Friday, May 11, 2012
Henninger: Memo to the Youth Vote - WSJ.com
Unfortunately, that inattention and their voting choices will dictate what the future holds for them...
The Wall Street Journal's Daniel Henninger included comments by Nobel laureate economist Robert Lucas in his article about it:
"He then looked at the levels of U.S. social-welfare commitments, including the new Obama health-care entitlement, and ended with a simple observation: 'Is it possible that by imitating European policies on labor markets, welfare and taxes, the U.S. has chosen a new, lower GDP trend? If so, it may be that the weak recovery we have had so far is all the recovery we will get.' That stark assertion—this may be all the growth we're going to get—is something the youth vote should think about. And there's a good place to do that: Backpacking through Europe. But this time try to get a look behind the fabulous theme-park façades in Italy, France, Spain, the U.K., Portugal and Greece. In Spain the youth unemployment rate is 50%; in Italy it's 36%."
