We're going to be doing a lot of deficit cutting over the next several years. The country's future greatness will be shaped by whether we cut wisely or stupidly. So we should probably come up with a few sensible principles to guide us as we cut.
The first one, as I tried to argue last week, is: Make Everybody Hurt. The sacrifice should be spread widely and fairly. A second austerity principle is this: Trim from the old to invest in the young. We should adjust pension promises and reduce the amount of money spent on health care during the last months of life so we can preserve programs for those who are growing and learning the most.
So far, this principle is being trampled. Seniors vote. Taxpayers revolt. Public employees occupy capitol buildings to protect their bargaining power for future benefits negotiations. As a result, seniors are being protected while children are getting pummeled. If you look across the country, you see education financing getting sliced — often in the most thoughtless and destructive ways. The future has no union.