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Editorial
Founders
Greg Fossedal, Gordon Haff,
Our Generation Pays for
Competing Demagogueries
Benjamin Hart, Keeney Jones
“Far better it is to dare mighty things, to win great
triumphs, even though checkered by failure, than to take
rank with those poor spirits who neither enjoy much nor
“The demagogue is one who preaches doctrines he knows to us who are still in school, or are just starting our careers —
suffer much, because they live in the gray twilight that
knows neither victory nor defeat.” be untrue to men he knows to be idiots.” — H.L. Mencken don’t vote.
—Theodore Roosevelt On Monday, Keith Hennessey, formerly the head of
The 112th Congress is only a month into its first legisla- President Bush’s National Economic Council, came to speak
Charles S. Dameron
tive session, but the race to the bottom has already begun. at Dartmouth at the invitation of the Rockefeller Center. In
Editor-in-Chief
This week, House Republicans proposed $5.7 billion in cuts an indication of just how politically engaged Dartmouth
Mostafa A. Heddaya to federal Pell grants for the remainder of the fiscal year. Pell students — some of America’s “future leaders” — are, about
President grants, which are targeted at helping students from America’s ten students showed up to round out an audience composed
poorest families afford a college education, are one of the of the economics faculty and a smattering of people from
William D. Aubin centerpieces of federal education aid — our government’s the Hanover community. Mr. Hennessey gave a compelling,
Executive Editor
biggest experiment in voucher funding for education. though highly partisan, presentation that laid out potential
Blair E. Bandeen Meanwhile, by a largely party-line vote of 281 to 148, the political solutions to our budget crunch. He was highly op-
Vice President House upheld the US Army’s annual $7 million sponsorship timistic that the wave of fresh faces in Congress, many of
of NASCAR Sprint Cup driver Ryan Newman. Of course, $7 them elected on the support of the Tea Party movement, will
Sterling C. Beard • Ke Ding million is but a drop in the federal bucket. But $7 million a help put an end to political gridlock on entitlements.
Managing Editors year would pay for about 1200 Pell grants — hardly a pittance We should believe it only when we see it. In any event,
to those students who would stand figuring out how to reduce the
David I. Rufful to benefit from them. There is clear deficit is only half of America’s
Sports Editor evidence to show that sharp reduc- political battle, something that
tions in federal financial aid are many Republicans currently seem
Blake S. Neff • Benjamin M. Riley likely to spur on the United States’ to blissfully unaware of. Jimmy
Week Editors already atrocious college dropout Carter-Barack Obama analogies
Chloe Teeter Katherine J. Murray rate. Pell grant recipients (and the notwithstanding, the United States
Photo Editor Arts & Culture Editor American labor market) truly need is in a period of deep malaise right
the investment. NASCAR driver now — a malaise that is mostly
Thomas L. Hauch • Joshua Riddle Ryan Newman doesn’t. unrelated to our budget woes.
Coleman E. Shear Republicans in Washington What is interesting about this dis-
Associate Editors are whipped up into a frenzy about content is how unevenly it is felt
deficit reduction, and rightly so. between those in Washington and
Contributors
The budget proposed by President New York and those in the rest of
Christina Chen, Svati Narula, Michael Marcusa, J.P.
Harrington, Kirk Jing, Mene Ukueberuwa, Lillian Wil- Obama this year would have the US the country. A recent Rasmussen
son, Michael Klein, Stuart Allan, Harry Greenstone, Jeff government borrow $1.65 trillion; poll said it all: 68% of Americans
Hopkins, Melanie Wilcox, Mike Edgar that’s a healthy sum to add onto overall believe that America is
our already astronomic $14 tril- on the wrong track; yet the exact
Mean-Spirited, Cruel and Ugly lion outstanding public debt. Yet inverse is true among the “political
Legal Counsel given the scale of the problem, class,” of which 68% thinks that
The Review Advisory Board it would seem that congressional
Charles S. Dameron
America is on the right track.
