Posts tagged with: city journal

My editorial, “Intergenerational Ethics and Economics,” appears in the latest issue of the Journal of Markets & Morality (more details about that issue here). In this short piece I explore some of the implications and intergenerational consequences of public debt. For this I take my point of departure with the much-discussed “A Call for Intergenerational Justice,” but I also point out the importance of considering opportunity cost and how that concept has been applied in an analogous conversation about climate change. Focusing particularly on the current generations of workers, however, I observe:

Younger workers have not had as much time in the workplace to earn wages, collect benefits, and save, as those who have been working for decades and are nearing or have already entered retirement. As we learn from what has been called the “miracle of compounding interest,” small deductions of available capital at earlier points in time have major consequences for long-term growth.

In a recent piece for City Journal, Nicole Gelinas reflects on the federal government’s move to take on troubled securities from private firms. She writes,

The politicians we elect have three choices—the same choices they had four years ago. They can admit that this debt isn’t worth much and allow the financial sector to bear the consequences. They can hope that the Fed tries to use inflation to raise the price of everything else, making the debt seem a lighter burden in comparison. Or they can maintain their silence, letting the financial sector take another half-decade or more to make enough money on new ventures so that it can finally admit what it should have admitted back in the fall of 2007: bad debt is never good. At least the Fed acknowledges this strategy: it says that it’s using “time” to manage toxic securities and “minimize disruption to the financial markets.” But prolonging government control of financial markets just prolongs investors’ uncertainty.

Her conclusion underscores what I contend in the editorial about the importance of opportunity cost and the intergenerational effects of (in)action: “As the Fed notes, the cost of this policy isn’t measured in dollars but in something more precious: time. Washington’s refusal to confront the debt problem is costing millions the most productive years of their lives.”

Also in the current issue of the journal, James Alvey explores “James M. Buchanan on the Ethics of Public Debt and Default.” Buchanan has a good deal of interest to say on these questions, and Alvey concludes that “Buchanan’s favorite policy agenda, constitutional/legal limitations on public spending, deficits, and debt, needs to be revisited.”

If you read this post about Claire Berlinski’s recent article in City Journal, and the follow-up post calling attention to Ron Radosh’s critique of the article, then you may be interested in Berlinski’s return volley here.

I want to second Marc’s article recommendation from earlier today. The phrase “a must read” is badly overworked, but in this case I can’t help myself: Claire Berlinski’s A Hidden History of Evil in the latest City Journal is a must-read. A few excerpts:

Communism was responsible for the deaths of some 150 million human beings during the twentieth century. The world remains inexplicably indifferent and uncurious about the deadliest ideology in history.

For evidence of this indifference, consider the unread Soviet archives. Pavel Stroilov, a Russian exile in London, has on his computer 50,000 unpublished, untranslated, top-secret Kremlin documents, mostly dating from the close of the Cold War. He stole them in 2003 and fled Russia. Within living memory, they would have been worth millions to the CIA; they surely tell a story about Communism and its collapse that the world needs to know. Yet he can’t get anyone to house them in a reputable library, publish them, or fund their translation. In fact, he can’t get anyone to take much interest in them at all.

Then there’s Soviet dissident Vladimir Bukovsky, who once spent 12 years in the USSR’s prisons, labor camps, and psikhushkas—political psychiatric hospitals—after being convicted of copying anti-Soviet literature. He, too, possesses a massive collection of stolen and smuggled papers from the archives of the Central Committee of the Communist Party, which, as he writes, “contain the beginnings and the ends of all the tragedies of our bloodstained century.” These documents are available online at bukovsky-archives.net, but most are not translated. They are unorganized; there are no summaries; there is no search or index function. “I offer them free of charge to the most influential newspapers and journals in the world, but nobody wants to print them,” Bukovsky writes. “Editors shrug indifferently: So what? Who cares?”
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Stroilov claims that his documents “tell a completely new story about the end of the Cold War.” … They suggest, for example, that the architects of the European integration project, as well as many of today’s senior leaders in the European Union, were far too close to the USSR for comfort. This raises important questions about the nature of contemporary Europe….

