Bill Clinton's administration and lost power a long time ago, as you can see from the graphs below. In fact, the little DC organization that gave name to it is a shadow organization without clout. Hillary Clinton was analyzed as significantly farther left than her husband, then and now, typical for a woman of course.
This graph shows roughly where most analyses put the two parties now, severely polarized -- more than the typical Twitter user. That blue is Democratic congressmen.
https://img.washingtonpost.com/wp-apps/imrs.php?src=
&w=1484
Displayed a different way, in a different analysis with the introduction of time.

Although it's used as a dirty term here, third way was an honorable attempt to find a middle ground that the millions of citizens of an increasingly divided representative democracy could agree on. As it happened, the divide widened and support for cooperation basically disappeared as a force. You may not like democracy, but that is how it is SUPPOSED to work.
Actually, though, Social Democrats had once hoped to use it to progress from capitalism to socialism, but -- out the window! Many people on the extremes of both sides too foolish and hostile for democracy to work.
Here is a little more about why we as a people are currently so dysfunctional. This was in 2012, explaining why Congress would get nothing done. As you all can see, there is no third way, only my way or the highway.

In any case, if anyone wonders why using the term "third way" as if it is a force on the left today does not elicit respect for their insight and knowledge, this is why.