The Great Equalizer

by David M. Smick
Recent from David Smick

The Republican Tax Plan Better Be Audacious • Wall Street Journal, September 12, 2017

If the GOP proposal isn’t aimed at helping workers, Trump will ask Democrats for a counteroffer.


Steven Spierer Show/Talk Radio One • June 10, 2017

Capitalism is the best way to run the country, but not the big, corporate multinational kind. It's the small, new, entrepreneurial and inventive variety of capitalism that can recapture the American Dream. Steve interviews David Smick, author of The Great Equalizer: How Main Street Capitalism Can Create an Economy for Everyone.


The Syria Success Creates a Chance for Bipartisan Tax Reform • Wall Street Journal, April 13, 2017

Trump should reach out to Democrats and put a plan with four elements on the table.


There's Plenty of Hope for Tax Reform • Wall Street Journal, March 3, 2017

Elbows are flying, and the situation seems 'ominous.' It's beginning to look a lot like 1986.


Trump Needs a Strong-Dollar Policy—and Fast • Bloomberg View, February 23, 2017

At the beginning of February, President Donald Trump reportedly called his national security adviser Michael Flynn at 3:00 a.m. to ask whether a strong dollar was good or bad for the economy.

He was right to ask: The Trump dollar could strengthen significantly and become a global economic and financial headache—and trip up the president's entire economic policy. More…


The tax reform flip-flop Trump desperately needs to make • Fox News, February 14, 2017

Financial markets are assuming that Congress will easily enact a tax reform package, including the immediate expensing for tax purposes of all capital investment and some form of border adjustment tax, by late summer at the latest. The prospect for tax reform is one reason the U.S. stock market has surged since the election. More…


Trump's 'phenomenal' tax reform • CNN, February 10, 2017

Reforming the tax code is likely to be far more politically complicated than the Trump officials, most of whom are new to Washington, think. More…


Make Main Street Great Again! • February 2, 2017


Watch as David Smick talks with the Wall Street Journal's Mary Kissel.


To Save Capitalism, Make it Work for Average Folks • Interview with Rob Johnson of the Institute for New Economic Thinking, February 1, 2017

Smick argues that distortions of capitalism have fed populist rebellion, and that reviving a capitalism that offers opportunity for average people to increase their earnings is an urgent priority if America's political economy is to be stabilized.


David Smick Explains How Main Street Capitalism Can Be the Great Equalizer

strategy+business

In Episode 8 of the new podcast, Talking My Book, Daniel Gross, executive editor of strategy+business, interviews David Smick, founder and editor of The International Economy and author of the bestseller The World Is Curved, about his new book, The Great Equalizer: How Main Street Capitalism Can Create an Economy for Everyone (PublicAffairs).

Listen to the conversation for insights on how small businesses, working on a level playing field, can participate in the global economy and reignite growth. Listen, too, for the opportunity to receive a signed copy of The Great Equalizer.


Does Mnuchin Have Enough Global Financial Market Experience? • Investor's Business Daily, January 20, 2017

Treasury Secretary-nominee Steven Mnuchin, while having success in domestic finance, appears to have little experience in dealing with global financial markets. Yet the global financial system has become a dangerous paradox wrapped in a riddle. Here are three questions he needs to address: More…


Eight things Trump should say in his inaugural speech, but probably won't • Marketwatch, January 19, 2017

Tough truths we need to hear if we really want America to be great.


C-SPAN’s Washington Journal • January 15, 2017

Economic Populism: David Smick, author of The Great Equalizer, talked about what heDavid Smick on C-SPAN, Jan. 15, 2017 says is the rise of economic populism and the decline of globalization, as well as what President-elect Trump can do to boost economic growth.


CNBC • January 11, 2017: "Two ways Trump could choke on the economy"

"There are a number of ways he could fail to meet his objective. Here are two.

First, a soaring U.S. dollar could prove highly problematic. The Trump stimulus plan is largely the Reagan domestic agenda (big tax stimulus, higher spending and deregulation). In the 1980s, those policies produced a strong dollar. By the mid-1980s, industrialized world policy makers under the leadership of the U.S. Treasury were forced to organize the Plaza and Louvre Accords to stabilize and bring down the dollar's value to avoid a trade war." MORE…


American Conservative • January 11, 2017: "Top-Down Frustration in a Bottom‑Up World"

"Then it hit me. Here was a situation that was completely absurd. What was happening was a perfect reflection of the degree to which the U.S. financial system had become removed from reality. A room full of the world's most successful money managers worth billions of dollars, and who collectively traded trillions of dollars daily, were fawning over a mere banker. Although perhaps the best of the lot, Dimon was essentially the leader of what had become a collection of giant financial zombie institutions that were holding back the U.S. economy." MORE…


National Review • December 8, 2016: "Forget Wall Street — What the American Economy Needs Is More Main Street Capitalism"

"Donald Trump's predicament is reminiscent of the neighborhood dog who loves chasing cars, only now his jaws are locked tight onto the rear bumper of an 18-wheeler heading cross-country. In foreign policy, the stakes for Trump are obviously enormous — but so too in domestic policy, because half the country is nearly insolvent. Half can't afford an unexpected $500 bill for a car repair or medical emergency. He will be held accountable.

Team Trump is, therefore, trotting out all sorts of stimulus measures. It is correct that both the corporate and the individual tax systems need to be addressed, as well as the nation's crumbling infrastructure. Yet the U.S. economy has underperformed in providing prosperity for all, not for lack of stimulus. Since the 2008 financial crisis, the economy has been awash in stimulus. It kept us out of a depression. The problem is that while the stock market boomed, income for average working families remained flat." MORE…


CNN • December 5, 2016: "What to expect on Obamacare, taxes and spending under Trump"

"After several decades of policy stalemate in Washington, cynics might conclude that the Trump era will be more of the same. Think again. Significant change is coming if only because the GOP controls both Houses of Congress, along with the White House.

True, some analysts argue that serious divisions within the GOP will make it tough to achieve policy consensus. But Republican congressional leaders give three reasons why civil war is unlikely and big change is coming fast." MORE…