After reading Jason Furman’s recent opinion piece in the NYT on how both conservatives and liberals often misread Adam Smith, I found myself largely agreeing with him and hoping more people would embrace the common-sense idea (at least to me) that the free-enterprise economic system, while far from perfect, delivers most of the goods we need while government should provide for and protect those left behind. But curious to learn more about Furman, a Harvard economist and former chair of White House Council of Economic Advisers under President Obama, I stumbled upon this post-election piece by Robert Kuttner who accuses Furman of being – dun, dun, dun – an evil ‘neoliberal.’ … OK, here we go. Another intraparty fight over the future of Dem priorities and policies. …
Quick thoughts: Kuttner, a progressive’s progressive, is right to argue that so-called neoliberals – specifically Dems who have embraced the general concept of capitalism (or, as I prefer to call it, the free-enterprise system) – went overboard in deregulating the financial system and signing bogus free-trade agreements that ignored the interests of working-class Americans. They were huge mistakes with terrible consequences. …
But progressives, and their kissing-cousin democratic socialists, have made their own share of blunders over the decades, prompting the recent rise of the Abundance and other left-of-center affordability initiatives (that means you, Gov. Healey) to address government overregulation that’s led to unnecessarily high costs for people, particularly those living in blue states. Meanwhile, many on the left, including New York Mayor Mamdani’s very own DSA allies, can’t even bring themselves to support private homeownership, believing it promotes capitalism and inequity. (Seriously, they believe this. Check it out at The Atlantic.)
Bottom line: I guess I’m a neoliberal if that means supporting a free-enterprise system that serves as the main engine of economic growth. But I guess I’m also a little progressive in a desire to help the poor and others via hopefully wise government programs and a more equitable tax system. Combine the two together and you get – dun, dun, dun – a moderate liberal. The horror!