According to Zagladin’s reports, for example, Kenneth Coates, who from 1989 to 1998 was a British member of the European Parliament, approached Zagladin on January 9, 1990, to discuss what amounted to a gradual merger of the European Parliament and the Supreme Soviet.
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Zagladin’s records also note that the former leader of the British Labour Party, Neil Kinnock, approached Gorbachev—unauthorized, while Kinnock was leader of the opposition—through a secret envoy to discuss the possibility of halting the United Kingdom’s Trident nuclear-missile program.
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“We now have the EU unelected socialist party running Europe,” Stroilov said to me. “Bet the KGB can’t believe it.”
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Bukovsky’s book about the story that these documents tell, Jugement à Moscou, has been published in French, Russian, and a few other Slavic languages, but not in English. Random House bought the manuscript and, in Bukovsky’s words, tried “to force me to rewrite the whole book from the liberal left political perspective.” …

In France, news about the documents showing Mitterrand’s and Gorbachev’s plans to turn Germany into a dependent socialist state prompted a few murmurs of curiosity, nothing more. Bukovsky’s vast collection about Soviet sponsorship of terrorism, Palestinian and otherwise, remains largely unpublished.
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No one talks much about the victims of Communism. No one erects memorials to the throngs of people murdered by the Soviet state….

Indeed, many still subscribe to the essential tenets of Communist ideology. Politicians, academics, students, even the occasional autodidact taxi driver still stand opposed to private property. Many remain enthralled by schemes for central economic planning. Stalin, according to polls, is one of Russia’s most popular historical figures. No small number of young people in Istanbul, where I live, proudly describe themselves as Communists; I have met such people around the world, from Seattle to Calcutta.

The full 3000-word essay is here. It’s well worth the time.

Lawrence J. McQuillan offers a less than surprising economic assessment for the Golden State in the City Journal, causing people to flee for better opportunities elsewhere. McQuillan states:

California continues to be burdened with high taxes, punitive regulations, huge wealth-transfer programs, out-of-control spending, and lawsuit abuse. And there’s no end in sight to the state’s fiscal madness.

Some entrepreneurial minded residents are finding states like Nevada more hospitable for economic opportunity. Nevada ranks second when it comes to inbound migration. The Pacific Research Institute’s 2008 U.S. Economic Freedom Index ranked Nevada sixth in the country in “economic freedom.” South Dakota secured the top spot for 2008.

The rankings and report PRI has compiled is worth studying. It’s not a bland read either, for example thoughts and quotes concerning the relationship between political and property rights by leaders like James Madison are included.

Undoubtedly the report would be very beneficial for state legislators to use as a tool for serving their constituents. McQuillan also notes in his piece:

Economic freedom—or the lack thereof—affects states in multiple ways. Migration alters the political map through congressional apportionment. Current projections suggest that California’s mass exodus will deprive it of a seat in the U.S. House of Representatives after the 2010 census. Economic freedom also impacts pocketbooks. In 2005, per-capita income in the 15 most economically free states grew 31 percent faster than in the 15 states with the lowest levels of economic freedom. Policies friendly to economic freedom help states shore up their finances, too. The 15 freest states saw their general-fund tax revenues grow at a rate more than 6 percent higher than the 15 states with the least economic freedom.

A call to end poverty through more spending by the federal government is forever professed by some candidates and politicians. Maybe, they say, if just more money was appropriated and distributed this time, the results and relief for those in financial need would be conclusively different? Former President Clinton at least ran for office as a “new Democrat,” went on to declare the end of the era of big government, and signed welfare reform. Clinton was the first Democrat to win consecutive elections to the presidency since Franklin D. Roosevelt, cracking the Republican Party’s hold on the White House.

