Just how much do Democrats and Republicans differ?

In a previous post on partisanship, I asserted the following: This is where I break ranks with both [Tom] DeLay and [Marc] Schmitt -- I don't think Democrats and Republicans disagree on the first principles of governing. I'm not even sure they disagree on second principles. There are policy differences, to be sure -- but Carl Schmitt (not relation to Marc) does not travel well to these shores. Evidentiary standards in the blogosphere are pretty low, but still, I should probably back up this assertion a bit. Now I can, thanks to Greg Mankiw, who posts the following: John McCain gave a speech to the Economic Club of New York yesterday.... The whole speech is worth reading. Here are my two favorite passages: A tsunami of entitlement spending is threatening our economy, while providing no real security to retirees. We have made promises that we cannot keep. Under moderately optimistic scenarios Social Security, Medicare and Medicaid will in the decades to come grow as large as the entire government is today. Someday the government will be forced to make drastic cuts in these programs, or crippling increases in taxes on workers ? or both. The longer we wait to make the hard choices necessary to repair these programs, the harder the problem becomes. My children and their children will not receive the benefits we will enjoy. That is an inescapable fact, and any politician who tells you otherwise, Democrat or Republican, is lying.... A global rising tide of protectionism and a retreat from market-based economic policy is threatening the entrepreneurs of developed and developing countries alike. Free trade is the key to global economic growth, and a key to U.S. economic success. We need stand up for free trade with no ifs, ands or buts about it. We let trade and globalization be politicized at our own peril. By my reckoning, any candidate who is not willing to put some version of these two paragraphs into his or her speeches doesn't pass the test of intellectual seriousness. McCain passes with flying colors. As fate would have it, two months ago Hillary Clinton gave a speech to the Economic Club of Chicago about similar issues. If one takes Clinton and McCain to be the standard-bearers fopr their respective parties in two years -- a stretch, but not a wholly unreasonable one -- it would be useful to compare and contrast the content of the two speeches. CLINTON ON GLOBALIZATION: "[T]oday we have no choice about whether or not to embrace globalization. It is happening. We can't pretend it's going away. We can't wish it away. It is occurring. But as in earlier times, we do have a choice about how we deal with globalization and the competitive threat that it poses. We can choose to unleash the power of innovation and enterprise in ways that promote our economic growth and our values so that all Americans share in the prosperity." MCCAIN ON GLOBALIZATION: "[D]espite all the defeatist rhetoric, America is the world?s biggest exporter, importer, producer, saver, investor, manufacturer and innovator. Americans do not shy from the challenge of competition: they welcome it. Because of that, we attract foreign investment from all over the world. Our government should welcome competition as the people do, and not resort to mindless protectionism. While we embrace free trade, it is important to recognize that trade can lead to painful dislocations for some individuals. We must remain committed to education, retraining, and help for displaced workers all the while reminding ourselves that our ability to change is a great strength of our nation. We cannot let fear and the appeals of protectionists lead us backward." CLINTON ON FISCAL POLICY: "Now, I think a return to fiscal discipline, living within our means, is essential for our long-term health. It is also critical to whether or not we control our own destiny as a nation. Over the long-term and maybe the median term, red ink fiscal policies will undermine America's competitiveness. We have to ask ourselves whether our taxing and spending policies are in line with our economic goals. Do we have the right priorities and values in the federal budget?.... You know, we can do this. But we've got to forge a new bipartisan consensus. In the 1990s we did have tremendous economic growth underpinned by economic policies geared toward deficit reduction. That's why I support a return to pay-as-you-go budget rules in the Congress. Every institution needs rules. And when the pay-as-you-go rules expired, all bets were off in the Congress. One of the ways we were able to obtain a balanced budget and a surplus in the Congress in the 1990s was you could not cut taxes or raise spending unless you could pay for it. A very old fashioned idea, but one which I hope we can begin to return to." MCCAIN ON FISCAL POLICY: "While booming entitlement spending threatens us in the long run, our short term