Martin Anderson, Patrick Buchanan, Theodore Cooper- Republicans’ much-ballyhooed effort Getting to the bottom of this dis-
stein, Dinesh D’Souza, Michael Ellis, Robert Flanigan, to cut $100 billion from the budget this year is heavier on crepancy ought to be a top priority for both parties; the party
John Fund, William Grace, Gordon Haff, Jeffrey Hart, political appearances than it is on policy substance. that is first able to genuinely connect with popular angst and
Laura Ingraham, Mildred Fay Jefferson, William Lind, The grim truth is that no matter who wins the current act on it could be the beneficiary, as were FDR’s Democrats,
Steven Menashi, James Panero, Hugo Restall, Roland budget brawl in Washington, young people are likely to be of an epochal realignment in American politics. President
Reynolds, William Rusher, Weston Sager, Emily Esfahani among its biggest losers. The reason is simple: the American Obama has thus far clearly failed to tap into it. Coming into
Smith, R. Emmett Tyrrell, Sidney Zion public has proven consistently its preference for a low-tax, 2012 and beyond, the Republicans will have a golden op-
high-entitlement regime that transfers wealth from the young portunity to respond effectively to the American people’s
“What about clean coal?”
to the old and runs bucketfuls of red ink for which our genera- concerns. But doing so will require that they substantially
1929 cover image of Mt. Moosilauke Carriage Road tion will end up paying. The arithmetic of our budget woes is broaden their view of the problems we face and the tools at
courtesy of Harold H. Leich and Jeffrey R. Leich. simple. A handful of programs make up the bulk of the federal the federal government’s disposal.
Special Thanks to William F. Buckley, Jr. government’s expenses: Social Security, defense, welfare and As TDR’s interview (pp. 6-8) with Keith Hennessey in-
unemployment relief, and Medicare and Medicaid. Invest- dicates, Republican leaders have opted to put off discussion
The Editors of THE DARTMOUTH REVIEW welcome cor-
respondence from readers concerning any subject, but ments in the future — in infrastructure, education, scientific of serious, systemic problems with the long-run American
prefer to publish letters that comment directly on mate- research, ecological protection, diplomatic outreach, and all economy. When asked why Republicans were choosing to
rial published previously in THE REVIEW. We reserve the the rest — are wedged into an increasingly narrow slice of cut federal education aid — a direct, long-term investment
right to edit all letters for clarity and length. the pie. in the American workforce — Mr. Hennessey ended up set-
Submit letters by mail, fax at (603) 643-1470, or e-mail: The American people are completely uninformed about tling on the explanation that “a blue-collar worker in Ohio
charles.s.dameron@dartmouth.edu the fix we’re in. Recent polling has demonstrated that 56% with a high school education, whose kids are going to have
of Americans are opposed to benefits adjustments for Social a high school education” shouldn’t be forced to “subsidize”
THE DARTMOUTH REVIEW is produced bi-weekly by Dart-
Security, and 64% oppose much-needed changes to Medicare. privileged college students. Leave aside the faintly patron-
mouth College undergraduates for Dartmouth students
At the same time, a solid majority of Americans is unwilling izing tone that lingers around that idea — the real problem
and alumni. It is published by the Hanover Review, Inc.,
to pay higher taxes to help fund these overdrawn subsidies for with it is that it gets the issue exactly backward. Pell grants
a non-profit tax-deductible organization. Please send all
retirees. Even among Republicans, only 41% are willing to are aimed at low-income students, many of whom are the first
inquiries to:
support entitlement cuts; the numbers are much lower among in their families to attend college.
The Dartmouth Review independents (32%) and Democrats (22%). Americans do More troublingly, when asked why the US experiences
P.O. Box 343 come out in strong numbers to support cuts to foreign aid, greater inequality of wealth than most other industrialized
Hanover, N.H. 03755 even though that represents one of the United States’ most nations, Mr. Hennessey professed, “I don’t know. Ask some
effective foreign policy tools and eats up around only around of the labor economists that question.”
Subscribe: $40 1% of the federal budget. The GOP may be the party with ideas for cutting the deficit,
The result of this incoherence is easy to predict. The but when it comes to very real macroeconomic issues — the
president and his party are essentially unwilling to talk about issues that are fueling Americans’ frustrations — conserva-
The Dartmouth Review
entitlement adjustments and cry foul about any attempt to do tives are out to lunch. The divide in fundamental outlook
P.O. Box 343 so. Republicans take a hatchet to those discretionary slivers between elites and the nation at large is largely a function of
Hanover, N.H. 03755 of the budget which actually represent tangible investments America’s growing disparity of fortunes. American populist
(603) 643-4370 in our future —like Pell grants, early childhood education, anger at Wall Street and Washington isn’t irrational. But it
or the country’s environmental regulatory apparatus — in gets channeled in all the wrong directions.
