

Some managers of physical stores are getting paid for online sales too – and landlords want a slice of the action While in Downtown Los Angeles a few weeks ago, I saw a large sign – like an oasis in the desert – for Dunkin’ Donuts coffee at a subway stop. Instinct...
Stores are still unbeatable advertisements

In defence of the Trump tax cuts
They may have other differences, but all the major Democratic presidential candidates agree they want to repeal the Tax Cuts and Jobs Act (TCJA) of 2017. The GOP’s landmark tax reform made major changes to tax deductions, slashed the corporate tax rate from 35 per...
In defence of the Trump tax cuts

Letter from Washington
President Trump’s schedule (EDT): 11:30 AM: Attends the White House Opportunity and Revitalization Council meeting; 12:15 PM: Daily intelligence briefing; and 4:30 PM: Meets with Chinese Vice Premier Liu He. “Trump to Meet...
Letter from Washington

Mumford’s mistake
The United States has experienced over 40 years of diminished economic growth. While different data sources and analyses yield different estimates, they all confirm several decades of slow economic growth. Earlier, from the 1890s to 1972, American labor productivity...
Mumford’s mistake

Yield curve a US recession signal? Maybe not this time
Recent declines in US government bond yields have led to a flood of articles discussing the likelihood of a US recession over the next 12-18 months. This is understandable, first given the relatively strong correlation between yield curve inversions and US recessions...
Yield curve a US recession signal? Maybe not this time