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August 6, 2012

Daily Beast: Bill Clinton Becomes Touchstone in 2012 Presidential Campaign

​”What, exactly, is “Clintonomics”? The central tenet of Clinton’s economic policy is progressive taxation. He had campaigned on a big middle-class tax cut, but once elected and confronted with the numbers, realized he couldn’t do it and moved toward deficit reduction instead. He raised tax rates in his first budget as president, which passed with no Republican votes and with Vice President Gore breaking the tie in the Senate.

Clintonomics is a “straight-to-the-heart rejection of Reagan trickle-down economics,” says Jared Bernstein, a former Biden adviser now with the Center on Budget and Policy Priorities.”

“One area where Romney is closer to Clintonomics is the wave of deregulation that Clinton ushered in. He and his economic team encouraged repeal of the Glass-Steagall Act, which opened the door for banks to engage in risky investments. Wall Street loved Clinton. “Wall Street money is aggressively non-partisan, it flows to where the biggest return is,” says Dennis Kelleher with Better Markets, a financial watchdog group. “Almost everybody in that administration cycled through the financial industry.” “

Read Eleanor Clift’s full Daily Beast Article here

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