Members of the left frequently accuse Obama of being a “neoliberal.” Is that correct?
It is all a matter of definitions, of course. To me, a neoliberal is someone who believes in capitalism, free trade, regressive tax policies to support investment, and limited regulation of business. Obama only meets the first two tests.
The left appears to view Obama’s successful efforts to save the system during the financial crisis as an opportunity wasted. Those actions were taken during extraordinary conditions, and do not reflect his opinions during the rest of his administration. If he had not taken them, workers as well as business owners would be far poorer today.
The bottom line is that Obama supported the broadening and strengthening of the welfare state, and a mild degree of redistribution, to mitigate the impacts of the system on the less affluent. He was right to view capitalism as the goose that lays the golden egg, not the enemy. What are the alternatives? Socialism? Protectionism? There is plenty of history behind both; both quickly lead to economic slowdowns which damage everyone’s interests, not a fairer, wealthier society.