James Freeman, writing for the Wall Street Journal:
One of the great ironies of the Obama presidency is that it has been a disaster for the young people who form the core of his political coalition. High unemployment is paired with exploding debt that they will have to finance whenever they eventually find jobs.
Indeed, this is one the sadder political realities of recent years.
A lot of the social welfare state as currently constituted suffers when growth stagnates. American economic growth has certainly been stagnant recently, so it’s not surprising we keep running into debt problems. Like Stanley, I don’t think the solution is higher rates for regressive taxes like the payroll tax; unlike Stanley, I don’t think the solution is means-testing welfare benefits.
Instead I think the solution is policies that support economic growth: better education, policies that support on-the-job training, greater investment in infrastructure, and fewer restictions on housing density — just to name a few.
But the entrenched interests fighting against the greater good when it comes to these policies are wealthy and well-organized. It will be a difficult battle.