In politics, outside events are often
unwelcome, but as a calamitous oil spill spreads through the Gulf of
Mexico, beleaguered Democrats hear the sound of opportunity knocking.
With scientists predicting that the
spill could cause decades of damage to the environment and decimate the
fishing industry in a region already battered by economic hardship,
Congressional Democrats have found the ultimate change of subject from
unpopular health care reform and stimulus programs, deficits and debt,
government bailouts, and joblessness. Couple the oil drilling disaster
with a Supreme Court decision to open the floodgates of corporate
spending in elections, and new Wall Street regulations supported by
two-thirds of the country, and Democrats just may have stumbled upon a
game changer.
{mosads}Hearings scheduled in the House Energy
and Commerce Committee and the Senate Energy Committee will undoubtedly
raise questions about the regulation and oversight of drilling that led
to the April 20th accident, about whether this was a
preventable tragedy, and why other countries like Norway have
additional valves attached to blowout preventers meant to prevent leaks
on oil rigs that, for some reason, aren’t required in the United
States. Then there is cost. British Petroleum’s liability currently
includes clean up, but any damages beyond that are capped at $75
million. New legislation, titled the “Big Oil Bailout Prevention Act,”
sponsored by New Jersey Democratic Sens. Robert Menendez (D-NJ) and
Frank Lautenberg, along with Sen. Bill Nelson (D-FL) would increase
liability from to $10 billion. Democrats see a two-fer here – please
their own voters by taking Big Oil to task, while fighting against
bailouts and taking up the plight of small businesses in the South,
which are made up almost entirely of Republican voters.
“We’re glad that the costs for the oil
clean up will be covered, but that’s little consolation to the small
businesses, fisheries and local governments that will be left to clean
up the economic devastation that somebody else caused,” Menendez said
upon introducing his bill.
Meanwhile, Democrats are working to pass
new regulations for the financial services industry that aren’t likely
to prevent future crises or the bailouts that inevitably follow. The
final product hardly matters since the issue of what Democrats have
re-named “Wall Street Reform” is so popular. And now that the
Republicans are no longer filibustering the bill into the headlines,
starting today the party is holding “Wall Street Action” events in
hopes that the ghastly news from the Gulf and a failed terrorist attack
don’t wipe reform off the media radar screen.
Trying to avoid a referendum on
President Obama and a Democratic majority, Democratic National
Committee chairman Tim Kaine unveiled the “Results Party” message last
week in which he gave his party credit for solving the nation’s
toughest problems and moving the economy from recession to recovery.
Kaine even noted that the stock market is up thousands of points from
the time Obama took office. Another two-fer, since Democrats are also
simultaneously excoriating Wall Street on the Senate floor, day in and
day out.
Indeed, the populist bandwagon is hard
to resist. In response to the Supreme Court’s Citizens United v.
Federal Election Commission decision, which struck down restrictions on
corporations and unions airing political ads, Democrats have introduced
strict new disclosure requirements they hope to pass before this fall’s
elections. The Chamber of Commerce is fighting it hard.
Democrats are holding out hope that the
public will change their minds about them before November. It’s a long
shot. But if somehow Democrats can convince an angry public that
Republicans are working hard to protect their corporate cronies and
funders on Wall Street, in health insurance companies, and in Big Oil,
things won’t look as bad for Democrats as they do now.