Posts Tagged ‘Fiscal Times’
Two thoughts on Peterson Fiscal Summit
Today, I attended the Peterson Foundation’s star/wonk-studded Fiscal Summit. Speakers included Pres. Clinton, Alan Greenspan, Robert Rubin, Peter Orzag, Paul Ryan and more. Great coverage at the Fiscal Times. Two thoughts.
First, Paul Ryan continues to impress and he commanded an out-sized influence on the days events. Ryan’s observation that the fiscal crisis is the most “predictable economic crisis” in history, was the quote and idea that kicked off the proceedings. Though outnumbered, Ryan managed to draw the key ideological distinctions on his panel about the roll and purpose of government. And during the luncheon address, Peter Orzag continued to call attention to Ryan’s ideas. If Ryan can command this much attention–in a room full of politicos that includes President Clinton!–just imagine how much attention other Republicans could get if they too started talking as candidly and forthrightly about ideas.
Second, I was struck about how elliptical the whole panel on health care reform sounded. Dr. Elliot Fischer at Dartmouth described how various new business models have innovated to reduce costs and increase quality care. And all the other panelists agreed, saying yeah, we should reward that by giving a bonus payment, or tinkering with the Medicare reimbursement formula, or empowering the government “innovation center” to do more of this. But isn’t this missing the surprising thing about these examples? Because in every other sector, you don’t need a politician to pass a bill or tweak a payment formula to reward such innovation. If it’s good for consumers, you make a profit and grow on your own. Why isn’t this true for health care sector? No one seemed to see this as odd. But it’s more obvious why if you read David Goldhill’s piece in The Atlantic. And, the analysis points towards a much different path for reform.
Overall, an impressive day of speakers and I hope an encouraging sign of momentum for the Commission.
Political future of Millennials uncertain
Much has been written about Pew’s recent study on Milliennals, showing a generation that is more ideologically liberal and pro-government than previous generations. But a counter narrative seems to be emerging, reported at the Fiscal Times:
[Millennials are] collecting unemployment, signing up for food stamps, moving back home, and growing increasingly concerned about the future. A New York Times/CBS poll showed that 46 percent of Americans think the younger generations will be worse off than their parents, up from 32 percent last year. The Millennials — people born around 1980 and coming of age at the turn of the century — are the largest generation in the history of the country, about 80 million strong. In The Trophy Kids Grow Up: How the Millennial Generation Is Shaking Up the Workplace, Ron Alsop wrote, “If there is one overriding perception of the Millennial generation, it’s that these young people have great — and sometimes outlandish — expectations.” Described as confident, tech-savvy and optimistic, they are now seeing the American dream they once felt entitled to slipping through their fingers.
What will be the impact of this trend? Will Millennials become dependent on government or disillusioned with government? As David Boaz and I argued in our Cato study, “Libertarian Vote in Age of Obama,” Millennials seem prone to disillusionment, given the evidence of 9/11 and the Iraq war. And it is also true that there is a larger percentage of libertarian-leaning Millennials than in previous generations. But the ideological outlook for this generation seems very much uncertain.
Regardless, this is an opportunity for us in the business of educating about free markets. We should connect the dots for this generation, between the world of limitless opportunities they have come to expect and the structures of a free society that produce them.
