[...] I want to suggest that the biggest challenge facing mature democracies is how to restore the social contract between the generations.Please give a full name and location when posting. Comments without this information may be deleted. Recommend:
But I recognise that the obstacles to doing so are daunting. Not the least of these is that the young find it quite hard to compute their own long-term economic interests.
It is surprisingly easy to win the support of young voters for policies that would ultimately make matters even worse for them, like maintaining defined benefit pensions for public employees.
If young Americans knew what was good for them, they would all be in the Tea Party.
A second problem is that today's Western democracies now play such a large part in redistributing income that politicians who argue for cutting expenditures nearly always run into the well-organised opposition of one or both of two groups: recipients of public sector pay and recipients of government benefits.
Is there a constitutional solution to this problem? (Read more)
Sunday, 17 June 2012
Meanwhile, we're all another day older and deeper in debt
As a change from the issues which have dominated this blog for the last couple of weeks, I'd like to suggest people read this post on the BBC News website about another issue of abiding concern to me -- that of debt and interest charges: