Regime Uncertainty Evidence du Jour
It’s unfortunately getting easier and easier to find confirmation that “regime uncertainty” is the biggest drag on the U.S. economy’s chances of recovery. This, from a front-page story in today’s Wall Street Journal:
The U.S. has ample resources to restimulate the global recovery. U.S. companies are sitting on some $1.8 trillion in cash—the highest level, as a share of their total assets, since 1963. If and when uncertainties over income taxes, health care and government policy clear up, companies could grow confident enough to deploy that cash to hire workers and invest in new projects.
The prescription is clear: Congress and the Obama administration need to give up their anti-business (and consumer) activities and let us all resume productive lives.