I noted the FT reporting in an email last night that:
The US will “leapfrog” the rest of the world in the race for investment if it embraces contentious tax reforms stripping away advantages held by other countries, a top Republican congressman predicted as he battled scepticism about the plans. Kevin Brady told the FT that his proposal for an import tax was essential to putting the US on an equal footing, or ahead of, its peers. He added that he was on track to push through the plan this year.
Economic suicide notes were in fashion both sides of the pond yesterday.
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The problem is that like with Regan’s trickledown economics the rot may not be apparent for a few years or sometimes even decades. I believe in the UK that the long term effect of Thatcher’s revolution sowed the seeds of despair that led to a pro Brexit vote in a lot of the industralised North. Predictable when a macroeconomic brain takes over a macroeconomic economy. Its ironic that at the very time we need to be keeping closes to our European allies we are pushing away
Sean, I agree with your overall premise but not about the macroeconomic brain. If anything it’s been about applying microeconomic brains to macroeconomic problems. But even that gives it too much intellectual weight, most of it is just grubby excuses for greed. In exactly the same way that austerity has been used as a privatisation cover.
Hi sorry spell checker. It should be “Predictable when a microeconomic brain takes over a macroeconomic economy”.
Richard
Cavafy’s ‘Waiting for the Barbarians’ resonates, doesn’t it?
“And now, what shall we do without the barbarians?
These people were some kind of solution.”
Probably misquoted – but both the Americans and the British seem to have opted for that which went before.
In which, as you’ll remember, the barbarians didn’t turn up.
It’s supposed to be an eye-opener. But sounds more and more like an excuse.
Indeed