Taxes
Milton Friedman made his living arguing that the Federal Reserve caused the 1929 stock market crash and thus the Great Depression by jacking around discount rates. Economic argument is difficult. We cannot even prove that the stock market crash caused the Great Depression. But his point that the Fed should be considerate, respectful and measured is well taken. As any driver can tell you, when you don’t know what you are doing, it is better to do it slowly. Fiscal policy should be deliberate as well. When there is uncertainty it is difficult to plan or invest. The new tax law dumps everything into the chipper. People keep talking about individual effect or ethic. The real problem is that we have no idea what the cumulative impact will be. That is bad. What will be the systemic impact on America? This law assumes instability. It was passed in the belief that many issues will be addressed in subsequent legislation. What a wonderful fetcher, how can Congress not shake that ...