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The GOP’s New Path to the Future
American Compass Releases Conservative Economic Agenda for 118th Congress
Hayek’s Broken Promise

Can someone do a wellness check on America’s supply-side tax-cutters in the wake of Liz Truss’s decline and fall? From the American Enterprise Institute to the Wall Street Journal editorial page, lowering marginal tax rates has long been the prescription for pleasing “the market” and setting Western societies on the path to growth and prosperity. Here was a UK premier proudly advancing their preferred agenda—and “the market” revolted, triggering the collapse of her government.

This presents an existential question for these institutions: Was the purportedly pro-growth tax plan wrong, or was the market?

For most people, there is no quandary here. Tax cuts can be lousy, market signals don’t always prove value. But either thought negates a bedrock tenet of market fundamentalism: As former  US Ambassador to the United Nations Nikki Haley has professed, “as we are dealing with changes in our economy, tax cuts are always a good idea.” According to historian (and former Journal editorialist) Amity Shlaes, meanwhile, “markets do not fail us. We fail markets.” So what happens when a tax cut fails the market?

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Oren Cass
Oren Cass is the executive director at American Compass.
@oren_cass
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American Compass Releases Conservative Economic Agenda for 118th Congress

Today, American Compass is releasing New Direction: Conservative Principles & Policies for the 118th Congress, an agenda for economic renewal, focused on the interests of worker, their families and communities, and the nation.

Hayek’s Broken Promise

It is a tragedy that Friedrich Hayek’s excesses, invested with the authority of his (deserved) reputation, became the unexamined default for right-of-center economic thinking in America.