Many of the most prominent voices in the Democratic Party, led by Bernie Sanders, are advocating wealth redistribution through higher taxes and Medicare for all, and demonizing banks and Wall Street.

Memories in politics are short, but those policies are vastly different from the program of the party’s traditional center-left coalition. Under Bill Clinton, that coalition balanced the budget, acknowledged the limits of government and protected the essential programs that make up the social safety net.

President Clinton did this, in part, by moving the party away from a reflexive anti-Wall Street posture. It’s not popular to say so today, but there are still compelling reasons Democrats should strengthen ties to Wall Street.

As the party has left behind that version of liberalism, it has also found its way to its weakest electoral position — nationally and at the state level — since the 1920s. Hillary Clinton’s lurch to the left probably cost her key Midwestern states that Barack Obama had won twice and led to the election of Donald Trump.