US press: pick of the papers

The ten must-read opinion pieces from today's US papers.

1. Pink slime economics (New York Times)

On Thursday Republicans in the House of Representatives passed what was surely the most fraudulent budget in American history, writes Paul Krugman.

2. Energy "independence," after all? (Washington Post)

Getting to Nixon's no net imports is not necessary if most imports come from Canada and other friendly countries. The true foolishness of Obama's rejection of the Keystone XL pipeline was to encourage Canada to look elsewhere to sell its surplus oil, says Robert Samuelson.

3. Can Richie Rich get to the White House? (Politico)

David Stewart says the rich are supposed to have the same chance of entering heaven as a camel has of passing through the eye of a needle. He asks: How do the odds work when it comes to entering the White House?

4. Maikel Nabil Sanad draws back the curtain on Egypt's military (Washington Post)

U.S. aid -- especially when granted unconditionally -- simply reinforces the military's position and encourages the persecution of genuine pro-American liberals, writes Jackson Diehl.

5. The politics of going to college (New York Times)

Romney's refusal to promise that he will "give you government money to pay for your college" is a risky approach to courting ambitious lower income voters. Democrats see Romney setting a trap for himself and have already begun to lay the general election groundwork, says Thomas Edsall.

6. Supreme Court should support health care act (SF Gate)

The idea of roping in everyone to pay the health care bills is the center point of the law... It's not a single-payer, government-run system, instead obliging everyone to find coverage, says this editorial.

7. My plan offers a better way than ObamaRomneyCare (USA Today)

Rick Santorum says Republicans need a nominee with the credibility to take on President Obama on an issue vital to voters, and a president who will repeal ObamaCare.

8. An exciting VP? Don't go for it, Mitt (Boston Globe) (£)

For all of the discussion about playing to key states, adding foreign policy experience, or balancing a ticket's ideology, the stark truth is that none of it really matters. In the end, there is only one imperative: don't blow it, says this editorial.

9. Obama's flexibility doctrine revealed (Chicago Tribune)

You don't often hear an American president secretly (he thinks) assuring foreign leaders that concessions are coming their way, but they must wait because he's seeking re-election and he dare not tell his own people, writes Charles Krauthammer.

10. The right budget? GOP wants to kill the "New Deal" (Philadelphia Inquirer)

FDR gave Americans a much better deal. Let's not ditch it now, says this editorial.

The United States Capitol on 19 March, 2012. Credit: Getty Images
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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”