This time last year, I made the not-exactly-daring prediction that the confluence of political instability and the just-enacted tax bill would stoke inflation.
The bottom-line here is that I think the tax cut will conduce toward economic instability that exacerbates our political instability, and vice versa. If you have any big purchases planned for next year, do it now — and shore-up your household defenses against chaos.
Well. What do you know?
For the first time in decades, every major type of investment has fared poorly, as the outlook for economic growth and corporate profits is dampened by rising trade tensions and interest rates. Stocks around the world are getting pummeled, while commodities and bonds are tumbling — all of which have left investors with few places to put their money.
2019 will be no better, because …
Donald Trump is a corrupt madman, and …
The Republican Party is comprised chiefly of cowards who won’t do their plain duty because they were put in place by idiots with dubious character who think that Trump is a great man.
Trump is an unindicted co-conspirator in multiple felonies, and has been obstructing justice in plain sight for more than a year. The accumulating evidence that is now in the public domain points overwhelmingly toward cooperation with Russia’s intelligence services to undermine the 2016 election. It’s not difficult to build an argument that the Felon-in-Chief is a traitor. The political turmoil can only grow, and I think it is all but a slam-bang certainty that Trump will be impeached.
That, of course, would be profoundly injurious to the economy — as would Trump’s almost certain conviction, and subsequent refusal to leave office
Bottom line: We are in for a very tough year. The bright notes will be few, but I think we can look forward to this: Public disdain for the Evangelical Right, the most stout-hearted of Trump’s supporters, will continue to grow and be more overt and emphatic.