Alexandria Ocasio-Cortez and the Revenge of the Millennials
The Democrats’ major economic initiatives tend to favor the young at the expense of the old.
Why now? It’s all about monetary policy.
Photographer: Scott Heins/Getty Images North AmericaAlmost every major new economic initiative proposed by Democrats — the Green New Deal, Medicare for all, debt-free college — has a common feature: Unlike most current social programs, it would benefit younger Americans at the expense of older Americans.
Since the New Deal, America’s social insurance programs have primarily transferred resources from the relatively young to the old. Social Security was designed as a program to support the aged and those unable to work, and over time its spending has come to be dominated by payments to retirees. Medicaid was intended for the poor, but now mostly pays for medical care for lower-income older Americans. Medicare has always been focused on serving senior citizens.