Fax: (603) 643-1470 order to appease the base, while making transparently vague At the end of the day, Republicans cannot blame all our
Contributions are tax-deductible. promises about entitlement reform. Knowing full well how woes on big government. Tax cuts and spending cuts are
poorly informed we are, both parties are all too happy to play not a winning formula by themselves — either politically,
us for idiots. And why wouldn’t they be? The people who economically, or morally. For the sake of our own electoral
www.dartreview.com will get stuck with the bill for all this profligacy— those of interests, we should stop pretending that they are. •
Page 4 The Dartmouth Review February 25, 2011
I
housing more, and so we had a system that was encouraging same time, the levels of spending am a low tax guy, but Republicans Like you said, it’s a really small
everybody everywhere to get as big a house as they could and revenues have shifted upward chunk of the federal budget.
ever think of, and I think that hurt. considerably, so that a greater in the past have often wanted to
share of society’s resources is go- spend all of their time talking about KH: Look, like I said, I’m a small
TDR: Including the former president, President Bush… ing through the government rather taxes, and not enough of it talking government guy, so you put me in
than through the private sector. We a room with spending cuts, and I’m
KH: I think elected officials of both parties, absolutely. I think should care about both of those about actually cutting spending going to be naturally attracted to
this is a broadly bipartisan issue where every elected official things. Washington debate tends to doing them. In almost every substan-
says, “I’m for more homeownership.” And I think the needle focus only on the delta between the two, and not the absolute tive discussion about spending cuts, I end up being one of
turned too far in that direction. At the same time, I think that level of spending and revenues, and that’s a mistake. the guys who’s arguing for all or almost all of them. I have
the disclosure rules for mortgage lenders were poor, and in The criticism of President Bush’s fiscal policy all tend not gone through the full list of everything they did, but as
some cases non-existent, and so you had a whole lot of people to take the forms of, “If only he had done x, which I prefer, a general matter, they’re going in and doing absolutely what
who were taking out mortgages that they didn’t understand then we would have ended up in a different situation.” If they should have done, and will they make some changes that
and couldn’t afford in the first place. you look at the results of where the fiscal policies ended up, I might not have done by myself? Yeah, maybe. But you also
I spend most of my focus on what happened once we had federal spending as a share of the economy was lower under have to remember that this is not a single decision-maker; this
all of these bad loans in the financial system, and in particular President Bush than it was under his dad and under President is a group of a couple of hundred people, all trying to pull
on what we call the “concentration of highly correlated risk,” Reagan. Taxes were lower and deficits were lower. together and all trying to achieve the overall goal of reducing
by which I mean, most of the big banks made the same bad bet The attacks that come from the left almost always center the total amount of spending.
on housing. When the tech bubble burst in the late 1990s, lots on a mistaken economic projection that was made in 2001, So even if they do it in a way that is somewhat different
of people lost a little bit of money that they had in the stock where the budget forecasters all thought that the tech bubble from the way I would have done it if I had a magic wand,
market. Here, the losses on housing-related financial assets and the higher revenues from it were going to continue forever. those differences are far less important to me than the fact
tend to be concentrated in large financial institutions. Our And then they compare the trillions of dollars of surpluses that they’re achieving the top-line goal, which is to get the
whole financial sector was very highly leveraged on a single that were incorrectly foreseen at the time with the resulting total amount down. If they cut things that I would naturally
flawed assumption that housing prices would rise forever. It policies. If you look at the resulting policies, Bush’s deficits not have cut, more power to them, because they’re the ones
was that concentration of risk that meant that when that bet were very close to the historic average, measured as a share who ran for office and they got elected. They have the privi-
turned out to be wrong, the whole system imploded. of the economy. lege of making these decisions. Good for them for making
The other big thing was that we had a system in which the decisions and taking the risk.
policymakers and supervisors were afraid of letting the TDR: If Bush hadn’t enacted the 2001 tax cuts, you think
biggest financial institutions fail. When you have a system there wouldn’t have been a surplus anyway? What would TDR: The conversation in DC is really focused on the
where you’re unwilling to let certain financial institutions have been the fiscal result of that? budget deficit, which is exciting. For Republicans, it’s
fail, you’re in trouble. We experienced that heavily in 2008 exciting. But I also wonder about the conversation on
and 2009, where we felt like there was no alternative but to KH: Well, first of all, enacting the Bush tax cuts — if you employment numbers, and the macroeconomic trends of
take out the short-term economic cycle aspects of it — were the economy. We’re still in a pretty bad spot.
