First of all, let me say that I am far from being a Trump supporter and I have no formal training as an economist. However, even a broken clock is right twice per day, and I have enough business experience managing finances to understand spread sheets and basic Fed operations.

Trump is a buffoon who shouldn’t be anywhere near the oval office without a tour guide, but he understands that limiting economic activity with higher interest rates whenever it shows any sign of full employment is not wise. Current wage levels are not exactly in inflationary territory and, in fact are so low that they present a threat to investors. Capitalism runs on sales and sales require expendable money in the general economy. Employers could use a bit of upward pressure on wages and benefits after the long run they have had.

Raising rates has no useful function in cooling off an overheated economy except to make a predetermined number of workers involuntarily unemployed to suppress wage increases and the additional ROI for investors only makes inequality worse. I would have thought the stagnation of the ’70s would be enough lesson of where that goes to last a century or so.

Congress needs to step up its game with fiscal policy and stop the scare tactics of vilifying deficits and debt for political purposes. Sadly, they have been beating that drum so long that many of them now believe it themselves. We have had a debt for over a century and a half and every minute of that had politicians and uninformed media warning us of dire consequences. I think its time to call their bluff and demand that Congress fund the economy properly. Using the economy to service the budget instead of the other way around has been a horrible tactic, regardless of who wins elections by scaring voters.