The Realignment
★★★★★

A Millennial Realignment Awaits, Ethan

My 5 star review comes with a request. This show is great and I recommend you to everyone I know. S&M have effectively red-pilled me on several topics, and expanded my personal Overton window in the most respectable, well-reasoned, and unbiased way possible. Thank you! As for my request: You have had several guests on your podcast, including your most recent – Anne Helen Oeterson and Charlie Warzel – that approach the problem of Millennial political representation on some related topic (like housing, WFH, interest rates, etc) but fail to speak to it in direct generational economic terms. As an example, WFH is a major Millennial economic issue with significant potential for political debate; but both Anne and Charlie failed breach this subject on your podcast. WFH has the power to transform the fiscal outcome of nearly every Millennial household. It can summon a much-needed generational transfer of wealth in this country. And it has the potential to undo the long term economic and fiscal damage from the Recession. Collectively, our ability to retain earnings has been stymied by housing inflation, student loans, medical bills, and child care to name a few things. We have seen lower rates of marriage and housing starts, lower rates of marriage and child-birth, higher rates of suicide and drug addiction. Perennially low interest rates have permanently damaged our rate of asset accumulation and lowered our quality of life. WFH can serve to change all that by enabling us to take our salaries to place where housing costs are low and where we can finally re-claim our American Dream. But the enormity of this issue isn’t reflected in our political discourse. Take another more obvious Millennial issue of student loans. According to Morning Consult poll conducted Dec ’21, 52% of Boomers are against student loan forgiveness, compared to the 79% of Millennials who are for it. If you aren’t a Baby Boomer, the topic isn’t anywhere near controversial. And yet both Congress and the Biden Administration approach the issue as if it were. There are 42.9 million student loan borrowers in the United States with an average payment of 393 dollars a month. That’s 16.5 Billion a month, 66 Billion dollars a quarter, and nearly a quarter Trillion per year. This was a crisis before COVID. Can you imagine the political uproar, the sheer scale of controversy if Boomers also had 393 dollars a month deleted from their take home pay starting May 1! Nothing else would be on TV/Twitter/the Interweb. The Fed Chairmen would be forced to “weigh in” on its consequences. Economists would warn that consumer spending would plummet and that we’d be courting recession. Hearings would be held. Elections would pivot. Schumer might do more than just asking Biden to “flick his pen” and Biden’s Administration might stop punting to Congress. And yet, we see very little of the sort because the Millennial economic perspective is muzzled, unseen and politically unrepresented. It isn’t hard to see why when the key decision-makers are all Boomers. The HML is 81, the SML is 71 and POTUS is 79. On the GOP side, Trump is 75 and McConnell is 79. The establishment media dissects most issues in terms of conservative vs liberal, rich vs poor, small vs big business, black vs white, red state vs blue state – but I invite you to explore our political economy in the context of Millennial vs Boomer. I invite you to explore how and why the political and media establishment treats Millennial issues as a fringe topic, a side story akin to an MTV “rock the vote” campaign, when in fact we are literally the majority of working-class Americans. We staff your restaurants and offices. We police your streets and pick up your trash. We spill our blood in wars we never wanted. We have been at the front lines of COVID care and in the back of the line of vaccine deployment. And we sacrificed 2 years of normal socializing to help keep alive as many Boomers as possible. S&M – you get five stars from me but with this request: WFH and Student Loans should be our Tea Party moment that –dare I say—REALIGNS the American body politic towards a Millennial economic and fiscal needs. Kindly address this issue and speak directly to the Millennial Political REALIGNMENT we all still need.

Dec. 25, 2021 by Ethan hat on Apple Podcasts


The Realignment