Media

Advocates of low taxes and small government like to say that America's economy -- and our society -- works best when individuals and businesses direct how the nation's wealth is used, and government's hands are kept far from the tiller. The genuis of the market, it is said, is that myriad decisions based on self-interest produce outcomes that maximize overall prosperity and well-being.

Economic mobility is a tricky subject and it helps to do your homework before offering opinions in this area. Case in point is the recent speech by House Budget Chairman Paul Ryan at the Heritage Foundation.

Earlier this week, Governor Rick Perry released a tax plan that would further shift the federal tax burden off the wealthy and on to the rest of us.

Today the average college grad leaves school with just over $24,000 in debt, an amount that eats up $276 every month if you stretch the payments out over ten years and it’s a government loan with a 6.8 percent interest rate. Of course, one out of five students also carries more costly private loans, where interest rates are in the double digits and fees add to the balance. This debt-for-diploma system is what counts as opportunity in America today. 

Maine Sec. of State Charlie Summers

Critics love to beat up on government for its screw-ups and misfires -- as if these mistakes prove the point that the public sector can't do anything right. Exhibit A of late is the failed loan to Solyndra, which has been seized on as evidence that Washington can't create green jobs or do industrial policy more generally.

NEW YORK— On Wednesday, November 2, policy center Demos and youth advocacy organization Young Invincibles will release a new report revealing the profound economic challenges facing America’s young people – and how these challenges threaten the future of the middle class. “The State of Young America” also includes the results of an exclusive national poll of young people on their economic outlook, conducted by Lake Research Partners and Bellweather Research & Consulting. 

One of the most frustrating things about the present moment is that public distrust of government is surging at exactly the moment when we need a bold and effective public sector. Worse, while Americans now seem ready to tackle the biggest problem of recent decades -- rising inequality -- it's easy to derail such action in the face of widespread distrust of government.