The US midterms aren't what they seem - Yanis Varoufakis & Wolfgang Munchau | The Econoclasts

US midterm election results are better explained by state-level inequality patterns than by the mythical "swing voter," as rising inequality correlates with Democratic leanings while declining egalitarian heartlands favor Republicans. Beyond American politics, Europe faces a systemic crisis characterized by youth-led riots that differ fundamentally from the 1968 student revolts. Unlike the hopeful, left-leaning movements of the past that were eventually absorbed into a social democratic consensus, today’s unrest stems from deep-seated economic stagnation, chronic underinvestment in public infrastructure, and a lack of growth. This unsustainable trajectory, marked by intergenerational wealth transfers and a failure to innovate, leaves the current political center without solutions. Consequently, the youth are increasingly turning toward extremist political alternatives, signaling that the post-1968 social democratic era is collapsing toward a potential, volatile crash rather than a peaceful transition.