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This essay is being published in conjunction with the launch of Meltdown β a new eight-episode Audible series that debuts on Oct. Find the podcast here. American democracy is in the midst of a meltdown β the Jan. Conflict-averse Democrats in Washington, D. Torn between their corporate donors and the electorate, they are studiously avoiding the two key questions: What is really fueling this crisis? And how can it be stopped? Americans keep voting to change this crushing dystopia and yet they continue being force-fed more of the same β most recently with Democrats threatening to side with their financiers and abandon their whole economic agenda.
Such betrayals from both parties have been telling more and more of the country that democracy is a farce. In the former debacle, the Democratic Party halted a potential meltdown of democratic institutions by delivering real help to millions of people.
If insanity is doing the same thing and expecting different results, then Democrats would be crazy to ignore these lessons at this moment of both opportunity and peril. As fascism rose in America β through the growth of local Nazi groups, Father Coughlin, and other conservative-media voices β Franklin Roosevelt cast his progressive economic initiatives as both a weapon to fight the economic crisis and a shield against right-wing authoritarianism.
Once elected, Roosevelt championed a then-radical program of government investments and interventions in the economy, directly employing millions of the jobless , investing in public infrastructure , and subjecting powerful financial institutions to tough regulations.
The year before a fulminating Nazi rally in a packed Madison Square Garden in New York, FDR warned that the global rise of fascism was the result of democratic governments doing the opposite of the New Deal and protecting an economic status quo enriching a tiny handful at the expense of everyone else. His prescience was also confirmed by what concurrently happened in Germany, where leaders imposed spending cuts. Fast-forward to the modern era, when America experienced the negative versions of these lessons and cautionary tales in the aftermath of the financial crisis.