It is often joked that economics is like two blind guys trying to describe an elephant. Blind Democrats and Blind Republicans often “see” things differently.

The Blind Democrats can see that: (1) GDP growth is better than expected, (2) inflation is falling faster than expected, (3) unemployment remains remarkably low, (4) the stock market, especially tech stocks, is booming. The economy is doing fine!

Of course, they are correct!

The Blind Republicans can see that: (1) Deficit spending is too high – every year, (2) the national debt of almost $33 trillion will crush our grandchildren, (3) taxes are already crushing the economy, (4) regulations are retarding economic growth. The economy is doing terrible~

Of course, they are correct!

One is correct in the short-term, and the other is correct in the long-term.

The second step in prolonging short-term success and avoiding long-term disaster is to start making small adjustments. The first step is removing Democrats and Republicans from making those adjustments. Some things are too important for our elected representatives . . . Could the Fed, for example, do any worse than politicians?

No, I don’t know how MAGA Republicans think . . .