Veronique de Rugy is the George Gibbs Chair in Political Economy and a senior…
The levies are taxes, and they show up as higher prices in grocery aisles, lower wages for factory workers, and greater global risk premia.
The credits are costly, poorly targeted, and riddled with fraud, and do nothing to stop rising premiums.
That’s the kind of borrowing surge America usually racks up in wartime or during major national emergencies.
President’s second term brings policies that go well beyond traditional Republican pro-market orthodoxies, such as tax cuts and deregulation, and into direct involvement with production and capital.
Feel-good policies like the mortgage-interest deduction or education credits are among the most corrosive and costly features of the federal tax code.
Politicians picking winners, subsidizing favored firms and now grabbing government ownership stakes create the market distortions that conservatives once decried.
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