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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

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