In the fog of fake news and partisan debate, most tangentially informed individuals are bewildered as to the effects from the tax legislation being fast-tracked through Congress. Larger corporations, with their phalanxes of lawyers, are not so in the dark. Chase Bank CEO, Jamie Dimon, chairman of the Business Roundtable and former head of the now passé “Fix the Debt” committee, broadcasted the corporate view without equivocation or qualification. “Passing tax reform is the single most important thing that Congress can do to make American companies more competitive, boost the economy, create jobs and spur wage growth.” Continued caution on the part of lesser luminaries is understandable.
As mentioned in other posts, the future anticipated by current forecasts must be measured against the facts of the past. That past would indicate that regardless of who might be opining, even the most constrained of forecasts will prove to be wildly—and quite likely destabilizingly—optimistic. Continue reading “Tax Cuts, Debt, & The Pretense of Knowledge”