A Date With Scarcity

Nov. 4, 2008, is a historic day because it marks the end of an economic era, a political era and a generational era all at once.

Economically, it marks the end of the Long Boom, which began in 1983. Politically, it probably marks the end of conservative dominance, which began in 1980. Generationally, it marks the end of baby boomer supremacy, which began in 1968. For the past 16 years, baby boomers, who were formed by the tumult of the 1960s, occupied the White House. By Tuesday night, if the polls are to be believed, a member of a new generation will become president-elect.

So today is not only a pivot, but a confluence of pivots.

When historians look back at the era that is now closing, they will see a time of private achievement and public disappointment. …

…We’re probably entering a period, in other words, in which smart young liberals meet a stone-cold scarcity that they do not seem to recognize or have a plan for….