A Political Observation

This blog is about the future. It is not about politics. However, over the last couple of weeks, the two have started to merge. For the one person out there who has been hiding under a rock for the last 18 months, we are in the midst of a presidential election campaign. For the first time in eight years, neither candidate is the incumbent.

Add to this background the fact that I live in an overwhelmingly Republican city, in an overwhelmingly Republican county, in an overwhelmingly Republican state. It is the 11th fastest growing city in the nation. It is in the 5th fastest growing county in the nation. The city is young (median age 34.1 years), rated the richest in the nation for its size, and is highly educated (93.4% of workforce has more than 12 years schooling and 53.3% have four or more years of college).

In past elections, you would have to make a real effort to find a yard sign supporting a Democratic candidate. Indeed, it was often difficult to find the Democratic polling locations. Not so this year. So far this year, I have witnessed a state primary where the Democratic caucus at the polling place was overflowing into the parking lot with participants. Keep in mind this is in a state where I have lived for 25 years and did not even know that there was a caucus system! Now, I am seeing more Obama/Biden yard signs than I am McCain/Palin signs.

Does this mean that the city will go for Obama/Biden? I find that highly doubtful. However, the fact that there is a significant opposition from the Democratic party is truly surprising. This is not the inner-city of Dallas; this is the suburbs. This is not a minority or immigrant enclave; we're 10.2% Asian, 5% Black, 10.1% Hispanic, and 72.8% White.

What does all this mean? Beats me. But I can hazard a few guesses. First, I think that this election will represent a sea-change in the electorate. Just as 1960 represented a change in generations in the electorate from the Depression-era adult to World War II and post WWII adult, 2008 appears to be shaping up to be a change from the Baby Boomer adult to the Gen-pick-a-letter adult.

Second, we (the Baby Boomers) have given the Gen-letters a reason to be interested in this election. We have clearly demonstrated to them that they can't count on Social Security for their retirement. We have clearly demonstrated to them that health care will most likely become the highest expense they incur next to their house. Speaking of their house, we have demonstrated to them that it isn't nearly the financial asset they thought it was three years ago. We have created an environment for them that the economy is based on spending. In doing so, the emerging electorate is deeply in debt. For good measure, we have strapped every man, woman, and child in the nation with an additional $31,000 in national debt (regardless of the current negotiations for a $700 billion bailout, the national debt will be at a minimum $11 trillion when whoever the president is takes office). Indeed, every week, every man, woman, and child in the nation incurs an additional $137 in national debt (based on an average of $50 billion in new debt instruments the Treasury has been issuing every week for the past several months). Suddenly, a lot of people who are going to be strapped with this debt are interested in this election.

My perspective is if this is the best the Baby Boomers can do, then it is time to pass control to someone else. We've demonstrated that we are more interested in immediate satisfaction than we are in long-term solutions. If you don't believe it, consider for a moment that Theodore Roosevelt, a Republican, first proposed a universal health care system at the beginning of the last century. Yet, more than a century later we in the US pay more for health care and get less for the cost than virtually every other developed country in the world.

Consider for a moment the US financial position in the world. For more than half a century, the US has been the benchmark currency for the world. That is, every currency in the world is pegged against the US dollar and convertible to the US dollar. The US dollar alone is not convertible. (It used to be convertible to gold, but that changed during the Nixon administration. The dollar now is based only on other countries trust in our economy and our government.) Now you can see why our economic problems are of major concern to every economy in the world. Indeed, there is a good chance that the current economic crisis will result in the US ceasing to be an economic superpower.

We now return to our regular prognostications on the future. Your thoughts?