Portside

Obama's trade policy is in tatters. The grand design, created by Obama's old friend and former Wall Street deal-maker, trade chief Mike Froman, comes in two parts -- a grand bargain with Pacific nations aimed at building a U.S.-led trading bloc to contain the influence of China, and an Atlantic agreement to cement economic relations with the European Union. Both are on the verge of collapse from their own contradictory goals and incoherent logic.

The fact that employers have stopped providing good health insurance or good retirement benefits also has nothing to with technology or globalization or any of the other alibis. In a reasonable society, health insurance and decent retirement would be tax-supported and part of the basic package for everyone. The great hidden injustice in our society is the set of lead weights being placed on the feet of young adults. Your generation should be in the streets.

Obama needs to do something that doesn't come easily to him. He needs to demolish the previous terms of debate, some of them partly of his own making - he needs to disavow earlier mistaken policies that he embraced. Otherwise he will preside over the worst eight-year economic record of any Democratic president, and the steepest rate of decline in social spending. He will leave an economy even more unequal than he inherited. He needs to find the audacity to restore hope