Determined to unshackle market forces from the heavy hand of the state and the millstone of ‘tax and spend,’ the classes that led the [pre-Trump progressive-neoliberal] bloc aimed to liberalize and globalize the capitalist economy. What that meant, in reality, was financialization: dismantling barriers to, and protections from, the free movement of capital; deregulating banking and ballooning predatory debt; deindustrializing; weakening unions; and spreading precarious, badly paid work. Popularly associated with Ronald Reagan but substantially implemented and consolidated by Bill Clinton, these policies hollowed out working-class and middle-class living standards while transferring wealth and value upward—chiefly to the one percent, of course, but also to the upper reaches of the professional-managerial classes.
This is the genesis of Occupy Wall Street that didn’t homogenize and died publicly humiliated on the streets of Everywhere, America. It was unorganized and nowhere near as thoughtful and ordered as those it tried to engage in conflict.
To achieve hegemony, the emerging progressive-neoliberal bloc had to defeat two different rivals. First, it had to vanquish the…remnants of the New Deal coalition…in place of a historic bloc that had successfully united organized labor, immigrants, African Americans, the urban middle classes, and some factions of big industrial capital for several decades, they forged a new alliance of entrepreneurs, bankers, suburbanites, ‘symbolic workers,’ new social movements, Latinos, and youth…Campaigning for the Democratic presidential nomination in 1991-92, Bill Clinton won the day by talking the talk of diversity, multiculturalism, and women’s rights even while preparing to walk the walk of Goldman Sachs.
I was uneducated and witnessed my grandmother grandstand for the challenger, her photo printed on the front page of the local paper as an adoring fan holding a sign with teeth gleaming in the first few rows. Latina and Ute, she felt she finally had her pale-faced champion.
Progressive neoliberalism also had to defeat a second competitor, with which it shared more than it let on. The antagonist in this case was reactionary neoliberalism…While claiming to foster small business and manufacturing, reactionary neoliberalism’s true economic project centered on bolstering finance, military production, and extractive energy, all to the principal benefit of the global one percent. What was supposed to render that palatable for the base it sought to assemble was an exclusionary vision of a just status order: ethnonational, anti-immigrant, and pro-Christian, if not overtly racist, patriarchal, and homophobic.
The mutation of the republican party from tea party and freedom caucus-influenced to co-option by Trumpism. Either get fired in humiliating fashion, adopt the disgusting and disrobing policies, or, if you’re lucky, get out by the skin of your back.
The rust belt region, along with newer industrial centers in the South, took a major hit thanks to the triad of Bill Clinton’s policies: The North American Free Trade Agreement (NAFTA), the accession of China to the World Trade Organization, (justified, in part, as promoting democracy), and the repeal of the Glass-Steagall Act, which loosened regulations on banking. Together, those policies and their successors ravaged communities that had relied on manufacturing.
I like to think the thoughtful folks of my generation, if voter-aged, would have been so outraged by Glass-Steagall that the idea of its passage would have been constitutional and democratic sacrilege. But we had no idea. Sacrilege, as we found out, was wasted forethought. Democracy and constitution were words.
An African American who spoke of ‘hope’ and ‘change’ ascended to the presidency [in 2008], vowing to transform not just policy but also the entire ‘mindset’ of American politics. Barack Obama might have seized the opportunity to mobilize mass support for a major shift away from neoliberalism, even in the face of congressional opposition. Instead, he entrusted the economy to the very Wall Street forces that had nearly wrecked it…Obama lavished enormous cash bailouts on banks that were ‘too big to fail’ but [he] failed to do anything remotely comparable for their victims: the 10 million Americans who lost their homes to foreclosure during the crisis…All told, the overwhelming thrust of his presidency was to maintain the progressive-neoliberal status quo, despite its declining popularity.
I worked two jobs seven days a week during this time, one of them for two years at a foreclosure law firm. I saw an average of 100 foreclosures cross my desk each day for one state alone for at least one of those years.
President Trump’s policies have diverged altogether from candidate Trump’s campaign promises. Not only has his economic populism vanished, his scapegoating has grown ever more vicious. What his supporters voted for, in short, is not what they got.
I disagree. Each day another hundred supporters are won. Trumpism is a reaction just as the news cycle is a reaction. Each creates a dialogue of re-reaction in a culture of continuous faux-action. The real action is the reaction, and thus the philosophy is based on re-reaction.
 Fraser, Nancy. The Old is Dying and the New Cannot be Born: From Progressive Neoliberalism to Trump and Beyond, Verso Books, London, 2019: 12.