Some young voters are attracted to Democratic Presidential Candidate Barack Obama because of his call to reshape society by empowering the federal government to spend even more on poverty programs. Young voters who are inspired by religious left icons are especially enamored with this not so new idea. Some older voters and still others who know their history are understandably hesitant to continue down that well traveled road.

Stephen Malanga reminds us once again in a recent piece in the City Journal that two parent married households are well equipped to overcome this trap. Malanga goes on to remind us that until the political sphere discusses the social and cultural plagues that promote poverty, “we can’t begin to take the necessary steps to reduce long term poverty.” Beginning in the 1960′s, another Democrat, the late former Senator Daniel Patrick Moynihan raised the issue of the emerging crisis of out of wedlock births and broken families and its relation to systemic poverty.

One of my biggest disappointments in seminary was learning that there were some members of the faculty and student body who saw little redeeming value in the American experience. Patriotism was seen as somehow anti-Christian or fervent nationalism by some, and love of country was supposed to be understood as idolatry. I address a few of the issues at seminary in a blog post of mine “Combat and Conversion.” Often people who articulated this view would explain how patriots are not evil people necessarily, just misguided and lacking proper theological enlightenment.

Andrew Klavan has a thoughtful and engaging piece in City Journal titled, The Lost Art of War: Hollywood’s anti-American war films don’t measure up to the glories of its patriotic era. Klavan’s piece is powerful because it draws out much of the moral and intellectual bankruptcy of the left. A grave error is still being committed by foisting a moral relativism on American conflicts and defense, as if these conflicts are somehow no different than conquests by anti-democratic nations and despots. Klavan makes a case that contemporary liberals are actually anti-liberty, standing against the principles of the founding of our nation.

Perhaps what is most bizarre is the new moral relativism we see in places like Berkeley, where elected officials seem to be siding with the enemy rather than our own country. Hollywood is of course no exception, and the author dutifully traces their ideological transformation through the years and with various conflicts. Klavan states:

When warlike racial nationalism resurged in the thirties, only an answering “atavistic emotion of patriotism,” as Orwell wrote, could embolden people to stand against it.

Though European intellectuals and their left-wing American acolytes are loath to admit it, the U.S. had already provided an excellent new rationale for that emotion. Our Founding redefined nationhood along social-contract lines that Europeans can still only theorize about. Our love of nation at its best was ethical, not ethnic. Our patriotism was loyalty not to race, or even to tradition, but to ideals of individual liberty and republican self-governance.

Klavan also has much to say about contemporary Hollywood films:

In Redacted, Rendition, In the Valley of Elah, and Lions for Lambs—as in more successful thrillers like Shooter and The Bourne Ultimatum—virtually every act of the American administration is corrupt or sinister, and every patriot is a cynically misused fool. Every warrior, therefore, is either evil himself or, more often, a victim of evil, destined for meaningless destruction or soul-death and insanity. These movies’ anti-American attitudes strike me not as the products of original vision and reflection but rather as the tired expressions of inherited prejudices. The films work the way that prejudice works, anyway: by taking extraordinary incidents and individuals and extrapolating general principles from them.

When I lived on a former Strategic Air Command Air Force Base in New Hampshire, I remember going out to the flight line with my dad, who was a KC-135 pilot, to watch all the different military planes land. Some people of course would see the planes as weapons of destruction funded by self-serving imperial interests. I guess I always saw it as an amazing and heroic response to those who threatened liberty and a magnificent freedom birthed out of the “the shot heard round the world,” words which are inscribed on the Minute Man statue in Concord, Massachusetts. Klavan sums up the sentiment well:

Liberty, tolerance, the harmony of conflicting voices—these things didn’t materialize suddenly out of the glowing heart of human decency. People thought of them, fought and died to establish them, not in the ether, but on solid ground. That ground has to be defended or the values themselves will die. The warriors willing to do this difficult work deserve to have their heroism acknowledged in our living thoughts and through our living arts.