Even modestly higher interest rates will be financially painful for many of us. It means buying a home or car will be less affordable. And President Trump's recent threats of higher tariffs on our trading partners don't help. Those nations don't need to sell our bonds for rates to rise; they only need to become less enthusiastic buyers.
Boosters of the tax proposals argue that they will significantly increase economic growth. They also argue that this additional growth will generate roughly enough additional tax revenue for the plan to pay for itself. They are wrong on both counts.
While the new technologies will be disruptive - change always is - worries that they will result in mass unemployment, or even higher unemployment, are misplaced. Our biggest long-term challenge in the economy won't be unemployment. It will be a shortage of workers.
Considering the costs of labor, office rents, electricity and taxes, Philadelphia costs are not much higher than in the typical American city. D.C.'s cost structure is about 20 percent higher. New York's? A whopping more than 60 percent higher.