Eyck Freymann and Niall Ferguson write:

As a liberal graduate student and a conservative professor, we rarely see eye to eye on politics. Yet we agree that the generation war is the best frame for understanding the ways that the Democratic and Republican parties are diverging. The Democrats are rapidly becoming the party of the young, specifically the Millennials (born between 1981 and 1996) and Gen Z (born after 1996). The Republicans are leaning ever more heavily on retirees, particularly the Silent Generation (born before 1945). In the middle are the Gen Xers (born between 1965 and 1980), who are slowly inching leftward, and the Baby Boomers (born between 1946 and 1964), who are slowly inching to the right.

This generation-based party realignment has profound implications for the future of American politics. The generational transition will not dramatically change the median voter in the 2020 election—or even in 2024, if turnout among young voters stays close to the historical average. Yet both parties are already feeling its effects, as the dominant age cohort in each party recognizes its newfound power to choose candidates and set the policy agenda. Drawing on opinion polls and financial data, and extrapolating historical trends, we think that young voters’ rendezvous with destiny will come in the mid to late 2020s.

Today, the older generations have a lock on political power in Washington. House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell are members of the Silent Generation. So are Joe Biden and Bernie Sanders, who lead in nearly every poll of the 2020 Democratic primary. President Donald Trump and the median senator and representative are Boomers. Of the nine justices on the Supreme Court, two are from the Silent Generation and six are Boomers. Yet the median American is 38—a Millennial. [Continue reading…]