Conservatives have dominated Western politics for the last three decades because they proposed solutions to the problems of the 1970s -- slow growth, social unrest, and Soviet adventurism. But those solutions don't work anymore.
They don't address the problems of today -- an out-of-control financial system, rising inequality, unaffordable health care, poor infrastructure, a broken energy policy
"Here are two of the smartest men on the economic right, one [Phil Gramm] a former chairman of the Senate banking committee, the other [Glenn Hubbard] a former chair of the Council of Economic Advisers. Yet they insist on treating today's economic crisis as a repeat of 1979-81—and Europe's agony as a debt crisis (which it isn't), not a currency crisis (which it is). Why? Well you will consider only one policy solution—cut taxes and regulations—then you must insist that there can be only one policy problem.
Yet in almost every way, today's economic problems are exactly the opposite of those of 30 years ago. Then we had inflation, today we are struggling against deflation. Then we had weak corporate profits, today corporations are more profitable than ever. Then we had slow productivity growth, today it is high. Then the to-individual income-tax rate was 70%. Today it is 36%. Then energy regulations produced energy shortages. Today the removal of banking regulations has produced an abundance of debt,"