The conservative experiment with tight money has failed. Popular monetary prescriptions—low interest rates and a more accountable Federal Reserve—are steps in the right direction. But they must go hand in hand with structural reforms to get the economy back on track.
The fear of Donald Trump's wrath may have been the biggest factor prompting Carrier to drop plans to move its Indianapolis plant to Mexico. Had President Obama gone that route, Republicans would have assailed him for meddling in the free market.