What would the Founding Fathers make of a young congresswoman of Puerto Rican descent and modest means calling for a sweeping overhaul of our nation's political infrastructure?
First, remember that Alexandria Ocasio-Cortez's plan is inspired by a similar overhaul successfully enacted into law by a rich old white guy.
Yes, we've come a long way since the 1930s. The other key difference between Franklin Roosevelt's New Deal and this updated one is that, whereas for Ocasio-Cortez the impetus is global ecological collapse, back then it was mass unemployment following a stock market crash.
Noteworthy, too, is how the 2008 financial meltdown, in many ways more catastrophic even than the one in 1929, was managed so as not to result in another Great Depression. The "fix" was a taxpayer-funded bailout paired with the few remaining New Deal protections from financial overreach left after decades of bank deregulation. The 2008 crisis wouldn't have happened at all if FDR's Glass-Steagall Act had not been repealed by the Clinton administration.
It is ironic that socialist intervention, in the form of that bailout, kicked the can down the road. Nothing fundamentally changed. The issues underlying the mortgage crisis were not resolved or even addressed. Too-big-to-fail banks are bigger than ever and increasingly interdependent. So are many other sectors of our economy. And as wealth concentrates, the majority of Americans are increasingly left behind. It has gotten to the point where the New York Times, in a recent piece about the wealth gap, defined as "upper middle class" anyone in the top 10 percent of earners. It used to be the upper third, didn't it?
In truth, only the upper 1 percent of Americans with stock portfolios are benefiting from rising GDP and low unemployment. Most people's income hasn't budged since the 1970s, when the relatively low cost of living meant a family could still survive on one paycheck.
The day of reckoning has arrived. It is called, appropriately, I think, the Green New Deal. It begins with values, which is also appropriate. This is how the Founders crafted their vision for America. The Declaration of Independence set forth the "why" and the Constitution, hammered out through intense negotiation, created the "how." The system of checks and balances seemed foolproof and set the course for steady improvement in America's quality of life.
Unfortunately, it was not able to withstand globalization's promise of both free and fair trade. The Founders' central fear was international pressure to conform to the values of other nations, mainly the European powers whose practice of imperialism (as opposed to high-minded talk of manifest destiny) most of the Founders deplored.