I did not support Mr. Trump, but now that he is our President-elect, I wish him well.
To my many friends who are now freaking out, I encourage you to take a deep breath and calm down. Our political and economic system is more robust than you sometimes give it credit for being.
Earlier this year, I wrote
ask me whether it is frustrating to work in Washington, noting how hard it is
to get anything done. Yes, in some ways, it is. This episode is only one example
where our good policy (as my White House colleagues and I saw it) was subverted
by an uncooperative legislature.
over time, I have come to appreciate that frustration for those in policy jobs
is not a bug in the system but rather a feature. The founding fathers, in their
great wisdom, built this tension into the system. In high school civics
classes, it goes by the name “checks and balances.”
lament is that there is too much gridlock in Washington, and maybe there is.
But imagine that your least favorite candidate wins the next presidential
election. Might you be grateful when the new President and his or her CEA chair
become frustrated while trying to implement their new ideas for economic policy?