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WRM In The News
The End of the New Deal

WRM was on Fox Business earlier this week, talking about why liberals and conservatives both get it wrong when it comes to saving public pensions, and how ‘New Deal’ guarantees are obsolete. In case you missed it:

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  • Anthony

    WRM, saw initial interview but good to have review and twice over vis-a-vis fine points (pensions, structural deficits, corporations, etc.). Yet as politics is the realm productive of public policy, the troubles of the country (not blue model per se) trace back inevitably to politics and here we seem to be still muddling along.

  • Pete

    Great interview

  • NH Indi

    Great interview. Have followed WRM’s discussion on this over the last couple of years. Overall, he’s optimistic that we’ll get through this transition in a similar way as the transition from the farm economy to the industrial economy. Fortunately, in that case, the industrial economy could absorb large numbers of unskilled or semi-skilled workers. The new economy, where work is available at all, has raised the bar for education/skill well beyond the current skill of the masses. Fewer, more highly skilled jobs available may approximately match the available talent pool, but where will the jobs come from to employ the large numbers of low/semi-skilled individuals who will still be out there? Martin Ford’s “The Lights in the Tunnel” has an interesting perspective on what might be the future of work.

  • Bruce

    Interesting interview. I was surprised that WRM is an Obama voter. On the issues that Mead discusses, Obama and other blue politicians hold views that are antithetical to Mead’s take on the world. I also think that Mead underestimates what politicians will do to stay in power, although he partially gets it discussing unions and politicians. If pols have to drag down millions to satisfy thousands, if the thousands are those that will have influence getting them re-elected, they will do it and won’t lose one moment’s sleep. He discusses more efficient government. There is no appetite for efficient government among pols and bureaucrats. The first goal of government is to grow itself. You don’t grow by becoming more efficient. When he discusses the fact that Americans want to fix that which doesn’t work, he’s talking about different dynamics and demographics than we have at present. The urge to fix does not exist to the degree it once did, as too many are invested in the current system and think a system that gives them free money is just fine. It was a thought provoking interview and I am glad it was posted here.

    • Curious Mayhem

      An excellent interview.

      Voting for Obama, for many, was a sacral act in a sacral drama. Ordinary reasoning cannot explain the miraculous.

  • ljgude

    WRM, I think you were in Western Australia because that is where the black swans are. And that was a great use of metaphor – sometimes the balck swans just keep coming. Think of being a Pole in 1938. I also was delighted to see how you gently made the point that the US pays way more than other countries for healthcare and gets merely similar results. I think that Obamacare is going to stress that system further – it caps healthcare spending to 17.5% of GDP up from 16% by 2017. In a few years we are going to have a healthcare crisis of our own making much as the defined benefit pension has caused the current public pension crisis. Both are self inflicted structural problems. Part of Liberalism 5.0 will be getting rid of inefficient structures aka Sacred Cows.

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