Millennials are inheriting a bleak fiscal future. How can we change Washington’s direction in order to paint a brighter future for America’s next generation? Perhaps the easiest way to begin digging out of this debt is regulatory reform, which would spur substantial economic growth.
Occupational licensing, the requirement that people pass tests to gain government permission to work, is making it harder for young people to begin their careers. By keeping young people out of certain industries, or by making it prohibitively expensive and time-consuming for them to work, occupational licensing increases costs for all Americans and limit opportunity for those looking to enter the field of their choice.
If Los Angeles insists on raising the minimum wage, it should exempt workers 22 and younger. Otherwise, the higher minimum will price teens and students out of jobs and prevent them from getting valuable work experience.
The Great Gatsby Curve has certainly generated plenty of heat, but very little light. The measure of “mobility” used in the Curve — the “intergenerational elasticity” — worsens when the rate of growth in inequality rises. It is hardly surprising that a mobility indicator that also reflects inequality growth should be correlated with inequality.The United States has the same upward mobility rates as Canada and Sweden, despite the fact that the three countries have, respectively, high, moderate, and low levels of inequality.
Legislators have yet to recognize and incorporate into law the far-reaching implications of how the energy landscape has fundamentally changed. U.S. energy law remains anchored in the decades-old paradigm of insatiable U.S. demand and resource shortages. The modern reality has instead utterly reversed, with de minimis growth in U.S. oil demand, exploding global demand, and an ascendant second era of American petroleum production.
If economists can't differentiate between price changes coming from the supply side versus the demand side when it comes to oil prices—often the source is impossible to ascertain in real time —imagine their confusion when it comes to interest rates.
When adults’ incomes are compared with their own parents’ incomes at the same age, the median change between 1978 and 2005 was a 93 percent increase. Today’s adults typically have incomes twice as large as their parents had at the same age. Fully 83 percent of today’s adults are better off than their parents were.