Latest Online Edition Read Here

The Other Tax Cut Featured

One criticism I heard of Pres. Trump's SOTU was that he took credit for the strong economy when all he did was sign the tax cut and that didn't happen until the end of the year. First off, the paradox of the presidency is that every president takes way too much credit for the economy while at the same time receiving too little credit from their critics. In the case of Trump, however, these critics are ignoring the other tax cut that has been ongoing for the past year - deregulation. This movement is seen in almost all his appointments, such as Neil Gorsuch to the Supreme Court and Mick Mulvaney to the CFPB. It is also seen in Vice President Pence taking the somewhat extraordinary action of breaking the tie to kill the arbitration ban.  One of the big fears about Trump was he would start a trade war and we were told that would raise the price of goods. That's true. But you should view tariffs for what they are, which is trade regulation. If regulation of trade raises the price of goods, these other regulations raise the price of services. But while the idea of Chinese dumping of aluminum is dismissed, the idea of predatory lending is treated as gospel truth. Reality likely lies in between. 

Ted Craig

  • All Stories Are Local
    The question news sources ask themselves whenever a major story breaks is, "How can we make this local?" That can be bad news for you. A national outlet does a…
  • Anything You Can Do...
    The economist Tyler Cowen recently asked if the tech companies could run everything better. He means the big tech companies, since tech companies in general fail at the same pace…
  • We Live in High Times
    A recent article in the Boston Globe reports that Massachusetts is considering setting up new banks for the pot industry. It turns out the odd way we’ve chosen to legalize…
  • A Future for the CFPB
    You might have read the op-ed piece in today's WSJ by George Mason law professor Todd Zywicki on ways to make the CFPB work. Many experts I've spoken to say…
  • Classic
    I read an article in the WSJ last week about California’s attempt to counter the Trump administration’s crack down on illegal immigration. The state shored up its requirement that employers…
  • Why Do People Do This?
    The FTC is mailing 72,836 checks totaling more than $2.9 million to people harmed by a scheme by a payday lender. The lender, CWB Services LLC, put money into people’s…
  • No Respect At All
    People say that one reason we can't attract "the best and brightest" to teaching is that it is viewed as a job with little respect. But what about car sales?…
  • Don't You Have Something Better to Do?
    New York AG Eric "The Amazing" Schneiderman is suing The Weinstein Co. in relation to the misdeeds of its founder, Harvey Weinstein. What Harvey did was despicable, but what Schneiderman…
  • The Limits of Hard Work
    What I'm about to write is sacrilege to many of you, but if your strategy for success is that you're going to work harder than your competition, there's a good…
  • Boo Hoo
    NPR recently did a story about how the Trump administration is trying to "defang" the CFPB. The story consisted of a sob story from a woman in Detroit and a…