We Don’t Have Enough Money
October 19th, 2009WE DON’T HAVE ENOUGH MONEY
Here’s why America can’t meet most of its challenges: we don’t have enough public money. But it’s about much more than the federal deficit. It’s an assertion about America’s collective self-image that I believe will determine our future.
The lingering wake of the Almost Depression of 2008 is a nation desperately short on meeting what it perceives to be its accepted public standards. In other words – Social Security can’t afford a COLA; public libraries are curtailing hours; working families are going to soup kitchens; inmates are being released early; workers are “voluntarily” furloughing themselves.
The immediate littered landscape shouldn’t obscure life before Lehman. OSHA has nowhere near enough inspectors. Bridges and roads are crumbling at a faster rate than ever. Head Start is nothing close to capacity. Wages are flat. Pensions are dangerously underfunded and plunging in value.
And what about aspirations? Maybe we’ll enact health care reform, but it won’t be enough. A clean energy future is wonderful but not cheap. And think about what our public schools need …
Oh, and the deficit is projected to be $9-10 trillion by 2019 and that’s before Medicare and Social Security enter real trouble.
I’m not trying to be depressing, but my larger point is: America’s basic idea of itself – that we always move forward, that we tackle problems, that we are a slight cut above the rest of the world, that we don’t settle – may be flat out wrong.
The problem is that our politics is grounded in a paradox, namely, a symbolic embrace of public values coupled with an actual embrace of elite private desires. We want it both ways. We want to believe we lift everyone up even as our laws, mores, cultural affinities, and financial decisions undermine this goal.
So we lament everything described above but we don’t really do anything about. Paradox intact, we firmly step aside.
One of two things will happen over the next generation: either America will continue its self-delusion, paying lip-service while protecting smaller pieces of turf, or somehow we will accept that our post-War, post Civil Rights specialness is gone.
The latter would mean deep malaise, or, if progressives really step up, and honest and thorough reckoning. Not a program here, an amendment there, but an overhaul of our financial values. Meaning: much higher taxes, a new connection between work and capital, and bold government regulation that goes to the core of problems, not their edges.
More on this theme later this week …