I found exactly one section of interest in the editors’ of the Wall Street Journal’s characterization of, as they put it, “the mess we’re in”—their prescription for the U. S. economy:
Take all tax increases and more government entitlements off the table. Put a moratorium on new regulations and declare an end to the White House war on fossil fuels. Reduce tariffs and cut trade deals with Britain, Japan and others in the Asia-Pacific that want the U.S. as a trading alternative to China.
Then make permanent the tax cuts in the 2017 reform that expire as early as 2025. Democrats won’t do any of this now, but if they lose in November the GOP will have a chance to press a growth strategy. If the economy is in recession, or if there’s stagflation, Democrats may have to listen.
As should be needless to say I don’t agree with all of that but I do agree with some of it. I think we should be cutting bilateral trade deals with Britain, Japan, etc. I think that the economy needs stability. That means a moratorium on new regulations among other things. While I agree that the administration needs to ignore the more progressive members of its caucus and its its “war on fossil fuels”, it might still pursue a greener future by ensuring that other alternatives are cheaper than fossil fuels. Don’t raise the bridge; lower the river. I recognize that’s hard to do in the near term.
I think that the Trump tax cuts should have been much more targeted than they ended up being and it’s still not too late for that. Unfortunately, neither Democrats nor Republicans appear to be interested in more effective, targeted taxes.
