Today, in the light of the morning, what do we have in America today?
We have watched a tidal wave come ashore in Washington DC. We saw the impossible, according to the pundits.
But let’s have a bit of sobriety to go along with the wry smile, ok?
We still have policy acts that need to be addressed. In specific order of priority:
Health care monopolies must be broken up and those in the industry who resist must be jailed under existing anti-trust law. This has to happen right up front, especially if we are going to do “tax reform” (and we should) or the result will be deficits that explode so fast, and so ruinously that they will force interest rates up to near or even beyond those of the early 1980s, bankrupting everyone at once that has any debt at all. Simply put you have to take close to a trillion dollars out of the Federal Budget and $2 trillion out of the economy as a whole in terms of spending in this sector or our nation does not fiscally survive. This was true yesterday and it still is. The problem is illustrated here and one potential set of solutions is here, along with my 2012 article here.. “Repeal and replace” will not do it; you need to attack the problem, not remove the band-aids that were put over a sucking chest wound. President Trump can do the largest part of this without Congress since it requires only enforcing existing anti-trust law, and the responsibility to enforce the law rests solely with the Executive.
This post was published at Market-Ticker on 2016-11-09.