Sympathy for the Donald

Trump’s path to the GOP nomination is now clearer than ever. It’s time to look at him realistically as a force that will act on the economy and the markets. If he runs and loses big, the GOP could lose control of Congress. But if he wins, we are open to considering that he would be a very pro-growth president. We think he is, already, the only candidate running on a pro-growth platform. For all his bluster, indeed to some extent because of it, he could awaken dormant “animal spirits” of the economy. His tax plan, while imperfect, is generally a supply-sider’s dream. And his protectionist stance is not as severe as it may seem, and is certainly no worse than Clinton’s.