The sound of one pendulum swinging

The effect on millions of Americans of the tax bill that just passed in Congress will be quite negative. It’s going to be interesting to see how that will play out as homeowners across the country realize just how much their net wealth has decreased.

If history is any guide, the 2018 election is not going to be very pleasant for Republicans. But I guess that’s the way things usually go in the U.S.

The party in power — whether Democrat or Republican — manages to screw things up and alienates its base. And so the pendulum swings the other way. Until the other party gets into power and manages to screw things up.

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