All Things with Kim Strassel Taxes and Tariffs With the ‘Grumpy Economist’
May 6, 2025
John Cochrane, a Senior Fellow at the Hoover Institution and the writer behind the 'Grumpy Economist' on Substack, dives into the complexities of the U.S. economy and tariffs. He critiques Trump's focus on symptoms rather than addressing deeper structural issues. Cochrane discusses flawed tax policies, his favorite deregulations, and even explores the quirks of DOGE. The conversation highlights hopes for a robust economy, imagining what they could achieve with the right policies in place.
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US Economy's Structural Issues
- The U.S. economy shows decent macroeconomic indicators but suffers from structural issues like a complex tax system, inefficient spending, and heavy regulation.
- Tariffs add economic damage and threaten progress achieved through deregulation and energy policy reforms.
Energy Is Economic Lifeblood
- Reliable, abundant, and cheap energy is the foundation of modern industrial economies.
- Policies supporting fossil fuels and nuclear energy enable manufacturing and growth, unlike Europe's energy constraints.
Improve Government Spending Oversight
- Government spending requires oversight and transparency to prevent waste and misuse.
- Implement new tools like the 'Doge' treasury check system to improve budget control, even if initially chaotic.