Mr. Dameron is a senior at the College and the editor- necessary to keep revenues at or near their historic average
in-chief of The Dartmouth Review. share of the economy. If you don’t come in and cut taxes — KH: 9% unemployment is real bad. It’s not just pretty bad;
February 25, 2011 The Dartmouth Review Page 7
T
the recovery is going to be slow.
Recoveries tend to be slow after pushing. And not just Colombia the agenda on the right. What are your thoughts about
recessions caused by financial there pushing for free trade and open and Panama, which are important that — is that a real issue?
crises, and this appears to be one investment. We’ve seen basically radio at least as much for the foreign
of them. The really hard thing for reasons of helping friends and KH: I think the term “growing economic inequality” is a
silence for the past couple of years. allies in Central America. But little too broad. You have to understand both what is going
Washington is when you have a
bad problem in front of you, what you also have to see: what are we on in terms of the increasing inequality and why you think
do you do when none of the policy options you have look to doing on global free trade talks? that’s a problem. So, if I remember correctly — and I haven’t
be effective? Do you do something that you know is probably What are we doing to push back on protectionism? We just looked at this in a couple of years — the principal increase in
going to be relatively ineffective, but will allow you to say haven’t seen that yet? income inequality is happening at the very top. It’s not that the
you’re doing something? Or do you admit that you really don’t poor are getting poorer. It’s that the top tenth of one percent
have the tools to solve the problem, and say, “Sorry, but we’re TDR: One of the items you mentioned when you were or top one-hundredth of one percent — those stratospheric
just going to have to suck it up and wait for the economy to talking about long-term growth was the US commitment incomes — are getting even more stratospheric.
recover.” And that’s what Washington has been struggling to education — higher education — and investments in And what’s interesting is that people’s reactions tend
with for the past couple of years. It was interesting during human capital. The front page of The Daily Dartmouth to differ based on the industry in which the person operates.
the State of the Union address how little airtime the president today was talking about cuts to federal education aid. Does an incredible athlete deserve the multi-million dollar
dedicated to the short-term situation and to the short-term Do you think that’s an appropriate austerity measure? contract that he gets? Most people tend to think that they’re
economic messaging. He was not selling his China message Obviously, these are tight budget conditions, but do you okay with that, since it’s a competitive market, and that’s
or his infrastructure message primarily as a short-term job think it’s appropriate to be cutting that? what the player is worth. Is an incredible actor or actress
creation program. He was selling it as a long-term economic worth the millions of dollars that they can clear per picture?
competitiveness strategy, which has its own issues. But it was KH: So there are three different aspects when you are talk- The very top dozen actors or actresses are making millions of
astonishing to me how little he talked about [the short-run ing about the world-class universities. One is the cost to dollars per picture. And we tend to react not that negatively
situation], and how much the debate has now shifted to what students of attending them. The second is the output of those and say, “Look, they’re superstars. They’re producing a lot
was previously called the austerity discussion. universities in terms of smart, young graduates. The third is of value in the economy, or at least something that people
By the way, as we approach the 2012 election, to the the output of those universities in terms of research that is are willing to pay a lot for, and so they’re getting the fruits
extent unemployment does stay high, I expect that to rise being done, to push the envelope on all sorts of things that of their labor.”
back up in prominence. It will be the major point of political make our economy more productive. Most of the benefits You get very different reactions when you talk about Wall
debate. of graduating from Dartmouth accrue to the individual who Street, or the financial sector, where it’s much harder for us
to understand if there’s value being created,
TDR: You sort of hinted at this with or if there’s some other flaw in the system
your discussion of Obama’s agenda for where people are figuring out how to skim
long-term US competitiveness, but what the cream for themselves without actually
conditions need to be in place for the US producing a benefit for society. If so, then
economy to recover? there are flaws within the financial system,
within the incentives that are built up. That’s
KH: I think you have to look at why the what would concern me much more than
US economy has been so successful and the results of the fact that a star athlete or a
so strong in the long run. And you look at superstar in some other unbroken industry
things like a stable legal framework, and can clear tens of millions of dollars.
