I rarely say good things about Thomas Friedman as he is typically too far left, in my opinion. However, I regularly read his columns (when the NYT doesn’t block me) and I think I have read all of his books because it is good to understand all sides of an argument.
This analysis of the recent deal in the Mideast is very well done. Probably the best that I have read. If you are not blocked by the NYT paywall, you should read it.
This deal is amazing. In a normal news cycle, this would be the top headline in every newspaper and every news site (but this isn’t a normal news cycle). This is a deal that no former POTUS has been able to pull off. Is it a Nobel worthy as what James E. Carter or William J. Clinton did? No. But it is a lot better than what George H. W. Bush, George W. Bush, or Barack H. Obama did in the Mideast (and Obama received the Nobel prize just for giving good speeches not for actually doing anything). Trump won’t get a Nobel for this because the committee hates Trump. But even if you are a Trump-hater, you have got to give credit for getting this deal done.
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As I write this, POTUS Donald Trump is pledging to begin tariffs on Mexico for its accused lack of assistance in the immigration crisis on the southern border of the US. Here is a quick news account from Politico:
The White House pledged on Thursday to charge ahead on tariffs on Mexico, saying the U.S. position “has not changed” after officials met for a second day to address the steady flow of Central American migrants trying to enter the United States.
Talks between Mexican and U.S. officials at the White House wrapped up without resolution. Several key officials in the administration were unavailable for negotiations. President Donald Trump was in France for the 75th anniversary of the D-Day invasion, and both Vice President Mike Pence and Secretary of State Mike Pompeo were on the road.
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The problem with growth in the US economy will be immediately be solved the day that we stop the trade war with China. We don’t need the Fed to counter-balance a political battle between China and the US. Mark my words, when this trade war is over, the economy will almost immediately overheat.
Also, you can guarantee that POTUS will turn off the trade war by the first quarter of 2020 so that the economy is running at top speed for the November election. The Chinese know this and they know they just have to hold on 6 more months and our political will for the trade war will vanish.
Source: High Interest Rates Are Hobbling Growth – WSJ
There’s an increasingly strong case that the Federal Reserve should cut interest rates to weaken the U.S. dollar and encourage greater exports—and that it should do it soon.
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Don’t let the current partisan bickering on corporate taxes make it seem like both sides of the aisle don’t want this. It is good for America and everyone that understands economics understands this. The issue is that when the Democrats held power, they couldn’t effectively do this because their liberal wing (i.e. the people that do not understand economics) would crucify them in the election booth.
Suddenly, an idea that has been accepted by economists and by policymakers on both sides of the political aisle—that high taxes on business hurt investment, workers, and the economy—is considered “absurd.”
In 2012, President Obama and his advisers proposed lowering the corporate tax rate because it “creates good jobs with good wages for the middle-class folks who work at those businesses.” In 2013, Lawrence Summers, President Clinton’s Treasury secretary and chairman of Mr. Obama’s Economic Council, argued that the tax on corporate profits creates a burden without commensurate revenues for the government and that changing it “is as close to a free lunch as tax reformers will ever get.”
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