Martin Baily is an old friend of View from the Peak and we have always loved his working relating to US productivity. However, this piece is special even by his lofty expectations. This is a must read as it succinctly goes through a variety of sectors in the US economy and assesses the impacts of deregulation and tax reform. He is critical of anti-immigration and anti-trade measures, as well the disregard of the deterioration of the US fiscal position. I will email Martin and get him back to the Expert Series to elaborate on these thoughts.