“For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished, but the people did not share in its wealth.” — President Donald Trump, Jan. 20. Washington is not a swamp. Since at least the days of Jimmy Carter, presidential politicians […]

WASHINGTON — Tax “reform,” starting with taxes on business, seems to be on everyone’s agenda, and it may be a place where the incoming Trump administration and its Democratic critics find common ground. But it’s still going to be a slog, and one reason is so-called “pass-through” businesses whose taxes are levied at personal income […]

WASHINGTON — We are in the throes of another round of what the economist Joseph Schumpeter memorably called “creative destruction.” Two icons of American business — Macy’s and Sears — are struggling. Macy’s plans to close 100 stores to improve profitability, and Sears has sold its Craftsman tools line for roughly $900 million to raise […]

WASHINGTON — Jawboning is back in style, courtesy of Donald J. Trump. Those with long memories will recall that “jawboning” is a term that became fashionable in the 1960s. It signified an effort by the government, usually the president, to persuade companies — through intimidation, bullying or shaming — to do what the president asked […]

WASHINGTON — One insistent question that will shape 2017 is whether we’re witnessing the gradual decay of the post-World War II international order, dominated by the economic and military power of the United States. After the Soviet Union’s collapse in 1991, it became fashionable to talk of the United States as the only true superpower. […]

WASHINGTON — There is no mystery about Barack Obama’s greatest presidential achievement: He stopped the Great Recession from becoming the second Great Depression. True, he had plenty of help, including from his predecessor, George W. Bush, and from the top officials at the Treasury and Federal Reserve. But if Obama had made one wrong step, […]