Don’t be discouraged by recent GOP antics, good things will finally come to those who wait, cautions Steve Forbes, editor-in-chief of Forbes Media.
“The disarray among Republicans in the House of Representatives and the reality-TV-show, circuslike atmosphere surrounding the multi-candidate GOP presidential field obscure two heartening developments that bode well for the country after the 2016 elections,” he wrote on Forbes.com.
“First, almost every Republican White House aspirant has put forth a serious plan for drastically changing the federal income tax code in ways that would be an enormous stimulant for economic growth. After seven lean Obama years of economic stagnation this would be rapturously welcome,” he wrote.
“All the candidates want to kill the death tax, and all lower taxes on investment income and corporate profits,” he wrote.
“What the Republicans are putting on the table is so much more appealing than the dreary, more-taxes twaddle of the Democrats that there will be a mandate for drastic, pro-growth tax simplification coming out of the 2016 election cycle,” he wrote.
“Second, the new House leadership will be much more oriented toward pro-growth policies than the outgoing crew. They’ll want to do big things regarding taxes, spending and regulation. At the least they’ll be laying the foundation for reforms on a scale exceeding that of Ronald Reagan in the 1980s – if the GOP nominates the right candidate,” he wrote.
There appear to be many “ifs” when discussing the future health of the U.S. economy, as the landscape is marred by financial storm clouds.
For example, the overwhelming majority of nearly 300 economists polled by Reuters
around the world warn that the global economic slowdown shows a clear risk of extending into next year, along with an even more prolonged period of disinflation.
That threat, flagged by analysts who generally have been too optimistic about prospects for recovery since the global financial crisis, comes despite ultra-easy monetary policy from most major central banks for the last half decade.
“Worryingly, for the regions that have shown the most resilience — the U.S. and Europe — the outlook seems to become more clouded,” wrote Christian Keller, head of economics research at Barclays, in a note called “Enter the doldrums.”
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