Tuesday, February 19, 2013
Young and Stupid Is No Way to Go Through Life
Dean Wormer said something close to it first. Nick Gillespie tries to explain
it to a new generation.
Today’s youth is being turned out into a world where they face an unemployment rate of 13 percent – five points higher than the overall figure – and in which they will be forced for the first time buy health insurance plans they may not want or need to subsidize the premiums of older Americans. It’s a feature, not a bug, of Obamacare that premiums for those under 30 will increase by as much as 50 percent while those over 60 will pay 10 percent less. If the economists Carmen Reinhart, Vincent Reinhart, and Kenneth Rogoff are correct in their “debt overhang” theory, the massive levels of sustained debt the U.S. has racked up over the past decade may substantially reduce economic growth by something like 24 percent over the next twenty years or more.
Yet if a New York Times story that came out the same day as the Grammys is to be trusted, the kids today support the personification of wet blanket government – Barack Obama – far more than any other age range and the under-30 crowd is the only group who ardently believes government “should do more to solve problems.” Which is really tantamount to saying that government should do more to cause problems.