Tim Fernholz is right to wonder where a 72-year-old who tried to cut taxes by trillions of dollars gets off calling the stimulus a form of "generational theft." Moreover, this is a generation that blogs: If we feel aggrieved, we'll let you know about it. But speaking as a member of the victim generation, I'll note that the real bummer is this horrible recession y'all thrust on us. Entering the workforce amidst a sharp economic downturn changes your earning capacity across a lifetime. With less attractive paid employment opportunities, universities fill up just as student aid tumbles down. A high school graduate who can't get in due to newly strict admissions policies, or who is admitted but can't pay to go, now enters the workforce without a degree. Her earnings will never recover. Similarly, business and law schools are now packed with disillusioned bankers and being flooded by applicants unable to find a job: Many who could otherwise achieve admission to a post-grad program won't, and their short and long-term prospects will deteriorate. And in the workforce, higher unemployment means more competition for what jobs remain. Young workers, who lack the qualifications and experience of older workers, will be forced into positions with less upward mobility, or that pay less. That, too, will mean less money at their next job, and at the job after that, and after that. So though I'm certain my fellow youngsters appreciate John McCain's willingness to sacrifice our future in order to score some political points in the present, I think we'll pass. If he wants to connect with the kids, he should just do what all cool adults do and learn to freestyle rap. Preferably while wearing bling.
