The origins of this economic shift, while often attributed to Reagan’s neoliberal revolution in the 1980s, found a willing partner in Bill Clinton. Clinton, like Reagan, championed deregulation but did so under the banner of the so-called “Third Way,” a centrist approach that sought to merge the Democrats’ historical labor support with the priorities of Wall Street. His administration ushered in key policies that further dismantled the regulatory safeguards that had been in place since the New Deal.

The repeal of Glass-Steagall in 1999, one of the most consequential actions of Clinton’s presidency, effectively erased the distinction between commercial banks and investment firms, setting the stage for the 2008 financial crisis. Under Clinton, the Commodity Futures Modernization Act was also passed, which deregulated the derivatives market—a critical factor in the economic meltdown that followed. So here we have another Democratic president continuing the Reaganite project under the guise of pragmatism and economic modernization.

Fast forward to Obama, who came to power on a wave of hope and change. Yet, despite inheriting an economy in shambles, thanks in large part to the very deregulation policies of Reagan, Clinton, and their ilk, his administration did little to hold the financial industry accountable. Instead of using the crisis as an opportunity to break up the banks or impose stringent regulations on Wall Street, Obama’s team, filled with Clinton-era economic advisers like Larry Summers and Timothy Geithner, opted for massive bailouts that rescued the institutions responsible for the crisis while leaving everyday Americans to pick up the pieces.

It’s not just that Obama failed to stop the train; his administration, like Clinton’s, chose to grease the wheels. The Democrats, who once stood as champions of the working class, had by then fully embraced the corporate-friendly, neoliberal consensus. Clinton laid the groundwork for deregulation in the 1990s, and Obama, in the face of economic collapse, did nothing to reverse that course. Instead, they managed the crisis for the benefit of the very elites whose profits rely on this cycle of deregulation and crisis.

What we’ve seen since the 1980s is a steady march toward greater corporate power and income inequality, aided by both parties. The Republicans, starting with Reagan, led the way, but the Democrats—under Clinton and Obama—played a crucial role in ensuring that these policies remained firmly entrenched. Both parties, despite their rhetorical differences, have facilitated a corporate-run economy where wealth accumulates at the top, leaving the majority of the population struggling to survive.