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Both political parties have moved to the right during the neoliberal period. Today’s New Democrats are pretty much what used to be called “moderate Republicans.” The “political revolution” that Bernie Sanders called for, rightly, would not have greatly surprised Dwight Eisenhower.
The fate of the minimum wage illustrates what has been happening. Through the periods of high and egalitarian growth in the ‘50s and ‘60s, the minimum wage—which sets a floor for other wages—tracked productivity. That
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If he [Thomas Edison] had a needle to find in a haystack, he would not stop to reason where it was most likely to be, but would proceed at once with the feverish diligence of a bee, to examine straw after straw until he found the object of his search. … Just a little theory and calculation would have saved him ninety percent of his labor.
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