…are blaming the wrong people:

It’s not the greedy Wall Street bankers who destroyed these people’s hopes. It’s the virtueocracy itself. It’s the people who constructed a benefit-heavy entitlement system whose costs can no longer be sustained. It’s the politicians and union leaders who made reckless pension promises that are now bankrupting cities and states. It’s the socially progressive policy-makers in the U.S. who declared that everyone, even those with no visible means of support, should be able to own a home with no money down, courtesy of their government. In Canada, it’s the social progressives who assure us we can keep on consuming all the health care we want, even as the costs squeeze out other public goods.

The Occupiers are right when they say our system of wealth redistribution is broken. But they’re wrong about what broke it. The richest 1 per cent are not exactly starving out the working poor. (In the U.S., half all income sent to Washington is redistributed to the elderly, sick and disabled, or to those who serve them, and nearly half the country lives in a household that’s getting some sort of government benefit.) The problem is, our system redistributes the wealth from young to old, and from middle-class workers in the private sector to inefficient and expensive unions in the public sector.

Among the biggest beneficiaries of this redistribution is the higher-education industry. In Canada, we subsidize it directly. In the U.S., it’s subsidized by a vast system of student loans, which have allowed colleges to jack up tuition to sky-high levels. U.S. student debt has hit the trillion-dollar mark. Both systems crank out too many sociologists and too few mechanical engineers. These days, even law-school graduates are having trouble finding work. That’s because the supply has increased far faster than the demand.

It was madness, and yet so many want to continue it.

[Update a while later]

More thoughts from Mark Steyn:

America is seizing up before our eyes: The decrepit airports, the underwater property market, the education racket, the hyper-regulated business environment. Yet curiously the best example of this sclerosis is the alleged “revolutionary” movement itself. It’s the voice of youth, yet everything about it is cobwebbed. It’s more like an open-mike karaoke night of a revolution than the real thing. I don’t mean just the placards with the same old portable quotes by Lenin et al., but also, say, the photograph in Forbes of Rachel, a 20-year-old “unemployed cosmetologist” with remarkably uncosmetological complexion, dressed in pink hair and nose ring as if it’s London, 1977, and she’s killing time at Camden Lock before the Pistols gig. Except that that’s three and a half decades ago, so it would be like the Sex Pistols dressing like the Andrews Sisters. Are America’s revolting youth so totally pathetically moribund they can’t even invent their own hideous fashion statements? Last weekend, the nonagenarian Commie Pete Seeger was wheeled out at Zuccotti Park to serenade the oppressed masses with “If I Had a Hammer.” As it happens, I do have a hammer. Pace Mr. Seeger, they’re not that difficult to acquire, even in a recession. But, if I took it to Zuccotti Park, I doubt very much anyone would know how to use it, or be able to muster the energy to do so.

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