This is my final column for The New York Times, where I began publishing my opinions in January 2000. Iām retiring from The Times, not the world, so Iāll still be expressing my views in other places. But this does seem like a good occasion to reflect on what has changed over these past 25 years.
What strikes me, looking back, is how optimistic many people, both here and in much of the Western world, were back then and the extent to which that optimism has been replaced by anger and resentment. And Iām not just talking about members of the working class who feel betrayed by elites; some of the angriest, most resentful people in America right now ā people who seem very likely to have a lot of influence with the incoming Trump administration ā are billionaires who donāt feel sufficiently admired.
Itās hard to convey just how good most Americans were feeling in 1999 and early 2000. Polls showed a level of satisfaction with the direction of the country that looks surreal by todayās standards. My sense of what happened in the 2000 election was that many Americans took peace and prosperity for granted, so they voted for the guy who seemed as if heād be more fun to hang out with.
In Europe, too, things seemed to be going well. In particular, the introduction of the euro in 1999 was widely hailed as a step toward closer political as well as economic integration ā toward a United States of Europe, if you like. Some of us ugly Americans had misgivings, but initially they werenāt widely shared.
Of course, it wasnāt all puppies and rainbows. There was, for example, already a fair bit of proto-QAnon-type conspiracy theorizing and even instances of domestic terrorism in America during the Clinton years. There were financial crises in Asia, which some of us saw as a potential harbinger of things to come; I published a 1999 book titled āThe Return of Depression Economics,ā arguing that similar things could happen here; I put out a revised edition a decade later, when they did.
Still, people were feeling pretty good about the future when I began writing for this paper.
Why did this optimism curdle? As I see it, weāve had a collapse of trust in elites: The public no longer has faith that the people running things know what theyāre doing, or that we can assume that theyāre being honest.
It was not always thus. Back in 2002 and ā03, those of us who argued that the case for invading Iraq was fundamentally fraudulent received a lot of pushback from people refusing to believe that an American president would do such a thing. Who would say that now?
In a different way, the financial crisis of 2008 undermined any faith the public had that governments knew how to manage economies. The euro as a currency survived the European crisis that peaked in 2012, which sent unemployment in some countries to Great Depression levels, but trust in Eurocrats ā and belief in a bright European future ā didnāt.
Itās not just governments that have lost the publicās trust. Itās astonishing to look back and see how much more favorably banks were viewed before the financial crisis.
And it wasnāt that long ago that technology billionaires were widely admired across the political spectrum, some achieving folk-hero status. But now they and some of their products face disillusionment and worse; Australia has even banned social media use by children under 16.
Which brings me back to my point that some of the most resentful people in America right now seem to be angry billionaires.
Weāve seen this before. After the 2008 financial crisis, which was widely (and correctly) attributed in part to financial wheeling and dealing, you might have expected the erstwhile Masters of the Universe to show a bit of contrition, maybe even gratitude at having been bailed out. What we got instead was āObama rage,ā fury at the 44th president for even suggesting that Wall Street might have been partly to blame for the disaster.
These days there has been a lot of discussion of the hard right turn of some tech billionaires, from Elon Musk on down. Iād argue that we shouldnāt overthink it, and we especially shouldnāt try to say that this is somehow the fault of politically correct liberals. Basically it comes down to the pettiness of plutocrats who used to bask in public approval and are now discovering that all the money in the world canāt buy you love.
So is there a way out of the grim place weāre in? What I believe is that while resentment can put bad people in power, in the long run it canāt keep them there. At some point the public will realize that most politicians railing against elites actually are elites in every sense that matters and start to hold them accountable for their failure to deliver on their promises. And at that point the public may be willing to listen to people who donāt try to argue from authority, donāt make false promises, but do try to tell the truth as best they can.
We may never recover the kind of faith in our leaders ā belief that people in power generally tell the truth and know what theyāre doing ā that we used to have. Nor should we. But if we stand up to the kakistocracy ā rule by the worst ā thatās emerging as we speak, we may eventually find our way back to a better world.
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