Giving credit for where due, President Trump made some great appointments including Justice Gorsuch, has shown strength in foreign policy, and made regulatory moves like approving the pipeline, but the largerl economic policy begs the question Walter Mondale asked of Gary Hartpence, where's the beef?
Scott Grannis: "If we don't get substantial progress on healthcare and taxes before year end, the economy could weaken as uncertainty mounts and people delay income and investment decisions."
"No sign here of a Trump bump [on private sector job growth], and it's premature to expect one: we need to see meaningful tax and regulatory reform [first]."http://scottgrannis.blogspot.com/2017/04/market-based-chart-updates.html?m=1
Insanity is to expect better results without enacting better policies.
Economically, it is Year 9 of the Obama administration. There isn't a tax increase that Obama and the Democrats added that has been repealed. We have the highest corporate tax rates in the world, a medical device tax, Obamacare surcharge, and higher capital gains rates - all still in place. America has the worst estate tax rate in a dozen years, confiscatory 48% (plus up to 10% in state rate). Last time estate taxes were jacked up that dramatically we had a Great Depression going on. We have the highest social welfare benefit participation in our history. Why would anyone want to earn or build wealth? We have the lowest worker participation rate for males and the worst hiring rules in our history and lowest entrepreneurial startup rate. Who would want to risk capital or hire someone today? Who even knows how to do that legally anymore?
Trump took a weak first swing at healthcare reform by letting the House who couldn't get a majority to back it write it. They have taken no visible shot at tax reform at this time. It's hard to get something, anything through congress, but with both chambers in his party, but it's not harder than what most other recent President faced.
Treasury's Mnuchin said today: "We're 'pretty close' to bringing forward 'major tax reform' ".
Now would be a good time to get major tax reform done and done right - unless you want another year of the economic results of the Obama administration.
Mnuchin said he hoped passing a tax overhaul will not "take till the end of the year."
How could it get done any sooner? They haven't proposed anything yet.