really want to go there; they’d prefer non-military discretionary spending to be cut into oblivion. Thus, the Boehner proposal of $1 trillion now, an unaccountable/undemocratic spending cut commission later.