a sound monetary policy — both of which
lend predictability so that people can do TDR: Why is there greater income in-
business. Relative to a lot of other rich equality in the US than in most other
economies, we have traditionally had a low- industrialized nations?
tax, low-regulatory environment. We’ve
had an entrepreneurial culture. We’ve had KH: I don’t know. Ask some of the labor
a system of higher education and R&D that economists that question. I don’t really
creates a lot of intellectual talent, intel- know. You know, I’ve read a lot about the
lectual capital. Before the financial crisis, superstar theory, which is that with mass
I would have said that we have deep and communications and technology, these
flexible financial markets. That’s clearly —Hennessey (second from left) with President Bush’s economic team in late 2008— superstars can leverage their abilities or
under repair. But we also have very deep skills to capture an even greater share of
and very flexible labor markets. graduates from Dartmouth. So reducing the subsidies for the market or to do more for whatever they’re doing. But I
And you know, the key word is always flexibility. You people — and most of the studies show that if you go to don’t really know.
want the economy to be able to adjust when bad things happen. Dartmouth, even if you have to borrow a lot of money, it’s
And you want to make sure that policies don’t slow down that a good investment as a financial matter — so if, ultimately, TDR: You came on board as chief of the National Economic
adjustment, so that when you have a financial shock, or you we have to reduce the subsidy for something that’s otherwise Council right at the tail end of the Bush Administration.
have a natural disaster, you have some sort of other economic a good investment… What was that like — taking on the top NEC job as the
shock, the economy can recover and adapt as quickly as it can. economy went into crisis?
To me, that means creating predictability on the long-term TDR: What about students who aren’t going to a place
fiscal path, and it means making sure you’re not massively like Dartmouth? KH: When I got bumped up in the end of 2007, we knew
expanding the regulatory agenda. It’s scary what EPA can that we had a foreclosure crisis,
do with its authorities, and is starting to talk about doing — KH: Yeah, and that’s why, first of
where it can come in and regulate all over the place. This is all, colleges and universities have
the carbon stuff. And they could really slow down economic financial aid programs. It’s why
growth, with little to no discernible environmental benefit.
P art of what gives me hope is and serious mortgage problems
that were going to develop through
seeing the rise of the Tea Party 2008 and 2009. But we did not see
they target the private dollars that and all of the related political and the evidence of the financial shocks
So you have to worry about these things. Health care they raise — generally, they target societal forces that we’ve seen over that were going to occur. So at that
is the other thing, where you’re massively expanding the them toward lower-income kids point, 2008 looked like it was going
reach of government and slowing things down in all sorts of and families. the past couple of years to be a normal economic policy year
ways. The question is: should a blue- in the last year of an administration,
So I think you do those things. I also think you need to collar taxpayer in Ohio with a high and we learned otherwise as the year
actually have an international economic agenda. The United school education, whose kids are going to have a high-school progressed. Obviously, it was a lot more responsibility, but I
States needs to be out there pushing for free trade and open education, should that worker pay higher taxes to subsidize was doing very similar kind of work to what I had done for
investment. We’ve seen basically radio silence for the past a non-poor kid going to Dartmouth? And elected officials the five and a half years prior to that. I mean, I was literally
couple of years. probably can’t say that. moving up one rank in an organization — I spent six and a
You know, college is incredibly expensive. It’s also, as a half years on the president’s National Economic Council. For
TDR: Well, the Korean Free Trade Agreement is back financial matter, it’s a cash-flow issue. You need the cash up me, it all flows together.
on the table. front to pay the university, and then you have to pay it back
on the back end. Maybe, if you reduce the subsidy, it means TDR: Before that, you worked on the Hill for a long time
KH: Korea’s back on the table. The follow-on question is: is that someone has to work another year to pay off their student as an aide to senators Pete Dominici and Trent Lott. How
Page 8 The Dartmouth Review February 25, 2011
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