ave atque vale, Marty
Martin Stuart Feldstein  25Nov39 -11Jun19

Stanley Druckenmiller on CNBC

I am fortunate to have the pleasure of working with great friends on an institutional raise for a whole loan and securitised mortgage fund in 2009. A very special pleasure, however, was to work with Martin Feldstein, "Marty".

ave atque vale, Marty

Stanley Druckenmiller's on CNBC a few days ago is worth watching.
The Fed, "good deflation" and inflation measurement, taxes and inequality, the role of government and social outcomes...

One is reminded of Marty's piece in the WSJ of May 18, 2015, which also resonates

The U.S. Underestimates Growth
The official statistics are missing changes that are lifting American incomes

"Today’s pessimists about the economy’s rate of growth are wrong because the official statistics understate the growth of real GDP, of productivity, and of real household incomes. Understanding this problem should change the political debate about income growth and income inequality. But it should not change the focus on what matters: policies to increase everyone’s real incomes even faster.

High marginal tax rates discourage labour-force participation, particularly for second-earners in families.

High tax rates on income and capital gains also discourage risk-taking and entrepreneurial activities that contribute to the dynamic nature of the American economy."


P.S. Stan is bullish, particularly with respect to understated "productivity", by which he means tech, venture tech, etc...