The future — that vast expanse of hopes and dreams — was once reserved for restless Americans out to improve their lot. There were going to be bigger houses, faster cars and better paying jobs in a peaceful world. The fall of the Berlin Wall gave rise to the prospect of widespread prosperity well into the 21st century.
The realities of the last decade, however, spoiled the promise of tomorrow. There was Enron and Iraq, suffocating debt and partisan gridlock. Government and the market, the two prevailing institutions driving America, experienced monumental declines in their reputations. In drawing conclusions from increasing electoral polarization and the ongoing recession, levels of public trust in the powers that be point to a rocky road ahead.
A recent CNN poll found that 86 percent of Americans believe that government is broken. Tucked away in the findings was a more revealing statistic: 81 percent of those who say government is broken also insist that it can be restored. But after years of incompetence, how can two battered pillars of our society, Washington and Wall Street, regain our faith in their abilities?
Since the Great Depression, the electorate has shifted between its acceptance of greater social programs and an affinity for accelerated investment in the private sector. Of course, this trend can be partially explained by the actions of ruling coalitions; staples like Social Security, Medicare and Medicaid were introduced and refined under Franklin Roosevelt and Lyndon Johnson. Conversely, the Dow Jones Industrial Average surged in the age of deregulation ushered in by Ronald Reagan and continued under Bill Clinton. Nevertheless, there has been a consistent pattern of placing our fortunes in the hands of others, whether bankers, bureaucrats or stock traders. The trouble is that the demand for more safety nets and sound investments now exceeds our supply capabilities.
Individual empowerment is often dismissed as the impossible goal of libertarian knuckleheads and Tea Party enthusiasts. Voices on both sides of the political spectrum deride decentralization as a crackpot scheme to abolish government and disrupt the modern way of life. In fact, I want nothing of the kind. Government, like the private sector, should maintain an integral role in the daily lives of Americans. Until life’s opportunities are open for all, our country will always need referees to act as mediators and social advocates. Then again, government cannot be fixed or work efficiently again until individuals, the very people who elect representatives to serve their interests, dramatically alter their needs and behavior.
Sacrifice and self-restraint, embedded in generations tested by economic hardship and world war, are foreign ideals to most of us born after the end of the Vietnam War. Materialism and short-term gratification have replaced modest living and a long-term outlook. Government spending and reckless practices on Wall Street occurred because the public acted in a similar manner, albeit on a smaller scale. We bought things we could not afford and demanded better returns without paying higher taxes. Our desire for freedom at one moment and dependence at the next were bound to collide.
Living within our means is the key to repairing trust in public institutions. Political and financial leaders will only change their ways if we change ours. So make prudent decisions, plan for the years ahead and lead a healthy lifestyle. Be realistic about what government and the market can and cannot accomplish. If nothing else, we should know that life grants no certainties, expect for the right of individuals to persevere in the face of great unknowns.
Michael Stubel is a junior in the School of Public Affairs and the School of Communication and a moderate libertarian columnist for The Eagle. You can reach him at edpage@theeagleonline.com.
