Hey Congress, Quit Mucking Around With The Stock Market
Tim Kane sounds a warning about Democrat-led meddling with our nation’s financial affairs:
Congress has all but shut down the trade agenda in recent months and is prepared to pass a dramatic new law to “fix” currency misalignment—a euphemistic approach to raising tariffs on trade with China. Likewise, congressional efforts to “fix” inequality have focused on raising taxes, notably on capital formation. The rhetoric of fighting inequality plays well politically, but if anti-capital legislation moves ahead, the main casualties will be American jobs and wages. Investors will not wait for the bills to become law and will preemptively start pulling out of U.S. equities and bonds as soon as the bills move through committee.
A big problem is that most Americans know very little about these issues, making the populist “equality” arguments (never a tough sell for an ill-informed public) much easier to make.
