Janet Yellen did a good job managing tensions as Fed leader. Jerome Powell may or may not continue along her path. If taxes and Fed policy both end up favoring the wealthy, we may be starting down a road to high-tech feudalism. Do we really want to go there?
While those in the financial industry say that the interest rate increase the Federal Reserve announced last week – a quarter of a percentage point – might not matter much, next year and the year after could be a different story.
Mr. Obama's spending and borrowing are visiting Eurosclerosis on America: slow growth, high youth unemployment and a level of debt that will force presidents in the next decade to dry dock the Navy and stand down the army to pay all the interest and the entitlements he has created.