Sales tax revenues have recovered. Fiscal year 2019, which started in July, should be a good year thanks to Federal disaster aid. The real question though is what happens when Federal aid starts to fall.
President Trump and Republican lawmakers say their tax legislation will increase the global competitiveness of U.S. businesses, but experts are divided over whether it will spur growth, and many are worried about a surge in the national debt.
Warning: long, wonky, and not for the fainthearted.
I try to assess how the international reforms will impact where firms book profits and thus the measured trade and income balance, not just the mechanical impact of a higher fiscal deficit.