Millennials are rejecting (blank) economics
The headline from Washington Post blogger is “Millennials are increasingly rejecting voodoo economics.” Now, the term “voodoo economics” was inaugurated in 1980 by then-presidential candidate George HW Bush.
It was a slam against Ronald Reagan’s “supply side” tax cutting strategy which, while I’m not necessarily in the “supply side” camp has proven far more successful than Obama’s “tax and spend” policies:
The blog further goes on to state that, “Compared with responses from the past few years, today’s 18-to-29-year-olds are more likely to believe “basic health insurance is a right for all people,” “basic necessities, such as food and shelter, are a right that government should provide to those unable to afford them,” and “the government should spend more to reduce poverty.”
In other words, there is a reason these people are voting for avowed socialist Bernie Sanders. Too many young people don’t understand basic economics.
While I believe that economic deregulation and spending restraint MUST be a part of any serious economic policy that spurs economic growth, a strong majority of economists surveyed by CNN back in 2010 believed that cutting taxes was the best single way for Congress to improve the economy. That’s far better than the response even liberal economists gave to Bernie Sanders’/Millennial economic ideas:
