David Smick writes frequently on domestic and global economics. Some selected samples:
From NATIONAL REVIEW
"Donald Trump's predicament is reminiscent of the neighborhood dog who loves chasing cars, only now his jaws are locked tight onto the rear bumper of an 18-wheeler heading cross-country. In foreign policy, the stakes for Trump are obviously enormous — but so too in domestic policy, because half the country is nearly insolvent. Half can't afford an unexpected $500 bill for a car repair or medical emergency. He will be held accountable.
Team Trump is, therefore, trotting out all sorts of stimulus measures. It is correct that both the corporate and the individual tax systems need to be addressed, as well as the nation's crumbling infrastructure. Yet the U.S. economy has underperformed in providing prosperity for all, not for lack of stimulus. Since the 2008 financial crisis, the economy has been awash in stimulus. It kept us out of a depression. The problem is that while the stock market boomed, income for average working families remained flat." MORE…
“On Looking Into the Abyss,” in National Review, July 5, 2010. A review of Crisis Economics: A Crash Course in the Future of Finance, by Nouriel Roubini and Stephen Mihm.
From COMMENTARY MAGAZINE
Trump Needs a Strong-Dollar Policy—and Fast • Bloomberg View, February 23, 2017
At the beginning of February, President Donald Trump reportedly called his national security adviser Michael Flynn at 3:00 a.m. to ask whether a strong dollar was good or bad for the economy.
Oct. 26, 2009 —David Smick, chief executive officer at Johnson Smick International Inc., talks with Richard Clarida, global strategic adviser at Pacific Investment Management Co., and Bloomberg’s Tom Keene and Ken Prewitt about global currencies, the Chinese economy and Smick’s book “The World Is Curved.” Listen
From the WASHINGTON POST
Sinking Feeling,” a review of The Great Inflation and Its
Aftermath by Robert J. Samuelson and The Return of Depression
Economics and the Crisis of 2008 by Paul Krugman, in the Washington
From Fox News
The tax reform flip-flop Trump desperately needs to make • Fox News, February 14, 2017
Financial markets are assuming that Congress will easily enact a tax reform package, including the immediate expensing for tax purposes of all capital investment and some form of border adjustment tax, by late summer at the latest. The prospect for tax reform is one reason the U.S. stock market has surged since the election. More…
Trump's 'phenomenal' tax reform • CNN, February 10, 2017
Reforming the tax code is likely to be far more politically complicated than the Trump officials, most of whom are new to Washington, think. More…
"What to expect on Obamacare, taxes and spending under Trump," for CNN, December 5, 2016
From FOREIGN POLICY
From the WALL STREET JOURNAL
Make Main Street Great Again! • February 2, 2017
Watch as David Smick talks with the Wall Street Journal's Mary Kissel.
From the NEW YORK TIMES
From WORTH Magazine
From the WEEKLY STANDARD
To Save Capitalism, Make it Work for Average Folks • Interview with Rob Johnson of the Institute for New Economic Thinking, February 1, 2017
Smick argues that distortions of capitalism have fed populist rebellion, and that reviving a capitalism that offers opportunity for average people to increase their earnings is an urgent priority if America's political economy is to be stabilized.
In Episode 8 of the new podcast, Talking My Book, Daniel Gross, executive editor of strategy+business, interviews David Smick, founder and editor of The International Economy and author of the bestseller The World Is Curved, about his new book, The Great Equalizer: How Main Street Capitalism Can Create an Economy for Everyone (PublicAffairs).
Listen to the conversation for insights on how small businesses, working on a level playing field, can participate in the global economy and reignite growth. Listen, too, for the opportunity to receive a signed copy of The Great Equalizer.
Does Mnuchin Have Enough Global Financial Market Experience? • Investor's Business Daily, January 20, 2017
Treasury Secretary-nominee Steven Mnuchin, while having success in domestic finance, appears to have little experience in dealing with global financial markets. Yet the global financial system has become a dangerous paradox wrapped in a riddle. Here are three questions he needs to address: More…
Eight things Trump should say in his inaugural speech, but probably won't • Marketwatch, January 19, 2017
Tough truths we need to hear if we really want America to be great.
Economic Populism: David Smick, author of The Great Equalizer, talked about what he says is the rise of economic populism and the decline of globalization, as well as what President-elect Trump can do to boost economic growth.
"There are a number of ways he could fail to meet his objective. Here are two.
First, a soaring U.S. dollar could prove highly problematic. The Trump stimulus plan is largely the Reagan domestic agenda (big tax stimulus, higher spending and deregulation). In the 1980s, those policies produced a strong dollar. By the mid-1980s, industrialized world policy makers under the leadership of the U.S. Treasury were forced to organize the Plaza and Louvre Accords to stabilize and bring down the dollar's value to avoid a trade war." MORE…
"Then it hit me. Here was a situation that was completely absurd. What was happening was a perfect reflection of the degree to which the U.S. financial system had become removed from reality. A room full of the world's most successful money managers worth billions of dollars, and who collectively traded trillions of dollars daily, were fawning over a mere banker. Although perhaps the best of the lot, Dimon was essentially the leader of what had become a collection of giant financial zombie institutions that were holding back the U.S. economy." MORE…