Businesses still so giddy about Donald Trump

Pavlina R. Tcherneva (Bard): Trump’s Bait and Switch: Job Creation in the Midst of Welfare State Sabotage. Economics gets a presidential demotion: The CEA chairman will no longer be included in the president’s cabinet (and more). Government economists are going to produce statistics Trump doesn’t like — when they do, how will he respond? Trump’s first comprehensive scorecard on the economy could be ugly. The Trump administration is judging itself on the wrong market. Americans feel more confident about the economy — should they? Investors are crazy optimistic, but for no apparent reason. Why are businesses still so giddy about Donald Trump? The economy hasn’t changed much, and Trump may fail to deliver the tax breaks companies crave — but there’s something else at work. Caution signals are blinking for the Trump bull market.