This is why Matthew Yglesias was wrong to characterize Barack Obama’s speaking fee as a betrayal of “everything [he] believes in.” 52 In fact, it was the exact opposite: totally consistent with everything he has always stood for. The point isn’t that he’s “sold out.” It’s that, when the soaring cadences and luminous rhetoric are stripped away, Obama never offered any transformative change to begin with. Thus his $400,000 speech matters, not because it represents a deviation from the norm, or a venal lapse in personal ethics, but because it conveniently demonstrates a pattern that has been there all along.

In the Obama presidency, many liberals found the embodiment of their political ideal: an administration of capable, apparently well-intentioned people with impeccable Ivy League credentials, fronted by a person of undeniable charisma and charm, and with a beautiful and photogenic family to boot.

But examining Obama seriously requires acknowledging the fundamental limits of his brand of politics: a liberalism that continues to trade in the language of social concern while remaining invested in the very institutions undergirding the poverty and injustice it tells us it exists to fight [...]