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Tag Archives: Council of Economic Advisers

Casey Mulligan on Trump versus Reagan

University of Chicago economics professor Casey Mulligan, fresh off his one-year stint as chief economist with President Trump’s Council of Economic Advisers, has an interesting comparison of Trump vs. Reagan on economic deregulation. Here’s the opening: Thanks to a book written in 1986 by former Reagan CEA member William Niskanen, it is easy for an economist from the Trump CEA to rigorously compare economic policies and processes between the two presidents.  On...

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Trump’s Deregulatory Successes

Do the authors [of the Council of Economic Advisers’ report on Trump’s deregulations] make a good case for their estimate? Yes, and in the rest of this article, I’ll lay out their case. I wonder, though, what the numbers would look like if they included the negative effects on real income of increased restrictions on immigration and increased restrictions on trade with Iran. (I’m putting aside increased tariffs, which also hurt real U.S. income, because tariffs are...

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Martin Feldstein RIP

I learned late last night that my boss for two years at the Council of Economic Advisers, Marty Feldstein, died yesterday. He was only 79. Marty, who was probably the world’s foremost health economist in the 1960s, took a risk by appointing me as his health economist in 1982. How I got the job is a fun story, but telling it would put the spotlight too much on me, not him. So I’ll save that for some other time. It worked out well for me and, I hope, for him. One of...

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Robert Pear RIP

Robert Pear, a reporter whose understated demeanor belied a tenacious pursuit of sources and scoops during his 40 years at The New York Times covering health care and other critical national issues, died on Tuesday in Rockville, Md. He was 69. This is from Sam Roberts, “Robert Pear, a Mainstay Times Reporter in Washington, Dies at 69,” New York Times, May 8, 2019. The only thing I like about the above paragraph is Roberts’s use of the word “died” rather than the...

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The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster

Ever since 2012 (see "How The Fed's Visible Hand Is Forcing Corporate Cash Mismanagement")  we have warned that as a result of the Fed's flawed monetary policy and record low rates, corporations have been incentivized not to invest in growth and allocate funds to capital spending (the result has been an unprecedented decline in capex), but to engage in the quickest, and most effective - if only in the short run - shareholder friendly actions possible, namely stock buybacks. We got a vivid...

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Full Jackson Hole Agenda Released

While virtually nobody expects anything market shattering, or even moving, to be released during either Janet Yellen's or Mario Draghi's speeches tomorrow (recall from our preview what UBS said: "Don't expect news at Jackson Hole. Chair Yellen has told us what she wants to about normalization, for now. Financial stability matters, but it isn't new" and as such it will be "nothing to skip lunch over"), moments ago the full agenda of the 3-day central banker, tenured economist and assorted...

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America’s Miserable 21st Century

Via Nicholas Eberstadt of CommentaryMagazine.com, On the morning of November 9, 2016, America’s elite—its talking and deciding classes—woke up to a country they did not know. To most privileged and well-educated Americans, especially those living in its bicoastal bastions, the election of Donald Trump had been a thing almost impossible even to imagine. What sort of country would go and elect someone like Trump as president? Certainly not one they were familiar with, or understood anything...

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