The Wednesday Briefs 169 - 24 May 2023

THIS WEEK: Vivek's Voting Age Proposal; Fentanyl Carnage; The Nasdaq 100 in 2000 vs. Today; Europe, Japan Stock Markets; Debt Ceiling; S&P Sectors Update.

VIVEK'S VOTING AGE PROPOSAL

Vivek Ramaswamy, who is a Republican candidate for President, made a proposal last week for a constitutional amendment that would raise the voting age from 18 to 25. The amendment would "still allow 18-year-olds to vote if they either pass the same civics test required of immigrants to become naturalized citizens, or else to perform six months of military or first responder service". Mr. Ramaswamy's stated purpose is to rekindle patriotism and dedication to traditional values, qualities that he (and many others) deems in need of a reboot among today's young. During the ensuing discussion on social media, the candidate reminded critics that the voting age had once been higher than 18, and that it was lowered in 1971 from 21 to 18 through passage of the 26th Amendment.

Parsing the details first, "the civics test required of immigrants" does not measure up, in terms of difficulty and commitment, to the equivalent of "six months of military or first responder ser…