Victor Davis Hanson writes, “If anyone wished to know what the baby-boomer generation would do when, in its full maturity, it hit its first self-created, big-time recession, I think we are seeing the hysterical results”:
After two decades of unprecedented economic growth, rampant consumer spending, and unimaginable borrowing to satisfy our insatiable appetites, we are suddenly going into even larger debt and printing trillions of dollars in paper money to ensure that someone else after we are gone pays the debt. As if the permanent solution to a financial panic and years of spending wealth we didn’t create were a government take-over of the economy in the manner we currently witness in Spain, Italy, and Greece–or the high-tax, high-spend ethos of a bankrupt California.
The reaction to the economic panic was sort of analogous to the call to ‘charge it!’ after 9/11 (cf. Ike’s fights about the surtax to pay for Korea), or to the Iraq 2006 upsurge in violence, when suddenly our leaders declared the war lost, blamed the nebulous “they” for tricking them into voting for the war, and calling for immediate withdrawals and retreats. Ditto the Stalag-Gulag Guantanamo that, by January 19, had ruined the Constitution, shredded the Bill of Rights, and forever tarnished our reputation. Yet, on the 20th, it was suddenly complex and problematic, and required a “task force” to do a year-long inquiry into the bad and worse choices confronting us. At some point in all this serial hysteria, we are beginning to see the problem is not in the stars of the economy or of the war, but in ourselves–a weird generation that, when it finally came of age, proved to be just about what we could expect of it from what we saw in its youth.