economy

With Tariffs and Trade, the Trump Administration Takes a Positive Step

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President Trump is happily overstepping the naivete that informs so much economic commentary. While the experts continue to look to the Federal Reserve to bring down prices via the tweaking of interest rates, Trump wisely chose to provide reciprocal tariff relief for so-called “unavailable natural resources,” e.g., agricultural products that cannot be grown at commercial scale […]

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Jensen Huang Will Do For Affordability What Zohran Mamdani Can’t

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U.S. Postal Service workers used to be able to afford Manhattan’s Upper East Side. When a young Lee Harvey Oswald moved with his mother Marguerite to New York City in 1952, they lived for a time with Marguerite’s postman son, Lee Harvey’s half-brother, on East 92nd Street. The oddity of a postman living where

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Steven Miran Is Why We Can’t Trust Economists With the Economy

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Don’t trust economists to manage the economy. Read the musings of Fed Governor Steven Miran if you’re skeptical. Except that we’re getting ahead of ourselves. Before contemplating Miran and his odd musings about economic growth and inflation, it’s useful to reference a recent opinion piece by George Will at the Washington Post. In “363 miles that transformed

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If Trump Economy Is “Booming,” Then It Doesn’t Need The Fed

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Capital flows to where it’s treated well. Remember this amid President Trump’s endless jawboning of Jerome Powell. According to Trump, along with his various cheerleaders inside and outside the administration, the Fed’s failure to lower its funds rate is what is holding back an even bigger boom. If you deduce from this that it’s

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When the U.S. Takes a Break From Reality, Millions Don’t Eat

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“Recession” is a relative concept. For instance, when the U.S. economy contracts such that Americans merely tighten their belts, hundreds of millions around the world face starvation. If you doubt this, consider the global implications of the U.S. mindlessly going into lockdown mode in 2020. Not only was economic contraction as a virus mitigation

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Beware the Pundits Who Think They Speak For Us

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“We are living in a moment of existential dread and alienation caused by the savagery of social media, the ugliness of our politics, the AI takeover, our melting planet, a winner-take-all economy…” Those are the words of Washington Post columnist Dana Milbank. He doesn’t lack for certitude. Most of us can’t develop a read of the

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Say It Routinely, The Fed Isn’t Nor Can It Ever Be ‘Independent’

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The Fed can never be independent. Economists should spare readers of any further commentary calling for what can’t be. Long before the Fed existed, and just the same to this day, there were and are all manner of private, profit-motivated sources of credit ready to liquefy financial institutions enduring near-term liquidity problems despite quality

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There’s No Such Thing As ‘Exorbitant Privilege,’ There’s Just Production

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Debt is an effect of wealth, not desperation. That’s true for individuals and corporations, but also governments. The power of compounding vivifies this truth, and explains why Apple has lots of debt but the corner store doesn’t, and the U.S. has tens of trillions of debt, but Haiti next to nothing. The Washington Post’s

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