Iwan Morgan: Trump’s claim that substantial tax cuts, largely skewed towards the wealthy, will kick-start the US economy on the road back to greatness should also be treated with skepticism.
Iwan Morgan: Present-day Republicans should not be allowed to get away with rewriting the 1980s in support of their economic proposals for the second decade of the twenty-first century.
Iwan Morgan: the current crisis shows that unity in the face of economic and financial crisis is far more difficult for a 17-member club of nations than for a union of 50 states under one government.
Iwan Morgan: If America does manage to avoid a new recession and achieve stronger growth, it will be a testimony to the underlying strength of its economy. At present its political leadership in both the executive and legislative branches does not appear to have the same reserves.
In remarks to a health reform forum in March, Barack Obama acknowledged, ‘The greatest threat to America’s fiscal health … is the skyrocketing cost of health care.’ How he deals with this danger will arguably be as important for the historical reputation of his presidency as his foreign policy initiatives to safeguard national security.
During a White House meeting in early 1984, Ronald Reagan shocked economic adviser Martin Feldman in insisting that no tax increase in US history had raised revenue. The eminent Harvard economist penned him a memo proving that every increase in tax rates from 1917 to 1969 had actually done so.
The dangers of a foreign retreat from Treasury securities are slight in the short-term but increase over time as the public debt continues to grow. Americans would do well to realize that things which cannot go on forever tend not to.