How's The Economy Doing?

morgan stanley headquarters for keller

(JOHANNES EISELE/AFP/Getty Images)

Opinion editorial by WBZ NewsRadio political analyst Jon Keller

BOSTON (WBZ NewsRadio) — So, how is the economy doing?

Pretty darn well, according to consumers polled by a couple of different groups, who reported the highest level of confidence in the job market since early 2001.

But the so-called experts over at Morgan Stanley don’t see quite such a rosy picture.

They say the economic outlook is “deteriorating” with escalating anxiety over the trade wars and declining capital spending.

Who’s right?

Who knows?

We’ll find out soon enough.

But the most telling statement may have come yesterday from the non-partisan Congressional Research Service.

They analyzed the impact of the tax reform bill jammed through by Republicans in late 2017, and the findings are disappointing, to say the least.

They found the bill had a “relatively small (if any) first-year effect on the economy,” generating “5% or less of the growth needed to fully offset the revenue loss from the Act,” which the White House had claimed would pay for itself.

Wages have not surged as promised. Instead, “while evidence does indicate significant repurchases of shares, either from tax cuts or repatriated revenues, relatively little was directed to paying worker bonuses, which had been announced by some firms.”

You can read the report for yourself, but here’s the bottom line – whether you think things are good or not, there’s good reason for doubt that current policies are driving us in the right direction.

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Jon Keller is a WBZ TV & Radio political analyst. Read more

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