Not much to add, but I think this deserves wider distribution. Alexander Keyssar, in the Washington Post, reminds us of what our political ancestors achieved through hard work and sacrifice a century ago, in “The real grand bargain, coming undone“:
Despite all the recent talk of “grand bargains,” little attention has been paid to the unraveling of a truly grand bargain that has been at the center of public policy in the United States for more than a century.
That bargain — which emerged in stages between the 1890s and 1930s — established an institutional framework to balance the needs of the American people with the vast inequalities of wealth and power wrought by the triumph of industrial capitalism. It originated in the widespread apprehension that the rapidly growing power of robber barons, national corporations and banks (like J.P. Morgan’s) was undermining fundamental American values and threatening democracy.
Such apprehensions were famously expressed in novelist Frank Norris’s characterization of the nation’s largest corporations — the railroads — as an “octopus” strangling farmers and small businesses. With a Christian rhetorical flourish, William Jennings Bryan denounced bankers’ insistence on a deflationary gold standard as an attempt to “crucify mankind upon a cross of gold.” A more programmatic, and radical, stance was taken by American Federation of Labor convention delegates who in 1894 advocated nationalizing all major industries and financial corporations. Hundreds of socialists were elected to office between 1880 and 1920.
Indeed, a century ago many, if not most, Americans were convinced that capitalism had to be replaced with some form of “cooperative commonwealth” — or that large corporate enterprises should be broken up or strictly regulated to ensure competition, limit the concentration of power and prevent private interests from overwhelming the public good. In the presidential election of 1912, 75 percent of the vote went to candidates who called themselves “progressive” or “socialist.”…