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The days of trying to court both sides and moderates have long gone past. It now requires more radical changes. If Democrats indeed want to win again, they have to go further left. The Republicans have rightly deduced that people want drastic change so they are unafraid to go further right (probably also because of influence from the Tea Party movement). Democrats need to go more populist like the Republicans have.
The basic problem is that the Democratic Party isn't at all inclined to go left. The people who run it and fund it want a centre-right party to be the only alternative to the far-right party. Left-wing politics doesn't funnel the money to where they want it to be. So the best they can do is tease people with a vague promise of progressivism, in order to win votes, but with no real intention or commitnent to deliver on it.
Problem is, the nightmare scenario of a second Trump term has already arrived. I don't know if there will be further elections, I assume there will be and act as such. If there are then guess what? The nightmare is already here, and the disaster is already actively destroying the country, so tax credits for starting a small business or whatever the fuck aren't cutting it anymore. I want actual governmental reform.
They can either go left or they can fuck right off. Absolutely nobody will buy the "most important election of our lifetimes" bullshit again after whatever happens next year.
Well let's hope it wakes them up. I'm sure there are senior Democrats thinking, "Trump will make a mess and anger people, so we'll just ride this out until we can get reelected then back to business as usual." And "He won't abolish/undermine elections -that's just talk." Some of them will never learn, because they deeply don't want to.
There will continue to be elections. They just won't be free and fair, particularly in states with Republican control.
They don't need to "win". The money keeps coming either way.