Sums it up

Really, the battle lines that are likely to matter for the next 4 years is the Woke millennials vs. the conservative democrats of the Woodstock generation.

This line appears near the top of Cochrane's essay on the socialists. 

I am more sanguine. 

The new socialism is simply the latest rage available to the kids.  But in the end it is a repeat of the rage in the previous generation, beatnik to hippy to antificant.  The central government platform of the central government wing of the binary parties will reflect a binary division of philosophy. 

But the central planners in the Swamp hit the brick wall on day one and the side effects are huge, visible and scare the crap out of everyone in the periphery. And both parties have the central government wing. Both central government wings viewed with suspicion.

We are devaluing our government structure based on ex post information. Part of growth, part of technology shocks but mostly of built in hard boundaries which no generation has yet to overcome. There some common threads in each generational overlap; taxes by bank fiat and young professors bidding for better pay. The latter is part of the overlap, stage one in the over lap is the two tiered public pay scale effort. That fails and leads to special resentment among the public sector crowd.  We have that blossoming problem in California, and it fuels the BLM problem.

It is a repeating sequence, so we know some things. Revenue sharing will be tried.  The New Fed contract. Foreign policy contracts. And we will have a long and difficult tax battle. There will be an inflation jump, etc. But we know it, we can e-arrange the sequence within some bounds, alterl ocal ordering, find a better path for the salespeople.