fiscal situation is terrible as well. In the past six years, government spending has gone from irresponsible to utterly indefensible. The numbers should shock us, and government?s indifference to them should shame us. According to the latest figures, spending in the 2005 fiscal year was $683 billion higher than it was in 2000. If we had simply held spending growth in check we would not have a budget deficit today. Some of this money has necessarily been spent on the war on terror that was unexpected and has been obviously and hugely expensive. While at the same time we know we must focus most of our defense spending on tomorrow?s threats, not yesterday?s. But when Ronald Reagan increased defense spending to win the Cold War, he slowed non-defense spending growth at the same time. This time, we have fallen again for that most alluring delusion, we have tried to have our cake and eat it too. Non-defense spending, often on the most unnecessary projects, is out of control. Legislators pass pork-filled bills without the fear of public retribution or presidential veto. Federal spending, and the special interest earmarks that destroy the budget process and waste taxpayer dollars by the billions continues at a breakneck pace. Sadly, we haven?t reformed the bankrupt ?tax and spend? policies decried by Ronald Reagan. We have, it is now evident, merely replaced them with a new and even more insidious scheme of ?borrow and spend.? We are fooling no one, my friends. Inevitably, the bill will come due. In the mean time, we rack up big debts. With those debts come higher and higher interest payments each year. Instead of spending the tax payers? dollars on real priorities, more and more of them will be devoted simply to keeping the bill collectors at bay. Bills that perpetuate wasteful spending should be vetoed ? not some of them, all of them." CLINTON ON ENERGY INDEPENDENCE: "We need a national energy strategy that is more than one line in the State of the Union. Energy costs hurt everyone's bottom line. And over the past 30 years, the ups and downs of the global oil market have cost the U.S. economy $7 trillion -- enough to pay off almost all of our national debt. The U.S. chemical industry says national gas price hikes over the last two years alone have cost it $10 billion and $50 billion in sales lost to cheaper foreign competition. Meanwhile, the average family is spending 75 percent more on transportation costs than it did five years ago. We need a drive for smart energy that starts right now. The way to reduce our oil addiction is through technology, and we need a much more aggressive strategy. We have a National Institutes of Health. Why don't we have a National Institute of Energy? I think we need a major energy research program similar to what President Eisenhower did after Sputnik went up because we are suffering through what might be called -- and some have -- silent Sputnik. And the energy issue is one of those. If we had a major energy research program, it would create a portfolio of cutting edge energy research technologies that would reduce our oil dependence, increase our efficiency and reduce green house gas emissions." MCCAIN ON ENERGY INDEPENDENCE: "Recent events have also made it clear that rising energy costs and our dangerous dependence on an unreliable supply from unstable parts of the world is potentially crippling to our economy. When Wall Street wants to limit risk, it diversifies. The obvious approach to resolve our energy problems is to increase and diversify our sources of power and look for ways to reduce our demand. We have promising technologies in development, but also proven alternatives at hand ? the most obvious of which is nuclear. Genuine improvement in our energy security, must respect markets and avoid the temptations of nearsighted politics. While it is tempting to assail windfall profits and executive compensation, it is not a substitute for a viable and long-term energy strategy. We will never be fully independent of global energy markets. But we must work for the day that energy supply volatility no longer imperils our economy and our security." Is it just me, or is there a lot of similarity here? To be sure, these quotes do not mean that Clinton and McCain are carbon copies of each other. If you read the speeches back-to-back, you see Clinton keeps mentioning fiscal discipline, but the bulk of her policy proposals are about substantive increases in "infrastructure" spending. McCain seems more emphatic about deficit reduction, but as Mankiw correctly points out, he's a bit vague on the details. Clinton wants to subsidize manufacturing; McCain doesn't. Read the two speeches yourself and see if you can spot other differences (and, for the record, I strongly prefer McCain's speech on the points of divergence). The differences, however, are one of small degrees, not orders of magnitude. They are not differences of first principle.