–Heading to CT tonight for a debate on political economy with my old friend Larry Kudlow, 7:30 at the Ridgefield Public Library. We’ve long been friends and have even longer eternally disagreed with each other on almost everything. So come see people disagree without being disagreeable.
–Am on the Amtrak Acela which leads one to contemplate infrastructure. Based on chapter 6 of the 2016 ERP, our infrastructure isn’t in as bad shape as some maintain, though it’s clearly aging and needs repair: exhibit 1, the DC Metro, ex. 2, the *%&!$#! internet connection on this train. I’m working on a longer piece on this point, but, like so many critical policies these days, gridlock is preventing necessary action. What needs to happen is some serious bottom-up pressure from the many whose lives are negatively affected by this underinvestment.
–Lots of good reads out today on tax avoidance, riffing off of this week’s announcement by Treasury of new rules to slow inversions. Here’s my rap: bottom line, tax avoidance in general and inversions in particular are a cost shift from those with staffs of tax lawyers exploiting deep loopholes, to the rest of us. Relatedly, Richard Rubin of the WSJ asks the Talmudic question: if everyone wants “tax reform,” why is there no tax reform?